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Ashenfelter, Drèze, Lucas, Mirrlees and Prescott discuss labor reform and crisis recovery

On March 23, the Barcelona GSE community had the opportunity to watch a round table debate with five renowned economists–including three Nobel laureates in Economics–on the subject of "Exits from the crisis: labor reform and beyond." 

The distinguished economists are members of the Barcelona GSE Scientific Council, which held its biennial meeting in Barcelona last week.

  • Orley Ashenfelter (Princeton University)
  • Jacques Drèze (Université Catholique de Louvain)
  • Robert Lucas (University of Chicago, Nobel Laureate)
  • James Mirrlees (University of Cambridge, Nobel Laureate)
  • Edward Prescott (Arizona State University, Nobel Laureate)

These distinguished economists were in Barcelona last week to participate in the third meeting of the Barcelona GSE Scientific Council, an external body that comes together every two years to analyze the educational activities, research initiatives, and institutional development of the School.

The round table took place at the Researchers Residence of the Spanish Research Council (CSIC) in central Barcelona. It was organized by the Barcelona GSE and the Institute for Economic Analysis (IAE), one of the Barcelona GSE's academic units and a CSIC research center, to mark the end of the IAE's 25th anniversary program. Barcelona GSE affiliated professors from all four of the School's academic units, as well as many students, alumni, dignitaries and guests, filled the auditorium for this timely and important economic debate.

Each of the round table participants offered thoughts on labor reform and crisis recovery from the viewpoint of his own areas of economic research and expertise, providing a multifaceted perspective of these issues and much food for thought.

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From right: Orley Ashenfelter (Princeton University), Robert Lucas (University of Chicago, Nobel Laureate), Edward Prescott (Arizona State University, Nobel Laureate), Ramon Marimon (Chairman of the Barcelona GSE), James Mirrlees (University of Cambridge, Nobel Laureate), and Jacques Drèze (Université Catholique de Louvain).
 

Videos: Ashenfelter, Drèze, Lucas, Mirrlees and Prescott discuss labor reform and crisis recovery at Barcelona GSE

Photo Album: Barcelona GSE Scientific Council members hold round table debate

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The economists with government dignitaries and leadership of the Institute for Economic Analysis and the Barcelona Graduate School of Economics.

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Orley Ashenfelter: “The main concern for labor economists is the loss of an entire cohort of young workers. There probably isn't any labor reform that can save them.”

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Robert Lucas: “People overstate their need and understate their ability. They have incentives to hide information.”

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Edward Prescott: “The word 'unemployment' is not an economic term. I don't use it.”

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James Mirrlees: “Rolling back wages would only redistribute unemployment among EU countries.”

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Jacques Drèze: “Labor reform should be done not to remedy today's situation, but to remedy underlying, long-standing issues.”

 

Round table event organized by:

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GSE Scientific Council