Nobel Perspectives: on a post COVID-19 world

Joseph E. Stiglitz

17 jun 2020

As part of the UBS Nobel Perspectives program we are pleased to bring you a webinar series that allows you to ask your questions directly to Nobel Laureates in Economic Sciences.

UBS Nobel Perspectives addresses the questions shaping our world, cutting through the noise, and holds the largest content library of Nobel Laureate interviews.

Joseph Stiglitz, Nobel Laureate was awarded the prize for Economic Sciences in 2001 for his pioneering work on asymmetric information which can provide the key to understanding many observed market phenomena, including unemployment and credit rationing. He has been the chief economist of the World Bank as well as chairman of the Council of Economic Advisors to former US President Bill Clinton. He joined Evan Brown, Head of Multi-Asset Strategy, in a webinar to discuss in detail the implications of the pandemic and what it means for investors.

As part of the UBS Nobel Perspectives program we are pleased to bring you a webinar series that allows you to ask your questions directly to Nobel Laureates in Economic Sciences. Joseph E. Stiglitz features in the Nobel Perspectives program and you can read more about his life and work below.

In a time where everything is uncertain, it's hard to know what's real and what's fake. UBS Nobel Perspectives addresses the questions shaping our world, cutting through the noise and nonsense, and holds the largest content library of Nobel Laureate interviews. Learn more and join the community to stay up to date on all the latest news and events.

Key webinar takeaways

  • The pandemic has accelerated many structural trends including de-globalization and the need for investment in climate change.
  • A more targeted and comprehensive fiscal stimulus approach is required.
  • Financial assistance worked well when given to companies to retain their workforce.
  • There will be onshoring and to some extent de-globalization but this will not solve the issue of longstanding inequality.
  • Extremes in precautionary consumer behaviour is leading to weak aggregate demand.
  • We need global cooperation for meaningful progress on health, economic and climate change.

Evan Brown, Head of Multi-Asset Strategy, UBS Asset Management

With much of Joseph's research focusing on financial crises, climate change and inequality, this webinar was a prime opportunity to tap into the mind of one of the world’s greatest thinkers amid such uncertain times.

Joseph Stiglitz’ prize winning research was based on markets operating with imperfect or asymmetric information where one party has better or more information than the other, a primary contributor to economic inequality.

To set the scene, the National Bureau of Economic Research (NBER) officially declared the US entered into a recession in February. We are already out of the labelled recession which means we could have possibly seen one of the shortest but deepest recessions of all time, as now we enter recovery.

A combination of weakened balance sheets, increase in bankruptcies and extremes in precautionary behavior, is a recipe for a deficiency in aggregate demand.

Joseph Stiglitz


Q&A:

The world in the grasp of COVID-19

The unveiling of the next normal

Audience Q&A

Read more

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