Here's today's lineup:
WEDNESDAY, AUGUST 24TH
09:30 - 11:00 Opening Ceremony // Welcome Address of German Federal President Christian Wulff // Induction Honorary Senate //
Plenary Panel Discussion "Sustainability in International Economics" with Laureates McFadden, Myerson, Stiglitz and Young Economists
11:00 - 11:30 Coffee Break
11:30 - 12:00 Prof. Dr. Peter A. Diamond Economic Sciences Search and Macro
12:00 - 12:30 Prof. Dr. Christopher A. Pissarides Economic Sciences The Future of Work in Europe
12:30 - 14:30 Lunch Break
14:30 - 16:00 Panel "Demographic Change, Economics and Politics": Peter A. Diamond, Sir James A. Mirrlees, Christopher A. Pissarides, Edward C. Prescott (Chair: Martin Wolf, Financial Times)
16:30 - 18:00 Afternoon Discussions with Laureates Diamond, Mortensen and Pissarides (for Laureates and Young Economists only)
20:00 - 22:00 Get-Together Evening at Congress Venue Inselhalle
The purpose of the meetings is to "provide a globally recognised forum for the exchange of knowledge between Nobel Laureates and young researchers." These young researchers -- at least the ones interested in macro -- are the ones who will be most likely to shake off the shackles of the past and develop new theories of the macroeconomy. So I'll be curious to see how that topic is handled. Will Stiglitz push hard in this direction and if so, how will the other Laureates, e.g. Phelps and Prescott, respond? Note that Prescott's abstract starts with "This is the golden age of aggregate economics." Stiglitz's abstract, on the other hand, begins with "The standard macroeconomic models have failed, by all the most important tests of scientific theory." Those two talks aren't until later in the week, but as I said I'll be very interested to see how this critical issue is presented to the upcoming generation of economists.
Update: I'm glad Stiglitz is here. In the opening panel, he began the discussion of macro models, and said (to applause) that macroeconomic models played a role in creating policies that caused the crisis. He also attacked austerity. Without him, there wouldn't be a strong advocate for these views at this meeting.