Robert Mundell
Robert Mundell
Robert Alexander Mundell, CCis a Nobel Prize-winning Canadian economist. Currently, he is a professor of economics at Columbia University and the Chinese University of Hong Kong...
NationalityCanadian
ProfessionEconomist
Date of Birth24 October 1932
CountryCanada
competition offer public votes
The public is looking for free lunches, and the political competition for votes makes the politicians offer them free lunches.
capital chapters early five james mention mit money school theory wrote
In my early days, I wrote my dissertation for MIT at the London School of Economics, really under James Meade, but my dissertation was five chapters on the theory of capital movement, but it didn't mention money.
The benefits from a world currency would be enormous.
change exchange rate washington
The U.S. berates China for its exchange rate policy, which Washington doesn't like. But one-sided pressure on China to change its exchange rate is misplaced.
inside less open states system united
The United States can't keep a completely open system if the rest of the world is less open. The United States may have to take a leaf out of the book of Japan, China, and Germany, and have protectionism inside the system.
area effect rates spoils
The whole idea of having a free trade area when you have gyrating exchange rates doesn't make sense at all. It just spoils the effect of any kind of free trade agreement.
The most important initiative you could take to improve the world economy would be to stabilize the dollar-euro rate.
fell love
As an undergraduate at UBC in Canada, I fell in love with economic theory. It was the right choice for me.
forces
Monetary discipline forces fiscal discipline on the politicians as well.
banks believed central good rigid theory
I have never believed that central banks should have rigid inflation targeting. That is not a good thing to stabilize. There is nothing in economic theory to back this.
associated fixed gone korean level nearly ounce price secular three time vietnam war
The price of gold was fixed at $35 an ounce in 1934, but by the time the U.S. got through the Korean War, the Vietnam war, with all the associated secular inflation, the price level had gone up nearly three times.
best common creation europe glue inside since
It's political glue inside Europe to keep it together - the euro is the best thing going for it since the creation of the common market.
suddenly
It's a lethal thing to suddenly raise taxes.
high lots school teen took
I took high school very casually. There was Teen Town, chess, tennis, boxing, running. Lots of things going on.