Corporate Economist: Joe Cardinale, Air Products
After a decade working in the company’s finance division, Joe Cardinale returned to his economic roots, a career move that he has found invigorating in the challenges it has offered him over the last four years. Since 2002, he has served as senior economist for Air Products, the international company based in Lehigh Valley, Pa.
Cardinale said that one of the most enjoyable aspects of his job is working with people throughout the company, which operates in more than 30 countries and employs more than 20,000 workers. “In the last month alone, I have helped set the economic framework for capital investments in three different countries,” he said in a recent interview. For example, he worked with other Air Product employees to analyze prices of commodities such a nickel and copper for engineering and design teams.
“I have worked with many of our sales representatives and revenue accountants in support of long-term contractual pricing, where we utilize government indexes to minimize the impact of cost inflation. And I have had the privilege of working with several of our customers in that regard as well,” he said.
“Ignoring the specific tasks and the roles of the individuals involved, we view our role as helping people look outside of the company. I think that in many instances, this contribution is a significant value that we can bring to the organization,” Cardinale said. Working with former NABE President Duncan Meldrum, who is chief economist at Air Products, Cardinale said they try to offer a broader perspective to corporate project teams by providing the latest data on global markets and related industries.
Doctoral Work Reconnecting Theory, Applications
Cardinale is working toward his Ph.D. in economics at Lehigh University in nearby Allentown, with the goal of completing his course work by next summer. This academic track has allowed him to “return to my roots as a business economist” after working for about 10 years in the company’s finance and treasury departments. “My development involves reconnecting with economic theory and finding the bridge between those concepts and their practical applications in business. From an academic standpoint, my primary interests are business cycle analysis, econometrics and applied microeconomics,” he said.
Right before returning to Air Products as senior economist, Cardinale earned a Masters in Business Administration at Purdue University in West Lafayette, Indiana. He earned a Bachelor’s degree from Dickinson College in Carlisle, Pa. His first job with Air Products was as an intern when he was in college.
Why Economics?
Asked why he chose economics, Cardinale noted that entering the profession of the “dismal science” fit well with his affinity for the Chicago Cubs – 1908 World Champions. Seriously though, he said his goal was always a career in business economics.
“I chose economics as my undergraduate field because I believed that it provided a sound, analytical basis for all subsequent business decisions,” he said.
“In addition to economics, I also received an undergraduate degree in a field called policy and management studies, which is a mixture of economics, political science and psychology. The predominant theme is that all decisions have an economic, political and moral aspect. I believe in that framework for both the business and non-business world. As such, the role of economic concepts in all decision making is what keeps me interested in the field,” he said.
Advice for Newly Minted Economists, Students?
Given his experience working for a company on global business strategies, plus his earlier service in the company’s financial operations, Cardinale said his main advice to newly minted professionals or students considering economics is something along the lines of “don’t plan on climbing Mt. Everest on your first day!” He also counseled:
- When you start to work in a corporation you probably will not be dealing with high-level economic concepts but rather with what appears to be more mundane activities. The key to remember is that while the complicated models are fun, it is the day-to-day tasks that allow for an immediate and direct impact to the bottom line. The ability to succeed at those tasks helps to demonstrate how a business economist adds value.
- Continue to develop your communication skills. Unless I am conversing with the chief economist, nobody else inside my firm is a practicing economist. If I cannot quickly and concisely communicate economic concepts to this non-economic audience, then my contributions will be lost.
- It is impossible to be a corporate economist in a vacuum; everybody needs to stay aware of the outside world and to understand how external factors impact your specific business. The problem is that given our information-oriented society, the amount of available information can be overwhelming. My advice is to develop a system early in your career to track relevant external data. This will then become routine, and it will be easier to stay in that routine as job responsibilities and pressures grow.