Joseph Stiglitz - An Agenda for Reforming Economic Theory
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Uploaded by INETeconomics on Apr 23, 2010
The Inaugural Conference @ King's, Institute for New Economic Thinking, Session 3.
Joseph Stiglitz, Professor of Economics at Columbia University and winner of Nobel Prize in Economics in 2001, gives a compelling presentation at the Inaugural Conference of the Institute for New Economic Thinking.
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Minsky predicted a periodic crisis scaling up over decades. Among Stiglitz's ideas:
1) wages. Supply and demand meet, and increasing labor supply via lower wages lowers demand. 2) equilibrium. History disproves it. Used because it makes calculus tractable. 3) stochasticity "Great economists" apply it, not rocket science. Driven by finance, wants faster economic activity. 4) micro as macro basis. Economics is a social science, needs to pay attention to social sciences for its theory.
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Just because he and his economist friends didnt see the crisis, doesnt mean noone did. the austrians where screaming from the rooftops many years before it happened. perhaps instead of changing economics, you could listen to some real economists?
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this is terriffic ty for posting.
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Necessary for a good model: - Pecuniary externalities matter - Preventative medicine is good for economies - Price interventions aren't the best form of intervention - Agency problems are important when informations imperfect - Who makes decisions matters Modelling Challenges - Bankruptcy and Default need to be included in models - Heterogeneous agents are important because redistribution matters - Interlinkages are important to model in the boom and the bust - Control needs to be modelled
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George W. should have listened to Stiggy Stiglitz!
Tippersnore 1 year ago 8
wonderful Pr Joseph Stiglitz. Your lecture is interesting for those who want to enhance their life long learning
brdmohamedali 4 months ago