The Necessity of Innovation in Economic Research

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UC Berkeley economist David Card, Nobel Prize winner, talks about the necessity of innovation in economic research in order to make it more transparent, verifiable and useful. The reason behind looking for answers was that the existing steps were not yielding the desired results.

Theoretical models for economic dynamics were not nearly enough. The goal is to get economists to think differently about any given challenge. Card talked about his views and his journey that brought him to this point. Along with his colleagues who shared the award, their design and direction for innovation in economic research has paved the way for numerous advances.

UC Berkeley economist David Card received his 2021 Nobel Prize in a ceremony Wednesday and used the august occasion to encourage others in his field to embrace innovative research design that engages real-world human issues.

In a brief, videotaped lecture, the influential scholar mounted an explanation — and a defense — of research methodology that he and other labor economists advanced to challenge decades of conventional economic scholarship. Such innovations were essential, Card said, to make economic research more transparent, more verifiable and more useful to policymakers.

The interest in real-life dynamics among some labor economists “evolved out of the realization that what we had been doing before was not working,” he said. Rather than rely solely on theoretical models to understand economic dynamics, a more empirical approach “can provide convincing evidence that sometimes gets economists thinking differently about a problem — albeit slowly and with no guarantee of success.”

On Oct. 11, the Nobel committee announced that Card had won the Nobel Memorial Prize in Economic Sciences for research on immigration, minimum wages and other issues that dramatically shifted understanding of the social and economic forces that shape inequality. He was awarded half the prize, with the other half shared by economists Joshua Angrist of MIT and Guido Imbens, a former Berkeley economist now at Stanford University.

Winners typically would receive the award at an elegant ceremony in Stockholm. But with the COVID-19 pandemic surging, the Nobel Committee opted for a remote ceremony: Karin Olofsdotter, the ambassador of Sweden to the United States, presented the Nobel medals and diplomas to Card and Imbens, along with 2021 physiology or medicine laureates David Julius and Ardem Patapoutian, in Irvine, California.

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Keywords: innovation in economic research, transperecy, useful

By: Mathew17

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