Economics for the Curious: Inside the Minds of 12 Nobel Laureates PDF
Preview Economics for the Curious: Inside the Minds of 12 Nobel Laureates
Economics for the Curious This page intentionally left blank ECONOMICS FOR THE CURIOUS Inside the Minds of 12 Nobel Laureates Edited by ROBERT M. SOLOW AND JANICE MURRAY © Foundation Lindau Nobelprizewinners Meeting at Lake Constance 2014 © for the Laureates’ portraits – Peter Badge/typos 1 in cooperation with the Foundation Lindau Nobelprizewinners Meetings at Lake Constance Softcover reprint of the hardcover 1st edition 2014 978-1-137-38358-7 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saff ron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. Th e authors have asserted their rights to be identifi ed as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2014 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fift h Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-48058-6 ISBN 978-1-137-38359-4 (eBook) DOI10.1057/9781137383594 Th is book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. Typeset by MPS Limited, Chennai, India. This book is dedicated to Professor Wolfgang Schürer, who started it all This page intentionally left blank CONTENTS Acknowledgments ix Introduction 1 1 Depressions are Diff erent 7 Paul R. Krugman 2 Rethinking Economics: A Classical Perspective 19 Vernon L. Smith 3 Employment and Unemployment 33 Peter A. Diamond 4 Unemployment During and Aft er the Great Recession 43 Dale T. Mortensen 5 Long-Term Trends and Structural Changes in the Global Economy 61 A. Michael Spence 6 On Policy Consistency 77 Finn E. Kydland 7 Natural Resources and Sustainability 97 Robert M. Solow viii CONTENTS 8 Research Studies Approaching Cooperative Games with New Methods 109 John F. Nash Jr. 9 Interdisciplinary Social Science: Th e Transaction Cost Economics Project 123 Oliver E. Williamson 10 Financing Retirement 141 William F. Sharpe 11 How Should We Elect Our Leaders? 159 Eric S. Maskin 12 Standards for State-Building Interventions 171 Roger B. Myerson Appendix A: List of Nobel Laureates 189 Appendix B: Th e Lindau Meetings 193 ACKNOWLEDGMENTS Any book’s production, from genesis to completion, needs and benefits from the involvement of many people. We wish to recognize those who gave much-needed support: Nikolaus Turner and Wolfgang Huang at the Lindau Nobel Laureates Meetings; Andreas Böhm; copy-editor Elizabeth Stone; and David Bull at Palgrave. We are especially grateful to Peter Badge for the p ortraits of the Laureates, and to Chris Richmo nd for preparing the biographies. John G. Froemming of Jones Day, in Washington, DC and New York, was so generous with his time in providing legal counsel. Peter Baker at Palgrave graciously and patiently shep- herded us through the process. Last but not least, without financial support from the Foun- dation Lindau Nobelprizewinners Meetings at Lake Constance, and the inspiration and devotion to education of Wolfgang Schürer, this book would never have reached fruition.
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