ISEO Summer School 2014: "Shaping the future: towards a sustainable global economy"
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The I.S.E.O Summer School is one of the few summer courses in the world with Nobel Laureates teaching: every edition features two or three Nobel Laureates in Economics together with some of the most important international economists. The highly specialized website Inomics has included the I.S.E.O Summer School in the top ten list of the best Summer School in Economics in the world. The I.S.E.O Summer School 2014 took place in Iseo (close to Milan and Brescia, in Northern Italy) from Saturday the 14th to Saturday the 21st 2014. The course featured three Nobel Laureates in Economics (Robert Engle, Michael Spence and James Mirrlees) and three international economists (Camilla Toulmin, Richard Tol, Emanuele Ferragina). It gathered some of the most talented researchers, young economists and post graduate students in Economics around the world. The week in Iseo combined high level lectures with free time and once in a lifetime experiences with Nobel Laureates and other top class speakers. Participants attended lectures both in the morning and in the afternoon time and had the chance to discuss with the speakers for the whole week. During the Summer School 2014 participants had also the possibility to visit Venice and the famous Franciacorta region.
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Representing one sixth of humanity to the greatest economic thinkers and researchers across the world from fifty universities from thirty different countries is challenging, but one of the most cherished experience for any academic researcher. Dr. Krishnamurthy Prabhakar, Professor, SRM University felt humbled to be accepted as a scholar with scholarship, at the I.S.E.O Summer School, Italy, one of the ten best summer schools in economics in the world where Nobel Laureates teach students. Thirty Nobel Laureates visited the unique summer school.
The school selects researchers based on potential for future research.The summer course was born in 2004, following an idea of the founder of the I.S.E.O institute, Prof. Franco Modigliani (Noble laureate, 1985), and with the support of the chairman of the association, Prof. Robert Solow (Noble laureate, 1987). The I.S.E.O. Summer School is a platform to discuss some of the principles of international economy, investigating the role of different countries in the international economic scenario.
"Shaping the future: towards a sustainable global economy, " is the theme of 11 edition.
The courses are conducted by Professor Robert Engle (Nobel 2003), Professor James Mirrlees (Nobel laureate, 1996) and Professor Michael Spence (Nobel laureate, 2001) and international economists. Researchers from two hundred and eighty universities in the world applied for the course and it is a fulfilling experience for Dr. Krishnamurthy Prabhakar to be only one to be selected from India and represent one of the best universities in the country, for potential to conduct research in the economic areas of poverty, inequality and malnutrition facing toughest evaluation criteria.
It is three long years of research nurtured by SRM University research initiatives and constant encouragement by Dr.V.M.Ponniah, Dr. Jayshree Suresh, Dean and Dr.C. Muthamizhchelvan , Director (Engineering and Technology) helped him to achieve a lifetime ambition. Dr.Muthamizhchelvan’s quotes on need for success and academic ambition helped the process of attaining a different orbit.
Dr.D.Narayana Rao, Director, (Research) vision of creating centers of excellence in research in the area of social sciences provided needed motivation to work for the project. Dr.Krishnamurthy Prabhakar thanked profusely Dr.N.Sethuraman, Registrar, Pro Vice Chancellor Dr. T.P Ganesan and Vice Chancellor Dr. M. Ponna Vaiko, President, Professor P. Satyanarayanan for support and encouragement and felt indebted to visionary educationalist Honorable Chancellor T.R.Pachamuthu for creating an institution of excellence for research. The courses are conducted by Professor Robert Engle (Nobel 2003), Professor James Mirrlees (Nobel laureate, 1996) and Professor Michael Spence (Nobel laureate, 2001) and international economists. Researchers from two hundred and eighty universities in the world applied for the course and it is a fulfilling experience for Dr. Krishnamurthy Prabhakar to be only one to be selected from India and represent one of the best universities in the country, for potential to conduct research in the economic areas of poverty, inequality and malnutrition facing toughest evaluation criteria.
It is three long years of research nurtured by SRM University research initiatives and constant encouragement by Dr.V.M.Ponniah, Dr. Jayshree Suresh, Dean and Dr.C. Muthamizhchelvan , Director (Engineering and Technology) helped him to achieve a lifetime ambition. Dr.Muthamizhchelvan’s quotes on need for success and academic ambition helped the process of attaining a different orbit.
Dr.D.Narayana Rao, Director, (Research) vision of creating centers of excellence in research in the area of social sciences provided needed motivation to work for the project. Dr.Krishnamurthy Prabhakar thanked profusely Dr.N.Sethuraman, Registrar, Pro Vice Chancellor Dr. T.P Ganesan and Vice Chancellor Dr. M. Ponna Vaiko, President, Professor P. Satyanarayanan for support and encouragement and felt indebted to visionary educationalist Honorable Chancellor T.R.Pachamuthu for creating an institution of excellence for research.
The program started with a discussion by Professor Michael Spence on strategies for sustained growth and inclusive development and convergence or catch up effect of economies such as India and China. The need for distinction between tradable and non tradable goods and services for employment is emphasized for further research. The discussion examined the growth path taken by a set of countries and its success and likely challenges for further consolidation. Self inflicted slower economic growth rates need to be avoided. It concluded with discussion on trends in technology such as growth of mobile telephony that is likely to eliminate the digital divide. Emerging technologies such as 3-D Printing technology that is likely to change the economic landscape is discussed. The impact of capable, credible and committed governance on economic growth is discussed.
Green economy and its role in providing sustainability for finite earth resources are discussed in detail by Professor Camilla Toulmin, Director of the International Institute for Environment and Development based in London. Her focus is on green economy that works for low-income countries. Her elaboration of Green Economy is “an economy which results in improved well being and social equality, while significantly reducing carbon emissions”. Extraordinary greed, private gains and public losses are some of the issues discussed. Tools of Green Economy especially Natural Capital Accounts are underlined. The need for overcoming inertia to save the world from destruction of ecology and economies of scale promoted by over push are discussed. Issues such as climate induced poverty trap are pointed out. Professor S.J.Richard Tol, Professor at Department of Economics, Sussex, spoke about the need for addressing the climate issue.
Professor James Mirrlees addressed the important issue of formation of cities and need for taxation to reduce congestion and pollution.The issue of carbon emission taxation and need for sustainable economic growth is underlined by him. Urbanization and its effect on economic growth is shared among participants. His talk is most relevant for India as his thoughts on creating new cities, motor taxation, urban planning and welfare economics are most discussed among policy makers and world leaders. Mrs. James Mirrlees, a keen lover of nature helped taking pictures of one the best places in the world.
Dr. Emanuele Ferragina, Departmental Lecturer in Comparative of Social Policy at the Department of Social Policy and Intervention at the University of Oxford, discussed on The Welfare State, Equality and Social Capital. Three Worlds of Welfare Capitalism, which is part of a long sociological tradition (Esping-Anderson, 1990) formed the crux of his discussion. The ways to meet with risk of old age, being sick and unemployed by typologies of welfare capitalism, challenging the tradition of historical nominalism and anthropological interpretation of culture and society are discussed. Robert Engle discussed statistical measures to address issues of SRISK. The financial approach to environmental risk, risk myopia, predicting long run volatility is some of the important issues discussed. Econometric analysis and measurement of systemic risk is discussed for different countries.
While discussions with Nobel Laureates and professors are great experiences, meeting and sharing knowledge from other researchers from thirty countries and fifty best universities such as London School of Economics and Lund University is a rewarding experience. Travel with Professor James Mirrlees and Mrs. James Mirrlees and discussion on a boat around the ISEO Lake regarding Indian economy and expectations from the new government and creation of new cities is an unforgettable lifetime experience. Sharing views on economics and psychology with Professor Robert Engle and Mrs. Robert Engle, psychologist formed part of memories from the summer school.
Professor Emanuele Ferragina discussion on works of Piketty on inequality provided needed inputs for future research. The memorable experiences etched in his mind profoundly and cherished every second of his participation. The organizers Sara, Pekka and Eija took every effort to help me to have an enjoyable stay. The visit to Venice and other places in the cultural world added to the learning experience. The next step is to share knowledge with students, research scholars and colleagues to have a fulfilling academic existence says Dr. Krishnamurthy Prabahkar, a proud SRMite.
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