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America is not afraid of competition
Edmund Phelps, economist, Nobel Prize winner in 2006
RZ: Is there anything surprising for you in the recent 20 years of the world’s economic development?
EDMUND PHELPS: One of the events was certainly the collapse of the Soviet Union and the economic system, which evolved in this region. Obviously, if anyone asked me some time ago if that system would last forever I would give a negative answer. Yet, it was something unexpected. It seems to me that the majority of humankind’s achievements are largely surprising. One of the accusations against the school of classical economics is that it does not anticipate any possibility of unexpected changes, e.g. structural changes. In the preliminary period of post-communist economic development I was astonished that it was so slow. Nevertheless I realized that it takes time and we can see now that the growth rate in recent years has rapidly picked up. In addition, at some point I started to have an impression that the US economy experiences stagnation, but America has once again started to gain speed.
This century has already brought about two crises —the burst of the internet bubble in 2000-2001 and the current financial crisis. Was it possible to anticipate any of them?
I think that they were predictable. The current crisis is more serious than the one at the beginning of the century. Only one risky speculative element could have been distinguished then. Many areas of the economy were sound. But an advantage of...
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