Sargent’s Nobel lecture

December 7, 2011

Tom Sargent’s Nobel lecture is tomorrow:  Thursday 8 December 2011, at 1.00 pm (CET) to 1.35 pm (CET).  The Sims lecture follows right afterwards.  Both will be webcast live at  My understanding is that the time difference is 6 hours, so you can watch it over breakfast starting at 7am.

Tom plans to review early US history and think about parallels to Europe today.  Here’s an excerpt and a link to the paper:

The United States emerged from our war for independence in 1783 with big debts and a constitution that disabled our central government. The Articles of Confederation established a Continental Congress and an executive weak beyond the sweetest dreams of a contemporary American advocate of small government. The Articles worked as intended to restrain the central government from taxing and spending. That outcome served the interests of some US citizens, but not of others. It was not good for the Continental Congress’s creditors.  The Continental Congress lacked powers adequate to service its substantial foreign and domestic debts.  …  [O]ur founding fathers scrapped the Articles of Confederation, and wrote an entirely new Constitution better designed to protect US government creditors.


UPDATE (Dec 9)
Link to interview:
Link to interview:
Link to Nobel lecture:

Posted by Dave Backus


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: