'A NEW MINDSET IS REQUIRED' Nobel Economists Offer First Aid for Global Economy
Five winners of the Nobel Prize for economics share their views on what the future global finance order should look like in exclusive essays for SPIEGEL.
Later this week, the heads of state and government of more than 20 countries are to meet in Washington to discuss the consequences of the global financial crisis. While some countries are satisfied with strong government influence on incentives systems for managers, others are demanding more far-reaching action: nothing short of a radical shake-up of the global financial system complete with new controls and new monitoring mechanisms. SPIEGEL asked five previous winners of the Nobel Prize for economics to provide their own advice for what world leaders should do.
Edmund S. Phelps: What Has Gone Wrong up until Now more ...
Robert E. Lucas: The Recession Is the More Immediate Problem more ...
Reinhard Selten: Regulation of the Financial Market Is Important more ...
Joseph E. Stiglitz: A Global Crisis, Made in America more...
Paul A. Samuelson: The Dynamic Moving Center more ...
Later this week, the heads of state and government of more than 20 countries are to meet in Washington to discuss the consequences of the global financial crisis. While some countries are satisfied with strong government influence on incentives systems for managers, others are demanding more far-reaching action: nothing short of a radical shake-up of the global financial system complete with new controls and new monitoring mechanisms. SPIEGEL asked five previous winners of the Nobel Prize for economics to provide their own advice for what world leaders should do.
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posted by temporal at 11/13/2008
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