Published 22 July 2014 by Christian Schumacher

Economists reflect on challenges

What are the challenges for the next generation? 6 Nobel Laureates and 8 young economists present their views.

An economist should not stand back. They often stand on the sidelines and just observe or describe. But instead they should just step forward and make a difference.
Alex Teytelboym, #lindauecon11 alumnus

As economists are constantly confronted with numerous different challenges ranging from prosperity and unemployment to energy and climate change, it is important to identify and focus on those issues that become ever more central in the nearer future. Alex Teytelboym, quoted above, is one of eight young economists – all alumni of the 4th Lindau Meeting on Economic Sciences (2011) – who were asked  what they consider as the major challenges for the next generation of leading economists. The same question was posed to six “Nobel Economists” of whom five will participate in the up-coming 5th Lindau Meeting on Economic Sciences, 19-23 August 2014.

Here are just a few quotes from the video we produced to start a debate that is crucial for the development of economic sciences:

“Challenges for the next generation? How to cope with the well-known fact that people do not think and act entirely rational and entirely in their own best interest.” 
James Mirrlees

“The big social problems should be the inspiration for young economists.”
Theodore Koutmeridis

“To my mind the biggest challenge is youth unemployment.”
Peter Diamond

Enjoy watching the video and continue the debate – also on Twitter, #lindauecon14!

What are the challenges for the next generation?

Nobel Laureates
Peter Diamond (Nobel Prize 2010)
Edmund Phelps (2006)
Eric Maskin (2007)
James Mirrlees (1996)
Roger Myerson (2007)
Robert Shiller (2013)

Young economists,
Lindau alumni (2011 Lindau Meeting on Economic Scieces)
Eduardo Davilla
Dania Francis
Theodore Koutmeridis
Xiaofei Pan
Alex Olbrecht
Dominique Shure
Alex Teytelboym
Pierre-Louis Vézina

Produced by:
Econ Films Ltd.

Christian Schumacher

Christian Schumacher was the head of the communications department of the Lindau Nobel Laureate Meetings from 2013–16. It’s the community spirit that has fascinated him about the Lindau Meetings when he joined the executive secretariat in 2010.