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Session 9: The New Dynamics OF Globalization
Learn how the forces of globalization are expected to shape the economy.
Speaker Materials
Paul Krugman podcast on Bloomberg.com with Tom Keene
Catherine Mann podcast on Bloomberg.com with Tom Keene
Speakers
Sara B. Potter
Factset
Catherine L. Mann
Brandeis University
Peterson Institute for International Economics
Catherine L. Mann is a professor at the International Business School at Brandeis University, where her specialties include Empirical International Trade And Exchange Rates, Globalization Of Information Technology And Venture Capital, and Information Technology And Development
She has also been a senior fellow at the Institute for International Economics since 1997. Previously, she served as assistant director of the International Finance Division at the Federal Reserve Board of Governors, senior international economist on the President's Council of Economic Advisers at the White House, and adviser to the chief economist at the World Bank.
She is author or coauthor of two books that focus on the policy foundations for effective use of technology for domestic development and external competitiveness. APEC and the New Economy (2002) was presented to and endorsed by APEC Leaders at their meeting in Shanghai, China. Global Electronic Commerce: A Policy Primer (2000) uses general analysis and specific examples from field research in more than 10 countries to address how the Internet and electronic commerce affect policymaking, with particular focus on infrastructure and policy issues of taxation, privacy, security, intellectual property, and trade negotiations. In addition she directs a project funded by the Ford Foundation to support collaborative research comparing Asian and Latin American countries on how technology affects entrepreneurship, government, education and skills, and financial intermediation. She has delivered keynote speeches and engaged in projects on technology and policy in China, Thailand, Vietnam, Taiwan, Sri Lanka, Mexico, Morocco, Tunisia, South Africa, as well as in Australia, Canada, Finland, Germany, and New Zealand.
She also studies broader issues of US trade, the sustainability of the current account, and the exchange value of the dollar. Published in 1999, Is the US Trade Deficit Sustainable? answers perennial questions about the impact of global integration on the US economy and the dollar. A Journal of Economic Perspectives (2002) article reviews concepts of sustainability, including the role of international financial markets and international trade in services, topics also addressed in "How Long the Strong Dollar?" in Dollar Overvaluation and the World Economy, edited by John Williamson and C. Fred Bergsten, and in "The US Current Account, New Economy Services, and Implications for Sustainability" in the Review of International Economics.
She received her PhD in Economics from the Massachusetts Institute of Technology. Her undergraduate degree is from Harvard University.
Edmund Phelps
McVicker Professor of Political Economy, Columbia University
Edmund S. Phelps is McVickar Professor of Political Economy at Columbia University, director of Columbia's Center on Capitalism and Society and the winner of the 2006 Nobel Prize for Economics. He is a Fellow of the National Academy of Science and both a Distinguished Fellow and a former Vice-President of the American Economic Association. This year he was named Chevalier of the Legion of Honor, won the Premio Pico della Mirandola for humanism and the Kiel Global Economy Prize. His research has spanned economic growth, including the Golden Rule of saving, microeconomic foundations of inflation and employment dynamics, structuralist models of unemployment determination, dynamism and inclusion in capitalist and corporatist systems, and the good economy.
Edmund Phelps joined the Department of Economics at Columbia in 1971 after several years at Pennsylvania and earlier Yale. He was named McVickar Professor of Political Economy in 1982. He is the 2006 winner of the Nobel Prize in Economics.
Phelps’s work is best known for introducing in the late ’60s an expectations-based microeconomics into the theory of employment determination and price-wage dynamics. Keynes’s great work of the ’30s had left it unexplained why involuntary unemployment is observed even in the best of times and why a drop of aggregate “effective demand” causes a rise of unemployment – why not a prompt fall of money wages and prices by just enough to forestall a fall of employment? The challenge was to resolve these issues while continuing to posit the elementary rationality that economics traditionally ascribed to workers, consumers and firms.
Phelps was elected to the National Academy of Sciences (USA) in 1981 and was made a Distinguished Fellow of the American Economic Association in 2000. He is also a former vice-president of the Association, a fellow of the Econometric Society, the American Academy of Arts and Sciences and the New York Academy of Sciences. He was a Guggenheim fellow in 1978, a fellow at the Center for Advanced Study in the Behavior Science in 1969-70 and visiting scholar at the Russell Sage Foundation in 1993-94. He holds a Ph.D. from Yale University (1959). In 1985 he was awarded an honorary degree from his alma mater, Amherst College. In June 2001 he received an honorary doctorate from the University of Mannheim and from the University of Rome “Tor Vergata,” in October 2003 from Universidade Nova Lisboa, in July 2004 from University of Paris Dauphine and in October 2004 from the University of Iceland. He was made an honorary professor at the Renmin University, Beijing, in May 2004. An international Festschrift in his honor was held at Columbia University in October 2001 and the 600 page conference volume was published by Princeton University Press in 2003 (Knowledge, Information and Expectations in Modern Economics P. Aghion, R. Frydman, J.E. Stiglitz and M. Woodford, eds.) He also holds honorary doctorates from the Institut d'Etudes des Sciences Politiques de Paris (2006) and Universidad de Buenos Aires (2007.)
Paul Krugman
Princeton University
Paul Krugman has at least three jobs: he is professor of economics and international affairs at Princeton University, Centenary Professor at the London School of Economics, and, perhaps, his best-known job, as an op-ed columnist for The New York Times. In recognition of his influence The Washington Monthly called him “the most important political columnist in America.”
In addition, Krugman’s reputation extends well beyond the U.S. The Asia Times recently called him “the Mick Jagger of political/economic punditry.” The Economist said he is “the most celebrated economist of his generation.” And, recently Mr Krugman received what is often called the European Pulitzer Prize, the Asturias Award given by the King of Spain.
Krugman is the author or editor of 20 books and more than 200 professional journal articles, many of them on international trade and finance. In recognition of his work, he received the John Bates Clark Medal from the American Economic Association, an award given every two years to the top economist under the age of 40.
For the past 20 years, Krugman has written extensively for non-economists, including a monthly column, “The Dismal Science,” for the on-line magazine Slate. He has also been a columnist for Fortune and has published articles in The New Republic, Foreign Policy, Newsweek and The New York Times Magazine, before joining The New York Times.
Prior to his appointment at Princeton, Krugman served on the faculty of MIT ; his last post was Ford International Professor of Economics. He also taught at Yale and Stanford Universities, and prior to that he was the senior international economist for the President’s Council of Economic Advisers, under Ronald Reagan. (Yes, he served under a conservative President.)
He is a Fellow of the Econometric Society, a Research Associate of the National Bureau of Economic Research, and a member of the Group of Thirty. He has served as a consultant to the Federal Reserve Bank of New York, the World Bank, the International Monetary Fund, the United Nations, as well as to a number of countries including Portugal and the Philippines.
His most recent book is THE CONSCIENCE OF A LIBERAL. His previous work, THE GREAT UNRAVELING, was highly praised and became a New York Times bestseller in both hardcover and paperback. Mr. Krugman and his wife, Robin Wells, have recently collaborated on two college textbooks -- Microeconomics published in October 2004, and Macroeconomics published in the September 2005.
Krugman and his wife live in the Princeton area with their two cats.
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