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During the Nobel Prize Series event in Singapore to discuss the future of innovation, 1996 Nobel laureate in economics James Mirrlees just hours ago within his talk about the causes of economic inequality expressed his strong support for a "basic unconditional income for all"

Publié par
Scott Santens
il y a 6 ans

During the Nobel Prize Series event in Singapore to discuss the future of innovation, 1996 Nobel laureate in economics James Mirrlees just hours ago within his talk about the causes of economic inequality expressed his strong support for a "basic unconditional income for all"

Here's the source tweet from someone who attended:

James Mirrlees is strongly in favour of a basic, unconditional income for all. #nobelseries

Here's a tweeted photo of him on stage giving his presentation:

Here's some info about the event itself:

The legacy of Alfred Nobel is of innovation and how to find solutions to current and future global issue that may arise. A new event platform – the Nobel Prize Series – aims to tackle issues such as how innovation can stimulate sustainable growth and how education systems have to change to meet future challenges.

The Nobel Prize Series also seeks to provide answers to the questions: How do we create tomorrow's entrepreneurs? How does our learning system need to adapt?

The first event will be held in Singapore in November where a unique gathering of Nobel laureates, world-leading experts, tech startup entrepreneurs, students and key opinion leaders will meet participants face-to-face and online for a day of discussions.

More about James Mirrlees and what he nobel prize was for:

One of the most important and liveliest areas of economic research in recent years addresses situations where decision-makers have different information. Such informational asymmetries occur in a great many contexts. For example, a bank does not have complete information about borrowers' future income; the owners of a firm may not have the same detailed information about costs and competitive conditions as the managing director; an insurance company cannot fully observe policyholders' responsibility for insured property and external events which affect the risk of damage; an auctioneer does not have complete information about the willingness to pay of potential buyers; the government has to devise an income tax system without much knowledge about the productivity of individual citizens; etc.

Incomplete and asymmetrically distributed information has fundamental consequences, particularly in the sense that an informational advantage can often be exploited strategically. Research on the economics of information has therefore focused on the question of how contracts and institutions can be designed to handle different incentive and control problems. This has generated a better understanding of insurance markets, credit markets, auctions, the internal organization of firms, wage forms, tax systems, social insurance, competitive conditions, political institutions, etc.

This year's laureates have laid the foundation for examining these seemingly quite disparate areas through their analytical work on issues where informational asymmetries are a key component. An essential part of William Vickrey's research has concerned the properties of different types of auctions, and how they can best be designed so as to generate economic efficiency. His endeavors have provided the basis for a lively field of research which, more recently, has also been extended to practical applications such as auctions of treasury bonds and band spectrum licenses. In the late 1940s, Vickrey also formulated a model indicating how income taxation can be designed to attain a balance between efficiency and equity. A quarter of a century later, interest in this model was renewed when James Mirrlees found a more thorough solution to the problems associated with optimal income taxes. Mirrlees soon realized that his method could also be applied to many other similar problems. It has become a principal constituent of the modern analysis of complex information and incentive problems. Mirrlees's approach has become particularly valuable in situations where it is impossible to observe another agent's actions, so-called moral hazard.

Major point: Mirrlees is a specialist in the area of optimal income tax theory and maintaining incentives.

2 commentaires
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niveau 1
· 6a

Politicians love to do the opposite of what economists suggest.

niveau 2
· 6a

Economists don't all suggest the same policies, in particular they're not all in favour of UBI.

A basic income guarantee is a system that regularly provides each citizen with a sum of money. Except for citizenship, a basic income is entirely unconditional. A basic income guarantee would radically simplify the welfare state, and truly ensure that no one has to live in poverty. Its necessity will become increasingly obvious as more human labor is replaced by machines.



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