Game theoreticians weigh in on financial crisis
Posted on | December 15, 2008 | Comments Off by Aschwin de Wolf
In November 2008 the Nobel laureate economist Robert Aumann spoke at the Jerusalem Institute for Market Studies and expressed concern about the faulty proposals to solve the financial crisis. His talk is now available on YouTube:
In October 2008, another game theoretician and Nobel Prize winner, John Nash Jr. weighed in on the financial crisis and made a case for an international monetary standard such as a the gold standard:
Nash told the audience that such financial crises would be less likely to occur if there was some international monetary standard, such as the gold standard or competition among worldwide currencies, to curb inflation and prevent the rise of mortgage abuses. He expressed some skepticism about a government bailout as a solution.
It is encouraging to see that some Nobel Prize winners in economics do appreciate the importance of incentives, the risk of adverse long-term consequences of massive government intervention in the economy, and the need for monetary reform.
Tags: Economics > Game Theory > Gold Standard > John Nash > Robert Auman
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