Dr. John Nash on his life before and after the Nobel Prize

Transcript

professor John Nash very welcome to this interview it's an honor to have you with us thank you it has passed 10 10 years since you received the economic price uh what impact has it had on your professional and maybe on your private life of the last 10 years well it's almost 10 years it had it's had a tremendous uh impact on my life uh more than on ... Read More

Summary

In this interview with Professor John Nash, he discusses the impact of receiving the economic prize on his life, his memories of the time he went to Stockholm to receive the prize, his professional progress since then, and his concerns about the quality of money and the education system. He also talks about his early interest in mathematics, the recognition of his special talent by his parents, and the need for education to cater to the needs of specially talented children. Nash explains the circumstances and breakthrough of his Nash equilibrium theory, his advice for young students interested in economics, and his thoughts on issues like wealth disparity and the importance of trade. He also reflects on the movie based on his life and his recovery from mental illness, and mentions the influence of a teacher in his journey.

Questions & Answers

Q: What impact did receiving the economic prize ten years ago have on your life?

The prize had a tremendous impact on my life, especially because at the time I was unemployed and in good health. I was widely known in economics and mathematics circles but had not received official recognition before.

Q: Do you have any special memories from the time you went to Stockholm to receive the prize?

Being in Stockholm during December was remarkable, especially witnessing the days getting very short as winter approached. It was a unique experience for someone from lower latitudes.

Q: You mentioned in your biography that you were hoping to achieve more professionally after receiving the prize. Do you feel that you have had the opportunity to do so?

While a significant amount of my time has been taken up by giving lectures and traveling, I have made progress in my research. I have published one paper on idea money and hope to extend those ideas in another paper. I feel like I have just discovered a new area of study.

Q: Can you explain the concept of the quality of money and how it has changed over time?

The concept of the quality of money is complex. We have observed a deterioration in the quality of money in various areas, such as when Italy transitioned from the lira to the euro. The dollar, which used to be a gold standard currency, has also changed. The reasons for these changes are multifaceted and would require a deeper discussion.

Q: Were you always interested in mathematics and did you feel like you had a special gift for it as a child?

Yes, I had an appreciation for math and science from a young age. Even in elementary school, I was more interested in mathematics than other students. My parents recognized my special talent, but the school system at the time wasn't adapted for students like me.

Q: Do you think the education system for talented children has improved over time?

There are many complicated issues in education, and it varies depending on the location and the size of the school. Pushing talented children into advanced education too early may not yield optimal outcomes. While the American education system is inefficient compared to other countries, it still manages to produce individuals who excel in unusual careers and sciences.

Q: What was the breakthrough for you in your research on game theory and how did you realize its significance?

The breakthrough came from my studies in Princeton, where I had the opportunity to work on a different concept from what had been done previously by others like von Neumann and Morgenstern. I developed the concept of Nash equilibrium and wrote my thesis on non-cooperative games. The circumstances and the seminar at the university played a significant role in my realization of the breakthrough.

Q: Did you realize at the time how significant your discovery would be?

I knew that I had a good idea worth publishing, especially when I expanded on the phenomena in the zero-sum game. But predicting future significance or the possibility of a Nobel Prize was not something I could have anticipated at the time.

Q: What advice would you give to young students interested in economics?

It would be wise for young students interested in economics to delve into mathematics. Economists who are more mathematically inclined tend to garner more respect. However, it is important to have a solid foundation in timeless scientific principles rather than solely relying on current trends or popular opinion.

Q: Are there any current issues in the world that concern you as a scientist?

There are many different issues in the world today, such as the disparity between the first and third world, political situations, and budget deficits. These issues require different perspectives and are often debated with differing opinions. It's important to critically analyze popular opinions and seek out more scientific and nuanced viewpoints.

Takeaways

Professor John Nash discusses the impact of receiving the economic prize on his life, his memories of the time he went to Stockholm to receive the award, and the progress he has made professionally since then. He expresses concerns about the quality of money, shares his thoughts on education for talented children, and offers advice to young students interested in economics. Moreover, Nash highlights the importance of timeless scientific principles and voices his views on various global issues. The interview concludes with reflection on the movie based on his life and his recovery from mental illness, as well as the influence of a teacher during his studies.