Saturday, August 07, 2010

The U.S. Economy Needs a Bit of Ingenuity -- by Nobel Prize Winner Edmund S. Phelps

Edmund S. Phelps has an op-ed at the New York Times advocating that:

The Economy Needs a Bit of Ingenuity.

Phelps received the 2006 Nobel Prize in Economics.

In our view Phelps is absolutely correct in identifying the immense structural problems that the United States economy faces and that appear to be unrecognized by much of the economic community.

We like his suggestion of improving "corporate governance by tying executives’ compensation to long-term performance rather than one-year profits", although we think that the ultimate solution to run-away executive compensation is simply to put economic caps on that compensation, as in sports, where it works splendidly.

We continue to hold that income inequality is the main structural problem in America, as the people at the top have been raking in more and more of the profits without putting that money back to work in modernizing and improving the American economy. That executive plundering of American wealth has to stop.

The ISandIS Network

Our Websites and Blogs: 3D Printing and More 99 is not 100 Aabecis AK Photo Blog Ancient Egypt Weblog Ancient Signs (the book) Ancient World Blog AndisKaulins.com Anthropomorphic Design Archaeology Travel Photos (blog) Archaeology Travel Photos (Flickr) Archaeo Pundit Arts Pundit Astrology and Birth Baltic Coachman Bible Pundit Biotechnology Pundit Book Pundit Chronology of the Ancient World Computer Pundit DVD Pundit Easter Island Script Echolat edu.edu Einstein’s Voice Energy Environment and Climate Blog Etruscan Bronze Liver of Piacenza EU Laws EU Legal EU Pundit FaceBook Pundit Gadget Pundit Garden Pundit Golf Pundit Google Pundit Gourmet Pundit Hand Proof HousePundit Human Migrations Idea Pundit Illyrian Language Indus Valley Script Infinity One : The Secret of the First Disk (the game) Jostandis Journal Pundit Kaulins Genealogy Blog Kaulinsium Kiel & Kieler Latvian Blog LawPundit.com Law Pundit Blog LexiLine.com LexiLine Group Lexiline Journal Library Pundit Lingwhizt LinkedIn Literary Pundit Magnifichess Make it Music Maps and Cartography Megalithic World Megaliths Blog) Megaliths.net Minoan Culture Mutatis Mutandis Nanotech Pundit Nostratic Languages Official Pundit Phaistos Disc Pharaonic Hieroglyphs Photo Blog of the World Pinterest Prehistoric Art Pundit Private Wealth Blog PunditMania Quanticalian Quick to Travel Quill Pundit Road Pundit Shelfari SlideShare (akaulins) Sport Pundit Star Pundit Stars Stones and Scholars (blog) Stars Stones and Scholars (book) Stonehenge Pundit The Enchanted Glass Twitter Pundit UbiquitousPundit Vision of Change VoicePundit WatchPundit Wine Pundit Word Pundit xistmz YahooPundit zistmz