Nobel laureates in economics Gary Becker of the University of Chicago, Edmund Phelps of Columbia University, Myron Scholes of Stanford University, and Michael Spence, former dean of the Stanford University Business School, participate in a panel discussion at the Milken Institute Global Conference in Los Angeles about the theory of "decoupling" and outlook for the U.S. and global economies.
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Source:
Becker, Phelps Are Optimistic on U.S. Economic Outlook
Bloomberg, April 29 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aXOHNasDoVqw
great stuff, please post more from Milken Institute Conference
Hey, is Myron predicting the same outcome as his last venture, LTCM? I appreciate what the Milken group does, and I think MM is actually a pretty decent guy. Although it surely appears he became a philanthropist after carting off alot of other people’s money. For the record, I could become pretty decent under those circumstances as well. But whatever happened to fireside chats with our ELECTED representatives instead of a society of elitists sitting around and deciding our future? I’ll tell you what happened. They now think they are our leaders. There’s a huge distinction between representatives and leaders. We fought a war that took many lives to make that distinction.
Why aren’t our elected representatives taking the solicitations and concerns of the American people and creating proactive PUBLIC POLICY? And, then using this great tool called real time media to share their interpretation of our ideas, our concerns and their interpretation of things they can do to implement our wishes? Someone needs a reminder of who is in charge. Just like with corporations. We are in charge. The owners are in charge. And, it is working out quite nicely that we are going to make sure they understand that in the next election.
I haven’t listened to this, but the fact that Myron Scholes is on board makes it a complete farce. His Nobel Prize should be rescinded. The man has arguably caused more damage to the financial system than Greenspan. With some luck, 10-15 years from now, Greenspan’s damage should be in the past. But people will still believe the nonsense behind efficient markets, continuous time and the beauty, precision and absolutely incorrect output of the Black-Scholes equation.
It looked like a gathering of pipe smoking old farts, who have never worked a day in their lives. Let’s listen to what they say and don’t do it.