ROME - There is a political component is always more marked in the decisions of the Swedish central Bank, to which the Academy of sciences has delegated the choice of the Nobel prize of Economy: Oliver Hart and Bengt Ceremony, the two winners for 2016, they fit perfectly in the vein open with rewards French Jean Tirole in 2014 and at the scottish Angus Deaton in 2015, all economists are particularly attentive to the inequalities, the protection of minorities and the disadvantaged in a society, the transparency and the fight against the “asymmetries” of information that inevitably reward the strong and punish the weak. Hart and the Ceremony, English teacher at Harvard-the first, Finnish and professor at Mit in Boston, the second, were awarded for their contribution to “the theory of contracts”. What does it mean? Simply that in the many “contracts” that characterize our life, to the obligation that we buy, often hide the snares of the subtle and occult. And you have to be prepared to recognize, prevent and schivarle. Together and separately, the two economists, who have 68 years old, Hart and 67 Ceremony, seek to improve the governance of the company, in all its aspects, and having as objective the well-fixed interest collective, coming up to the agreements for the privatisation of companies, and to the forms of remuneration of the top managers. The latter is a key point of their work: if it binds too the compensation of executives to the performance of the company, the mechanism of the bonus in short, we were going to encounter, say the two economists, a double problem. In the meantime, you are likely to encourage a policy of short-term, that it underestimates the training, programming, wide-ranging, the preparation of measures and investments that are large and far-sighted, in favor of small initiatives of immediate yield, which have the only effect is to squirt up (often temporarily) the securities on the Stock exchange, and then the pay of the manager In the second place, there is the risk to reward is too the factor-randomness: if the value of a barrel of oil doubles, the accounts of the energy company have an immediate benefit, and then also the famous bonus, but what is the merit of the administrator in question? in Short, you end up with the protect the person that the company understood collectively. “It is a very topical problem,” says Mario Vavassori, director of the Observatory of Job Pricing. “The truth is that the system of allocation of bonuses and salaries to top managers is coming back to the standard prior to 2008. The wave of demand for transparency following the financial crisis, is already retracing and industry of the remuneration is discovering the patterns of opaque and consolidated financial statements of the past, who knows”. The bonus scheme has in itself a component of non-transparency, and yet, “the definition of the remuneration for the senior management has increasingly taken on a central role in the life of the company. Just think about that to deal with them are not even companies specialized in the pricing of the work, but the major world of consulting. it is Not the only aspect of the life of the companies to enter in the studies of the two economists winning today. The research of Hart and the Ceremony also allow you to better understand and then improve (if there is a will) the appropriate mix between debt and equity, when it is appropriate to study a merger between two groups, such as the company, it is better that they are public and they are private. The everything, always with an eye primarily to the public interest. That is also curb the rise of inequality in the western world.
- Topics:
- nobel
- Starring:
- Oliver Hart
- Bengt Ceremony
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