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

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