Here is the Nobel lunch panel video I said I'd post. Topics include the value of economics, macroeconomics in particular, regulation, inequality, rationality, and efficient markets. Among other things, I was surprised to hear Becker support regulation, so long as it is automatic rather than discretionary (though Scholes disagrees):
- Gary Becker, Nobel Laureate, 1992; University Professor of Economics and Sociology, University of Chicago
- Roger Myerson, Nobel Laureate, 2007; Glen A. Lloyd Distinguished Service Professor in Economics, University of Chicago
- Myron Scholes, Nobel Laureate, 1997; Chairman, Platinum Grove Asset Management
- Michael Milken, Chairman, Milken Institute
It's become a Global Conference tradition for Michael Milken to moderate a discussion with Nobel laureates in economics, and this year is no exception. Topic A will be "whither capitalism" — that is, how the wrenching events of the last year will affect the long-term prospects of the global economy. Expect provocative commentary on subjects ranging from the logic of bank bailouts to the relevance of Japan's lost decade to President Obama's determination to tackle health-care reform. But if past performance is any indicator, don't be surprised if the conversation veers into terra incognito — great economists have a way of claiming the whole world of ideas as their own.
Update: Paul Kedrosky: "Did you enjoy the 'up with economists session?" That's a good summary of the session...