Nobel Laureates on The Future of Economics

We asked eight Nobel Laureates in Economic Sciences what they think the future holds for economics.

Many of the featured laureates will convene in Lindau, Germany, 22–26 August 2017 for the 6th Lindau Meeting on Economic Sciences (#LiNoEcon) with 400 young economists from all around the world to discuss economics and to network.

[MohamedNadjib-ed]

Data science and analytical technical studies in mena and Singapore 😊😅😮😢🎉😂❤

[vijayaganachari]

Economic is single with norms nomic means books given moral message shrideviganachari

[sinOsiris]

rainbow bends differential "density" all included

[nthperson]

There is only one fundamental flaw in the economic models developed based on neo-classical economic theory. This flaw is the assertion (assumption) that nature (what Smith, Ricardo, Marx, Mill, etc. termed "land") has the same characteristics as tangible, produced goods (i.e., capital goods). Nothing could be less true. Land has a zero cost of production in terms of labor and capital goods application, even if because Ricardian rent is left in private hands this imputed or actual income stream is capitalized into a selling price for land. A model that assumes the full societal collection of the potential annual rental value of all locations, all other natural assets (e.g., frequencies on the broadcast spectrum, paths occupied by satellites circling the planet, or even take-off and landing slots at airports), assets with a natural or artificially-created inelastic supply. in such a world, land prices would fall close to zero and the rental value of locations would be set by competitive market conditions not skewed by speculation and hoarding.


This short paragraph above describes what actually occurs with regard to human behavior. As Henry George observed over a century ago, we consistently attempt to satisfy our desires with the least exertion possible. Thus, we exhibit a strong tendency to also attempt to monopolize natural opportunities. Economies function equitably under just law, justly enforced. It would be helpful if the economics professionals undertook an objective and scientifically-based examination of what policies contribute to these outcomes.


Edward J. Dodson, Director
School of Cooperative Individualism

[MegzeeR]

okay. What exactly was the point of this? They didn't say anything.

[alejandraarredondo]

No hay ninguna mujer. Todos son reconocidísimos economistas de quienes he aprendido durante mis estudios, pero sigue siendo cierta la brecha de género en esta ciencia social y este video es ejemplo de ello. No parece relevante la perspectiva de mujeres economistas y no es que falten.