Stiglitz on the global economy

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In this interview, Nobel laureate and Columbia economist Joseph Stiglitz discusses why fiscal conservatism threatens the world economy. His recent book, Freefall: America, Free Markets, and the Sinking of the World Economy, is also worth a read.

Source: CNBC, June 30, 2010.

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4 comments to Stiglitz on the global economy

  • Justin

    He forgets that command economies have no price seeking abilities. He even confirms it by suggesting that government military complex is repleat with mis-allocation, and I would add agriculture to the mix. Of course there are many, many other gross government programs. Let us have a difficult fiscal future, let the market fall so that the price mechnism can start working again. Feed and shealter the needed. Which would cost much, much, less then all the other government programs. Once the bottom is reach we can start anew.

  • This True Believer in government intervention interprets the poor results as ‘evidence’ that more intervention is needed. Instead of even questioning if the social engineering of the past decades is the root cause of deficits, debt, debasement, and corruption. Of course, in the process he gains recognition and influence as somebody wise, moral, and progressive. It shows that many Nobel prizes in Economics are a fraud.

  • AJ

    Private sectors used to create the most jobs; not anymmore, because their profits come from foreign workers. now tht the markets are overseas–GM sales abroad exceed those here; so manufacturing shifts overseas. The shrinking (value of the) housing market provides no hedge for local investors, so they have to invest abroad. We are in another recession dip. It’s a shame that the media talks about what might happen and tomorrow talks about what has happened. Truth is, we’re in the second dip now.

  • Andrew

    Wow, Stiglitz has appeared on television a lot lately. I still remember when he made fun of Hank Paulson (I.E. Goldman operative). Hilarious!

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