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After the Financial Crisis

In: People

Submitted By serafina
Words 860
Pages 4
After Economic Crisis
Macroeconomics-

In 2008, the economy began to decline and globally a financial crisis began. Here in the U.S., the housing market began to plummet, which created the Housing Bubble; also countries worldwide were trying everything to protect their assets. This Global Financial Crisis of 2008 has been compared to being worse than the Great Depression in the 1930s. The world’s economy has not been this unstable since then. The question is, what did we learn and what are we going to do differently to avoid this type global economic instability? In 2011, a group of economists met with the International Monetary Fund to discuss this very question. After reviewing the economists Robert Solow, Michael Spence and Joseph Stilglitz stating their views and opinions, I understand the situation better. I agree with some of the comments that these economists discussed. Ultimately, there is no quick fix for the global economy to grow and remain stable. However these economists mention some very great ideas and make a good point. Professor Solow discusses that it is not to increase the economy we need to increase the amount of qualified workers. He states that perhaps it is not enough just to look at the amount of education we are providing throughout the countries. Solow suggests that we should consider the content of the education as well. I agree with Professor Solow. It is not enough to teach everyone the same thing across the board. We should curtail our education to the people. He makes a point, poor people and rich people alike should have their education customize to fit into their lives (Solow, 2014).
Solow also brings up a point that we need more skill based education as opposed to broad book education. I think it will be beneficial for us to create educational skill based programs such as vocational schools...

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