Students from Mar del Plata together with the Nobel Prize in Economics

Last Monday, October 24, on the occasion of the conference held at the Faculty of Economic Sciences (FCE) of the National University of La Plata (UNLP), Luca Bianchetti, Mailen Fernandez and Ulises Videla, advanced students of the Bachelor of Economy of the Faculty of Economic and Social Sciences (FCEyS) of the UNMDP and research fellows belonging to the Center for Economic and Social Research (CIEyS), participated in the three events that took place continuously, after having been selected, due to to his academic career, by the Initiative for Young Scholars, better known by its name in English Young Scholars Initiative (YSI).

The triple economic day was organized based on the conference given by Joseph E. Stiglitz, Mariana Mazzucato and Martín Guzmán on “Strategies for economic development in an uncertain international scenario”. Stiglitz won the Bank of Sweden Prize in Economic Sciences in memory of Alfred Nobel, better known as the Nobel Prize in Economics, in 2001 for his contribution to economic theories of market failure, in particular asymmetric information. Mazzucato is a professor of Economics of Innovation and Public Value, director of the IIPP-University College London and writer of books with great contributions to the field of economics such as “The Entrepreneurial State”, “The value of things” and “Economy Mission ”. Finally, Guzmán, professor at the FCE-UNLP, who was the National Minister of Economy from December 2019 to July 2022.

During the conference, in the Aula Magna of the FCE-UNLP, Stiglitz highlighted how the latest world crises (the financial one of 2008 and that of COVID-19) have exposed the failures of neoliberal economic models. He established that the alternative is a large and modern economy with strong state regulations focusing on industrial policy and progressive taxes and that the different state institutions must work together and in coordination, paying special attention to Public Universities for that matter. Argentinian. Thus, he explained that to improve the standard of living it is necessary to give a preponderant relative weight to science and the mechanisms of social organization.

Mazzucato, for his part, made it clear that the functions of the State should go beyond just solving market failures as established by neoliberal economics, especially in the current framework where crises overlap one another. He established that “markets” are the result of the organizational structure of the State, of corporations and the relationship of these two, referring to the fact that Adam Smith did not refer to the free market as free of the State, but as free of rent. . She placed special emphasis on the relevance of training and the review of the organizational structure, also weighing inter-ministerial coordination and making it clear that the State should be guided by ambitious, inspiring missions capable of increasing innovation among the different actors and sectors of the the economy. About the end, she recommended “friending” with uncertainty and encouraging innovation.

Finally, Guzmán complemented the theoretical discussion with his time at the highest economic body in our country, the Ministry of Economy, sharing his experiences in negotiating with the International Monetary Fund (IMF) and the interest surcharge policy for debtor countries. . This issue is being analyzed and discussed in the academic fields of the economic discipline around the world, in order to achieve the sustainability of the debt of the different States.

Previously, the three students participated in the pre-conference entitled “What challenges do Latin American countries present when trying to apply the theories of economic development?”. In it they presented, Leopoldo Tornarolli (CEDLAS) on the current socioeconomic situation of Latin American countries, Estanislao Malic (CCC-UNQUI) on subordinate financialization in Latin America, dollarization, external indebtedness and internationalization of wealth, and finally Florencia Kohon (MECON) on the challenges of implementing development policies in Latin America, emphasizing Carlota Pérez’s theory of dual development (base sectors and trailer sectors) and the idea of ​​guiding politics based on missions as proposed by Mariana Mazzucato.

Ulises and Mailen, young researchers from the Socioeconomic Indicators research group, and Luca from the Industrial Analysis group, all belonging to the CIEyS and teachers from the same university, also participated together with 20 undergraduate and postgraduate economics students from the country in a Meet & Greet with Stiglitz, Mazzucato and Guzmán where they could ask questions, debate and share a meeting between peers.

This event together with the pre-conference was possible thanks to the coordination and organization of YSI who made the selection of the 20 students to access these events and financed their participation. YSI belongs to the Institute for New Economic Thought, and defines itself as a community of nearly twenty thousand students, young professionals and researchers from around the world, who foster the development of new critical ways of thinking about economics.

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Students from Mar del Plata together with the Nobel Prize in Economics