Great points by Stiglitz

[RGacky3]

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[Sadena Meti]

Well, first, why is this in mono? This is the first YouTube video I've heard in mono.

Second, he has excellent grammar. I think this is the first news item I've seen where the speaker properly conjugates verbs after the word data recognizing that data is plural (singular datum).

Third, he did make one error. Well, partial error. He referenced the protests in my state, Wisconsin, which were in response to a measure that would cut the total pay package (not actual pay, more benefits) to public employees (in his example teachers) by 9%. The greater outrage that really sparked the protests was that the bill would eliminate collective bargaining.

[IcarusAngel]

^^^Stiglitz is a Nobel Prize winner in economics and very highly educated. That said, even the most educated of people will make grammar errors in the context of speaking in order to conform to social norms. Stiglitz just doesn't do so.

Stiglitz has replaced neoclassical economics with his own mathematics. He's launched fundamental attacks on equilibrium wherein even people at the Cato institute were predicting he would win the Nobel Prize. He's probably the most brilliant economist alive today. But he thinks socialism has been "discredited."

[RGacky3]

The point I liked was the part where he said "if the rich can buy their own parks, they don't need pubic parks, if they can get their own healthcare, they don't need public health care" and so on, which is kind of an argument for the inefficiency of markets.

[Bud Struggle]

I met him when him when he was a Prof at Columbia before he won the Nobel. A hoot at parties.

[ComradeMan]

The trouble is that most economics is bullshit from start to finish.

[Skooma Addict]

He makes some good points. Extreme inequality can negatively effect the legal system as well as cause social unrest. Although I think the main problem is the way people are able to use the government to preserve their wealth as opposed to doing so by means of being economically efficient (operating in the marketplace).

He smiles way too much though.

[Bud Struggle]

The trouble is that most economics is bullshit from start to finish.

As I said--It's cool to be an Economics Prof at parties. :)

[Skooma Addict]

Pays well too.

[RGacky3]

The trouble is that most economics is bullshit from start to finish.

well its the best thing we have to understand economics, and if you want to understand how society works you have to understand economics.


He makes some good points. Extreme inequality can negatively effect the legal system as well as cause social unrest. Although I think the main problem is the way people are able to use the government to preserve their wealth as opposed to doing so by means of being economically efficient (operating in the marketplace).


What difference does it make? And since when are markets inherenty efficient?