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Obama could win a second Nobel for future economic success
By Michael Czinkota |
October 14, 2009, Wednesday
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Print Edition
Print Edition
UNITED States President Barack Obama has won the Nobel Peace Prize. The prize is seemly to the person but also to the country and demonstrates a renewed popularity.
Typically, winners receive their Nobel prizes long after they have made their key contributions. Their best days often are behind them, and the prize provides the warm afterglow of reminiscences.
Things are quite different for Obama. He is in a position where his best days may yet come. The prize adds gravitas to the future actions of Obama.
The Nobel Prize has given new impetus to the president and the country. Just as in the side mirror of a car, perhaps new directions are really closer than they appear.
That makes it even more important for the president to be equitable and respectful of all players when raising new expectations. Right now, the prize certainly represents a good start - let's make this a successful event.
The realistic next goal for Obama is the Nobel Prize in Economics.
Here are some areas for which Obama could become prize-worthy: for work in coping with deficits and restoring an acceptable global balance in trade and investment; for showing how to deal with large increases of spending while keeping inflation low; for implementing policies which nurture and encourage specific industries while not distorting the economy; for managing the steady depreciation of a currency while maintaining the domestic standard of living; for reducing large and continuous trade deficits through the systematic development of an export-oriented economy; for convincing other nations to increase their domestic consumption, particularly through the acquisition of foreign products.
(Michael Czinkota, researcher at Georgetown University and the University of Birmingham. E-mail:czinkotm@georgetown.edu)
Typically, winners receive their Nobel prizes long after they have made their key contributions. Their best days often are behind them, and the prize provides the warm afterglow of reminiscences.
Things are quite different for Obama. He is in a position where his best days may yet come. The prize adds gravitas to the future actions of Obama.
The Nobel Prize has given new impetus to the president and the country. Just as in the side mirror of a car, perhaps new directions are really closer than they appear.
That makes it even more important for the president to be equitable and respectful of all players when raising new expectations. Right now, the prize certainly represents a good start - let's make this a successful event.
The realistic next goal for Obama is the Nobel Prize in Economics.
Here are some areas for which Obama could become prize-worthy: for work in coping with deficits and restoring an acceptable global balance in trade and investment; for showing how to deal with large increases of spending while keeping inflation low; for implementing policies which nurture and encourage specific industries while not distorting the economy; for managing the steady depreciation of a currency while maintaining the domestic standard of living; for reducing large and continuous trade deficits through the systematic development of an export-oriented economy; for convincing other nations to increase their domestic consumption, particularly through the acquisition of foreign products.
(Michael Czinkota, researcher at Georgetown University and the University of Birmingham. E-mail:czinkotm@georgetown.edu)
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