FMI Public Speaker Series — March 28
Economic Policy and the Growth of Nations – Finn Kydland
The Free Market Institute will host Finn Kydland, Henley Professor of Economics at University of California, Santa Barbara, and 2004 co-recipient of the Nobel Memorial Prize in Economic Sciences. Prof. Kydland will deliver a public lecture on Economic Policy and the Growth of Nations.
The lecture will take place on Tuesday, March 28, 2023, in the Student Union Building – Red Raider Ballroom (2524 17th St., Lubbock, TX 79409), from 5:30 – 6:30 PM on the Texas Tech University campus.
This program is free and open to the TTU community and the general public.
About the Program
Prof. Finn Kydland was awarded the Nobel Prize in Economics in 2004 jointly with Prof. Edward Prescott of Arizona State University. They received the Prize for their research on business cycles and macroeconomic policy, specifically the driving forces behind business cycles and for the finding that optimal government policy is time inconsistent – a commitment mechanism is needed to ensure the successful implementation of optimal policy.
An example in the arena of monetary policy is setting up institutions to ensure that central bank policy is independent of political pressure, as for instance New Zealand and Scandinavian countries have been successful in doing. The challenge is greater in the fiscal arena. If factories have already been constructed, it's tempting to tax the income from their operation, which then, in turn, will act as a disincentive for future investment and growth.
In his speeches, Prof. Kydland sometimes quips that if some hot-shot economist(s) can figure out how to commit credibly to good tax and debt policy then eventually they'll stand in front of the King of Sweden to accept an important Prize!
For more information about this program, visit www.events.fmi.ttu.edu or contact the Free Market Institute at free.market@ttu.edu or (806) 742-7138.