U.S. history key to solving crisis, Nobel laureates say
The winners of this year’s Nobel prize in economics said yesterday that the eurozone crisis is mainly a political issue, not an economic one.
New York University’s Thomas Sargent, who with Princeton University colleague Christopher Sims captured the annual prize for economics, said the founding of the United States shows what the issues and solutions are.
“There are no new issues in economic theory with Europe and the euro... the difficult thing is the politics,” Sargent told a news conference in Princeton. “In the 1780s, the United States is a basket case,” he added, with 13 sovereign governments, each of which could raise taxes and print money.
In contrast, the nation had a very weak center, not having yet established a central bank or gained taxing power....
comments powered by Disqus
- Moving Photographs of Japanese American Internees, Then and Now
- A One-of-a-Kind Trove Reveals What 19th-Century American Boyhood Was Really Like
- St. Louis University moves controversial statue after protests
- UNC Renames Building That Honored Ku Klux Klan Leader
- A Wartime Bomb, Unearthed in Germany, Recalls Darker Days
- NYT hosts debate including Eric Foner: How Americans should remember Reconstruction
- William Leuchtenburg says historians and the media have been too hard on Obama
- Hugh Ambrose, historian who helped develop WWII Museum, dead at 48
- Historian discounts claim that Churchill and other British PM's were gay
- Nick Bunker Wins $50,000 2015 George Washington Book Prize