Nobel for Economy...
Economics is based on scarcity...and the fundamental question that it faces is... It poses a very basic question... How to optimally allocate the scarce resources that we have... And by posing that question it opens up a moral issue that each of us faces every day...
Do we allocate the resources such that it will maximize the profit of few (The privileged 1%) or we strive to make an equitable distribution of resources to benefit the majority (the 99%)...
Ideas will vary...policies will clash and politicians will squabble...
That's how it has been throughout history... The majority has worked hard to sustain the GREED of the few...and the Big Brother and Big Sister has benefited very much to the detriment of the 99%...
The Nobel laureate attempted to elaborate on a mechanism by which the GLOBAL economy... will have GLOBALIZED regulations so as the global economic institution, such as the banks, will be regulated and will harness their GREED somewhat...
The prize, officially called
the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was
set up in 1968.
- The prize for Economics is not one of the original awards set out in dynamite industrialist Mr Nobel's 1895 will.
Here is few more ideas that Jean Tirole worked on...
"Many industries are dominated by a small
number of large firms or a single monopoly," the jury said of Mr Tirole's work.
"Left unregulated, such markets often produce socially undesirable results
- prices higher than those motivated by costs, or unproductive firms that
survive by blocking the entry of new and more productive ones."
Mr. Tirole
helped show “what sort of regulations do we want to put in place so large and
mighty firms will act in society’s interest,” Tore Ellingsen, the chairman of
the prize committee, said after the award announcement.
In the wake of the
financial crisis, Mr. Tirole has been an influential advocate for increased
regulation of the banking industry. In an interview broadcast after the
announcement, he applauded new liquidity regulations and said that governments
needed to pay particular attention to the connections between regulated banks
and unregulated parts of the financial system.
He also said that a more
“global stance” was needed to regulate industries that increasingly operate on
a global scale. He mentioned antitrust as an area of progress, and climate
change regulation as an area of need.
French economist Jean Tirole has won the 2014 Nobel prize for economics for his work on how to regulate powerful companies.
A former MIT student is head of economics at Toulouse University, France.
"Jean
Tirole is one of the most influential economists of our time," the
award-giving body said. "Most of all he has clarified how to understand
and regulate industries with a few powerful firms." The economist will receive a
$1.1 million prize.
Books he has authored…
Dynamic Models of Oligopoly (with D. Fudenberg), 1986.
The Theory of Industrial Organization, MIT Press. (1988)
Game Theory (with D. Fudenberg), MIT
Press, 1991
The Prudential Regulation of Banks (with M. Dewatripont), MIT Press,1994.
Competition in Telecommunications, MIT Press, 1999
Financial Crises, Liquidity and the International Monetary
System, Princeton University Press, 2002
The Theory of Corporate Finance, Princeton University Press, 2005.
Balancing the Banks (with Mathias Dewatripont,
and Jean-Charles Rochet), Princeton University Press, 2010
Inside and Outside Liquidity (with Bengt Holmström), MIT Press, 2011
Economics is crucial to our democracies...and the
proper allocation of resources and wealth is a fundamental to developing a
healthier democratic system…Where all participate at every stage of the
election process…
We should join Hong Kong and demand that idea
everywhere. Hong Kong is still birthing its
democracy. Getting it right still
seems possible, at least to its kids.
As the dominance of big money in politics and
society grow, North Americans get overwhelmed by the powers of the Big Brother…
and they see the chance that we could do anything about establishing NEW NORMS
of democratic rights fade. A democracy corrupted by its dependence
on the funders of campaigns seems
as inevitable in today’s America as death and taxes. We are late in the midlife of our democracy. We have
resigned ourselves to all the things that we can’t do anymore.
And the NEW economic ideas of the Nobel Prize
winner…may give us some hope…that things may change…
And I hope it inspires a new generation of
thinkers and the younger kids…get more involved and follow the youth of
Ferguson…and Hong Kong…and bring to us a breath of fresh air…
***
It is an old saying... Healthy mind in healthy body...
So you want to think better....? Exercise properly...
Whichever way you go...You are still right...
The Greek new it...and when they established the first universities... as Aristotle's Lyceum or Plato's Academy they devoted a considerable time during the day for physical exercises... knowing full well that the brain will function better in a healthy body...Now the scientist are attempting to find again what ancient Romans and Greeks new centuries ago...
***
And...St. Louise and Ferguson are still haunted by the memories of the black unarmed teens who were gunned down by police...
Democracy and Justice are anchored on Economic equity... and when the economy is corrupted in favour of the few... Only the powerful few...the 1% of society will have rights and freedoms...the rest of us will just ...
May be like Ferguson youth...May be like the Hong Kong students... we will be fed up too and get involved and make a difference...
"If you can see a dead black boy lie in the
streets for four hours and that doesn't make you angry you lack humanity,"
a woman, who didn't give her name, told the crowd.
Ferguson protesting and demanding justice for the black teens gunned down by police...
Power to the people...and Justice for all....
No comments:
Post a Comment
Note: only a member of this blog may post a comment.