It’s not every day that you experience a conversation with a Nobel Laureate at a prestigious event and find that he shares the same views on the global economic crisis.
This honour was enjoyed by University of Chester Business School senior lecturer Ian McDonald who was invited to take part in a high profile inaugural conference organised by the Institute for Economic Thinking (INET) at King’s College, University of Cambridge.
Ian took part in a debate on efficient markets theory’s role in the economic crisis and had his views supported by world expert Professor George Akerlof, winner of the Nobel Prize for Economics in 2001 and Koshland Professor of Economics at the University of California, Berkeley.
The landmark event saw more than 150 specially selected academic, business and government policy leaders from around the world meet to explore why prevailing economic theory failed to predict the financial and economic crisis that erupted in 2007-2008.
Ian said: “I felt very honoured just to be selected for invitation. I never dreamed that I would be privileged to receive the unreserved, public approval for my analysis from a Nobel Laureate in the presence of such a distinguished audience.
“Although these may have seemed dry academic issues before the credit crunch, everyone now knows that these economic models and theories can have a huge impact for good or ill. Every household and business in the Chester area is struggling, one way or another, to manage the consequences of the financial market failures of 18 months ago and it hasn’t finished yet. So it is absolutely essential that economists and policy makers work together and at least ensure that this does not happen again. As Professor Akerlof said to me in conversation afterwards, ‘we should certainly have spotted what was really happening then’.”
Professor Tim Wheeler, University of Chester Vice-Chancellor, said: “For Ian to be selected for such a prestigious conference is testament to his expertise and further demonstrates the quality we have at the University of Chester.”