Nobel laureate predicted the Russian economy to the Japanese disease


Russia is following the path of Japan, whose economy stagnated in recent years, but takes from it all the worst, said the Nobel prize winner in Economics 2010, Christopher Pissarides in an interview with Bloomberg.

“The main risk is that Russia will get stuck in one place like Japan. But Japan has reached a very high level, and the risk that Russia will get stuck at a low level,” said Pissarides.

In an interview with the Nobel laureate also said that Russia is “behaving as a third world country that extracts resources from earth, sells them and then uses the proceeds to buy products, particularly abroad.” “It’s tempting. If wealth is already here, ready, then why expend the effort? Take it, sell it, get the money,” said Pissarides.

According to him, may the fall in prices of oil is “good” for Russia. “Because it will push the economy to the direction in which it needs to go to become a major industrial and modern economy”, — said the Agency interlocutor.

Cypriot economist Christopher Pissarides was awarded the Nobel prize in Economics in 2010. Award he shared with Americans Peter diamond and Dale Mortensen. The prize was awarded for “analysis of markets with “roughness”.

In April Pissarides, speaking at the conference “Sustainable development: society and economy” in St. Petersburg, said that the return to economic growth, Russia needs to implement structural reforms and to forget that she has oil. He said that most of the countries-oil producers have difficulties with economic growth.

“It’s kind of a curse, not a bonus for countries. Look at Venezuela — it should be the richest country in Latin America, but she isn’t. Look at Nigeria — the same thing. You want your country to be like them? Obviously not. All this because of oil. The best way to work with oil — is to forget that you have it,” said the Nobel laureate.