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Uncertainty bedevils the best system
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Edmund Phelps, is 2006 Nobel prize winner and director of the Center on Capitalism and Society at Columbia University. Phelps offers a deep reflection on capitalism and what it is as a system and isn't, from the insights gathered and knowledge accumulated about its workings- conditions in which operates best, and conditions under which it is stressed or fails. It is the actors and overseer's, the public's ignorance about how the system works, the insights about its advantages and its serious hazards if neglected, that lead him to say we need deep reform and re-education. Capitalist systems, he says, are mechanisms by which economies may generate growth in knowledge- with much uncertainty in the process owing to the incompleteness of knowledge- with growth in that knowledge leading to income growth and job satisfaction. The uncertainty can be serious and dangerous if not accounted for, and the knowledge offers opportunities for personal growth, problem solving and exploration. There has been an intellectual failure in developing a wide understanding of its benefits as well as its serious costs if not kept in check, costs that arise from uncertainty and moral issues of proper behaviours if not properly guided. This is an admirable and clear expression of what capitalism is and how it should be understood.
Reflections on Capitalism as a system and the need for public to be re-educated about hazards, at the time of the global financial crisis of 2008-2009
04/15/2009
Nobel prize winner Edmund Phelps offers some useful reflections on capitalist systems and the hazards if not properly grasped.
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Edmund Phelps, Nobel winner 2006, on what capitalism really is, and Obama's speech at Georgetown on its current crisis.
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Phelps gives alucid and admirable description of what capitalism is and what it is not, and how best to understand it and employ it.
Linked Articles
Uncertainty bedevils the best system
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