The Honorary Title of Doctor Honoris Causa of UNWE Was Awarded to The Nobel Winner Prof. Paul Krugman

Wednesday, 13 November 2013 14:40

The Honorary title of Doctor Honoris Causa of UNWE was awarded to Prof. Paul Krugman, winner of Nobel Prize on Economics in 2008 by the Academic Council decision. The award was given to the world famous scientist pointed out as the most eminent economists of our time in an official ceremony at the Maxima Aula. At the academic event attended the Rector of the university D.Sc. (Econ.) Statty Stattev, Prof. Dr. Borislav Borisov, Honorary Rector and Chairman of the Trustees Council of the university, Dr. Tsvetan Vasilev, member of the UNWE Trustees Council, Prof. Dr. Blagoy Kolev, Ombudsman of the university, Prof. Dr. Margarita Atanasova, Deputy Chairwoman of the UNWE General Assembly, Prof. Dr. Violeta Tsakova, Chairman of the UNWE Control Council, Antoan Shotarov, Chairman of the Students Council, the Academic Managing Body of UNWE, lecturers and students.

“Allow me to greet Prof. Paul Krugman, winner of Nobel Prize on Economics with the heartily and hospitable “Welcome!” to the University of National and World Economy. I am confident that as an academic person he feels as one of us”, said at the opening of the official ceremony the Rector of the university Prof. D.Sc. (Econ.) Statty Stattev.

At the Maxima Aula

The Rector pointed out the most eloquent facts from the biography of Prof. Paul Krugman from the University of Princeton: the Nobel winner is one the preeminent economists of our times, famous also as a columnist for The New York Times, winner of the American Economic Association’s John Bates Clark medal, author and editor of more than 20 books. We are proud and excited that he is among us today, outlined in his welcoming speech Prof. D.Sc. (Econ.) Statty Stattev.

From the left to the right: Prof. Dr. Borislav Borisov, Prof. D.Sc. (Econ.) Statty Stattev, Prof. Paul Krugman, Dr. Tsvetan Vasilev, Antoan Shotarov
The Rector Prof. D.Sc. (Econ.) Statty Stattev is presenting Prof. Krugman.

The Rector announced the UNWE Academic Council decision for awarding the Honorary title of Doctor Honoris Causa to Prof. Paul Krugman conferred on him for his “contribution to the development of economic theory and university education”.

Prof. Statty Stattev bestowed on Prof. Krugman the academic regalia of the Honorary title – a roll in the Latin and Old Bulgarian language and the Honorary mark of UNWE.

The Rector is giving to Prof.Krugman the roll in the Latin and Old Bulgarian langauge.
Doctor Honoris Causa of UNWE Prof. Paul Krugman is receiving the Honorary mark.

The award conferred on me by your university is a great honour to me, outlined Prof. Krugman. In his academic speech he highlighted the problems of the old continent as also examined the historic transition in the period of creation of the European Union and unified European currency, the situation before and after the economic crisis. The Nobel laureate spoke about the austerity economic measures imposed by the European governments since the beginning of 2010 including the cuttings of the budget expenditure even at the cost of high unemployment. Why the fiscal expenses cuts are imposed? Part of the explanation is that in Europe as well as in America too many people have made ??a cult of austerity savings believing that the budget deficits not the mass unemployment are imminent danger and that the budget deficit reduction will somehow solve the problems caused by the surpluses in the private sector, pointed out Prof. Krugman.

Prof. Paul Krugman

The famous economist commented on the situation and the possible future of the Eurozone and Euro as a unified currency. He determined the currency independence as a key to the economic success and outlined that when the government debt of the Eurozone countries had overcome the critical level they fell into a vicious circle - interests started to rise and the government debt "inflated" more and more. That`s why countries taking credits in an own currency are immune to the liquid crisis. So it is the reason why Spain and Great Britain can have one and same government debt and budget deficit but the bankruptcy can threaten only the first one of them. The incorporation of the Euro currency in this stage is a mistake because Europe is not ready for a unified currency but the fall of Euro now will be equivalent to disaster and decline of the European idea, outlined Prof. Krugman.

By the concrete data and comparisons in his presentation Prof. Krugman made an analysis of “economic lessons” in the USA and problems in Japan. He also made a parallel between Spain and Florid regarding to their “credit balloons” and examined the options for economic policy in Eastern Europe, etc.

Answering the questions of students and lecturers Prof. Krugman commented on the policy of American administration to large companies and conglomerates, the experience of Poland, Bulgarian market economy, students demonstrations and other issues specifying he didn`t know well the situation in our country so his answers did not concretize it.

A question from the audience at the hall

According to the UNWE Trustees Council decision annually each member of the Council has to fund the publishing of a book in an own opinion and write the introduction, pointed out Prof. D.Sc. (Econ.) Statty Stattev. The Rector specified that the books usually chosen by the Council members had been editions by Nobel winners on Economics or by famous public figures, economists, politicians, managers, representatives of the business. So far in the series Publications of the UNWE Trustees Counci had been published the books Freefalling by Joseph Stiglitz, winner of Nobel Prize on Economics and Doctor Honoris Causa of UNWE and Journey by the former Prime Minister of Great Britain Tony Blair. Third from the series is the book International Economics. Theory and Practice by Doctor Honoris Causa of UNWE Prof. Paul Krugman. Its publishing is financed by Dr. Tsvetan Vasilev, member of the Trustees Council member and author of the introduction.

Dr. Tsvetan Vasilev is showing the Bulgarian edition of Prof. Krugman`s book.

In the book is brilliantly examined the interaction between the national economies, presented the Bulgarian edition Dr. Tsvetan Vasilev. He expressed his confidence that the book would be especially useful as for the academic community as also for all the people having modern way of thinking and vision on realities in the world.

After the academic ceremony Prof. Krugman and the Rector Prof. Stattev visited the Intellectual Property and Leadership Institute.

Prof. Krugman is speaking with Prof. Dr. Borislav Borisov, Honorary Rector of UNWE and Director of the Intellectual Property and Leadership Institute.

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