“Economists should look at the international situation,” says David Card, a co-winner of this year’s Nobel Memorial Prize in Economic Sciences. “It is helpful to have good people in the country, but also to have an outside perspective; self-centered research cannot help a lot.”
Card, a Canadian-American labour economist and professor of economics at the University of California, Berkeley, won the prize along with Joshua Angrist and Guido Imbens.
In announcing the prize, the Royal Swedish Academy of Sciences said that the laureates had demonstrated that many of society’s big questions can be answered using “natural experiments—situations arising in real life that resemble randomised experiments.”
Card’s research interests include immigration, wages, education, and gender-and race-related differences in the labour market. Topics he has explored through natural experiments include the impact of immigrants on local economies.
In an interview with Al-Fanar Media, Card talked about his research and its implications for the Arab world. He also shared with young scholars his ideas on the importance of having a global perspective.
Your main interest is minimum wage and labour economics and you challenged the orthodox theories on that. Why this subject in particular?