£250,000 Reward For Dismantling The Euro
In the News (from Daily Mail UK): “A top British businessman is offering a £250,000 reward for an individual to come up a plan for how the euro could be safely dismantled.
“The one-off prize is sponsored by Lord Wolfson, chief executive of High Street clothing chain Next and a Conservative party donor, and organised by the Policy Exchange, a think-tank.
“‘The prize will help answer some of the many important – yet unanswered – questions from over a decade ago when the EMU (European Monetary Union) was first set up. While there’s been a lot of speculation about countries leaving the euro, there has been too little detailed research on the many complex questions this would raise.’
“Lord Wolfson said: ‘This prize aims to ensure that high quality economic thought is given to how the euro might be restructured into more stable currencies. Consideration will need to be given to what a post-euro eurozone would look like, how transition could be achieved and how the interests of employment, savers, and debtors would be balanced. Importantly, careful consideration must also be given to managing the potential impact on the international banking system.’
“Lord Wolfson added: ‘The stakes are enormous. The future of the world economy will, in large part, be governed by what happens over the next few years in Europe…. This prize aims to incentivise the world’s brightest economic minds to help fill that policy void: their endeavours may well prevent Europe from descending into a financial chaos that would destroy savings, jobs, and social cohesion.’
“The Wolfson Economics Prize, which is a one-off prize, will be the second biggest cash prize to be awarded to an academic economist after the Nobel Prize.
“Economists have until January 31 to submit proposals.”
My Comment: Certainly no one will be able to create such a plan because for that it is necessary to understand the complexity of our world and its total interdependence in a unified system of global relations.
Science does not have such an approach because science is based on human egoistic qualities and is generated by their egoistic protectionist view of the world. The root of the problem of today’s economic science is an egoistic approach to dealing with our world, while it is turning into the world of complete mutual dependence (guarantee).
Karl Marx saw it and warned us about this future (communism). However, to this day, no one understands the essence of his teaching. Using the language of economics, he described the future of humanity, a society of mutual guarantee, and its unification as being programmed in our relationships by nature.
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And even from a purely egoistic level, of thinking that this compensation of a “prize” for the best idea, will actually give these economists the proper motivation to come up with good ideas, is completely naive. Operating from a purely egoistic perspective they would have to undertake great work, if it could even be done by them, without knowing if they would even receive a reward in the form of recognition or payment.
Even with them earning their traditional compensation they lack the tools to come up with an answer to the Eurozone or the global crisis at large. So the idea that now they will work for free with a “possible” payout at the end is ludicrous. Just egoistically speaing I don’t think that is a recipe for new great ideas.