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The spreading world economic crisis poses grim challenges for both China and the United States, the world’s two leading economies. Is there a universal rem- edy for both? Edmund Strother Phelps, Jr., an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences, made an in-depth analysis of the situ- ation at the Third China Beijing International Cultural and Creative Industry Expo in December. Edited excerpts from his speech follow.
The spreading world economic crisis poses grim challenges for both China and the United States, the world’s two leading economies. Is there a universal rem- edy for both? Edmund Strother Phelps, Jr., an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences, made an in-depth analysis of the situa- tion at the Third China Beijing International Cultural and Creative Industry Expo in December. Edited excerpts from his speech follow.