This past week, Veja – the most important Brazilian news magazine – published an interview by the Brazil LAB Advisory Board member and former Princeton trustee Arminio Fraga with Sir Angus Deaton, Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Princeton School of Public and International Affairs and the Economics Department at Princeton University.
A faculty member at Princeton since 1983, Deaton was honored with the 2015 Nobel Prize in Economic Sciences for his “analysis of consumption, poverty, and welfare.” Arminio Fraga is a world-renowned Brazilian economist and scholar and earned his doctoral degree in Economics from Princeton in 1985. From March 1999 to December 2002, Fraga was the President of the Central Bank of Brazil.
The two economists met for the first time when Mr. Fraga was a PhD candidate at Princeton, in 1983. Some years later, they became colleagues at the World Bank, while serving on the advisory board of Chief Economist and Senior Vice-President Nicholas Stern (between 2000 and 2003).
In the traditional “yellow pages” of Veja, the economists discuss capitalism's inability to overcome social inequalities and talk about possible solutions to the problem.