Can we Consider as Being „Miraculous” the Solutions Suggested by the Laureates of Nobel Prize in Order to Stop the World Economical Crisis

Constanţa Enea () and Constantin Enea
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Constantin Enea: Constantin Brancusi University, Faculty of Economics, Romania

Annals - Economy Series, 2010, vol. 3, 227-240

Abstract: Today we are in a global economic crisis. It is not an economic crisis because of scale, for the worst case there was a recession of a few percent of GDP, but rather because it was consistently induced. The best strategies have been proposed so far are essentially neo-Keynesian, as private demand fell, public expenditure can change aggregate demand to provide a stimulus to the economy. At best, this can provide the necessary infrastructure for positive externalities through network effects, at worst, will only serve as a delay tactic, leading to a greater crisis in the near future. Nobel prizes were created by scientist and businessman Alfred Nobel (1833 - 1896), inventor (1867), which, in his will asked that his immense wealth income are offered each year „awards as the which, in the previous year, brought the greatest service of humanity”. Thus, by the will left by Alfred Nobel, Nobel prizes are awarded to institutions: - Swedish Royal Academy of Science: Nobel Prize in Physics, Chemistry Nobel Prize Nobel Prize in Economics; - Carolina Institute in Stockholm: Nobel Prize for Medicine; - Swedish Academy: Nobel Prize for Literature; - Committee composed of five persons of Parliament of Norway: Nobel Peace Prize Nobel prizes are awarded, so in 1901, except for economics, established in 1968 by the Central Bank of Sweden to commemorate the 300th anniversary of the founding of this institution. More specifically, Nobel Prizes have been awarded since December 10, 1901, after their author's death. They consist of: a medal, a diploma and a sum of money, which at first was worth U.S. $ 40,000, then increased to $ 1,000,000. Nobel Prize in cash value increased slightly since 1950, according to the Foundation website. Should mention that The Nobel Foundation has awarded prizes during World War or during World War II. Given these great discoveries of illustrious researchers could find solutions to global economic crisis. If so intense study should find practical solutions and not pure theory which seem to be medalists. Are they able to implement scientifically proven theory?

Keywords: global economic crisis; Nobel Prize; Elinor Ostrom; recesssion (search for similar items in EconPapers)
Date: 2010
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