Should countries caught up in the European part of the Great Recession abandon the euro, or try to reach agreement on an effective coordinated recovery policy?

Devono i paesi contagiati dalla crisi del debito della zona euro abbandonare la moneta unica? O devono invece cercare una soluzione coordinata a livello sovranazionale per uscire dalla crisi? Fino a poco tempo fa la prima non sembrava un’opzione, ma se la crisi si aggrava potrebbe esserlo.

MAZZUCATO Mariana DINMORE Guy - 2014 - Pubblico o Privato: da dove vengono le grandi innovazioni? - Visioni
Lontano dal ruolo esclusivo di regolatore del mercato, lo Stato molto spesso lo determina, dandogli forma. Nel campo e lungo tutta la catena dell’innovazione, laddove il “privato” rifugge, lo Stato ha funzionato e funziona come imprenditore-guida, assumendo il carico dei rischi e delle incertezze. Con questo ruolo, in passato ha fatto nascere Internet, i settori del bio e del nanotech e oggi finanzia gli aspetti più radicali delle tecnologie ambientali. Rifiutare di ammettere quest’evidenza significa mettere a rischio l’innovazione.

What will the world be like after the crisis? What rules will make it possible to avoid the excesses that caused it? The response of someone who has spent her life in between top positions in multilateral organisations and academic research in development economics.

One of the foremost thinkers of our time, winner of the Nobel Prize for economics in 1998, an intellectual who is particularly sensitive to issues around cultural conflict and modern societies, opens the Festival of Economics and addresses the main theme of this sixth edition. In 2011 the Festival is expanding in time and space, with meetings in Naples and Rovereto, while confirming the Trento agora as one of the major centres for economic thinking.

As the eurozone crisis unfolds, mistakes matter, but so do expectations. And it is expectations that will decide in what direction Europe is headed, whether towards the collapse of the area and the single currency or its salvation. The problem is that expectations can also be generated by erroneous perceptions and still end up becoming reality. An original and unorthodox analysis of the economic situation by one of the great contemporary commentators and undisputed leaders of international finance.

Rupert Murdoch is the owner of a sprawling media empire that extends throughout the world and includes books, newspapers and television. Today he faces the internet revolution and is launching a challenge to free news on the web. The latest adventure of Murdoch in the words of an American journalist, opinion leader on the transformation of the media ecosystem and himself an entrepreneur in the sector.

For some time now, the market logic has pervaded every area of our lives: health, education, art, sport and politics…Without our realizing it, we have transited from a market economy to a market society, with strongly distortionary effects in interpersonal relations. How can we safeguard our moral and civil assets that money can’t buy?

Martin Wolf will discuss his recent book, The Shifts and the Shocks: What We've Learned - and Have Still to Learn - from the Financial Crisis. He will explain why the post-2007 financial and economic crises have been hugely important events. He will consider their causes and how they were dealt with. He will conclude that the responses still need to be significantly more radical than today's conventional wisdom recognises.

In contrast to other countries, youth unemployment did not increase during the recent recession in Germany. This success has been mainly credited to the German training system. This is however not correct. The lecture will discuss the strengths and the weaknesses of the training system in promoting young people’s social inclusion and transitions into skilled employment.

With rising inequality, there is a risk that money increasingly corrupts politics-the rich using their resources to influence electoral, legislative, and regulatory process through campaign contributions, lobbying and the financing of the media. Hence preserving democracy-“one person one vote” rather “one dollar one vote”-requires to think about a new economic and legal framework for the future of the media. In this lecture and in her recent book, Julia Cagé proposes a new model at the intersection between shareholder companies and nonprofit foundations.

Liberal and democratic systems are growingly experiencing an authoritarian regression, even when they follow legal electoral and institutional procedures. This is what is happening in Trump’s America and in many other countries, from Turkey to Hungary. The way to avoid an authoritarian drift is for both citizens and political leaders to be alert to the danger in time and to act accordingly.

Social capital represents a combination of “interpersonal networks” which are used to allocate scarce resources. Political scientists emphasise its role in complementing the market and the state, but sometimes in poor countries social capital acts as a substitute for the state and the market. When the markets have major defects and the state is weak and predatory, social capital may be a positive force, but it may also suffocate the growth of markets and the ability to govern well.

The traditional welfare state, linked to the industrial economy, has reached a deadlock, but not because protection is incompatible with economic development, as certain lines of thinking would have it. The new globalised economy rather demands a preventive type of welfare, which is more effective in the fields of education, health and the environment.

Whereas programmed economies cannot survive without an ideology, market economies would not seen to require ideological support. Does this mean that markets without democracy are destined to last?

Individuals are often guided by non-economic motivation. Important decisions are inspired by “animal spirits” and tend to amplify macroeconomic fluctuations. One of these instincts, a sudden decline in trust, is at the core of the current recession. Governments have an important role to play in limiting animal spirits and setting the stage. So what should they do now to get out of the crisis?

Our character traits make it possible to predict a wide range of economic behaviours, from success in terms of academic performance to career in the labour market. Today economics, along with psychology, helps us to understand how our identity and personality is formed.

Many economic activities – the purchasing or sale of assets, investment, hiring and firing of workers – are influenced by social relations and take place in the context of norms and cultures. The choice of an identity, of who one is, is perhaps the most important economic decision made in one's life. The limits imposed on this choice by social divisions can represent the most determinant factors for the wellbeing of individuals. Some win and some lose as a result of these constraints. We take a look at who and why.

In India compulsory schooling has only been considered a priority in the past 7-8 years. It is not just a question of infrastructure. Recruitment systems for teachers, career paths and even school inspections are strongly influenced by trade unions and politics, whereas incentives to improve the quality of education are limited and those in favour of innovation even more so. What can be done to improve incentives?

The global financial crisis and the ensuing recession have revealed the shortcomings of financial regulation and monetary policies, but also of the economic and financial theories underpinning regulatory systems. The resulting problems can be traced back to three major areas: information, instability and incentives. Rather than trying to establish fixed rules of conduct, which have already proved ineffective, it is better to understand and attempt to govern the forces influencing behaviour.

Households and firms have a limited capacity to process information on the behaviour of economic aggregates. This means that prices, investment, employment and other macroeconomic variables only respond to shocks of a certain gravity and when they evolve, the variations are anything but marginal. Many economic phenomena can be explained in this way.

The communications industry and IT revolutions hold enormous promise for development, but in a world of information overload it will no longer be enough just to have skills to earn a livelihood. The ultimate scarce resource will be the limited attention span of the world’s consumers, as countries everywhere face the prospect of large numbers of educated but unemployed young people, whose resentment at the vast earnings of a fortunate few will be a major challenge for social cohesion.

One of the most original and influential thinkers of our time reflects on the relationship between economic freedom and daily life.

Currently the dollar is the world's currency (the only true international and reserve currency), although there are widespread doubts about whether it can retain this status and, if not, what will replace it. This lecture uses economic history – looking backward across the generations – to shed light on the prospects, risks and implications.