Professor Joseph Stiglitz: Road to Ruin? Financial Instability and the Global Economy

ANU Crawford School of Economics and Government presents the inaugural Crawford School Oration by Professor Joseph Stiglitz. This video was recorded at The Australian National University on 3 August 2010.

Professor Joseph Stiglitz is the University Professor at Columbia University in New York and Chair of Columbia University's Committee on Global Thought. He is also the co-founder and Executive Director of the Initiative for Policy Dialogue at Columbia.

He was awarded the 2001 Nobel Prize in economics for his analyses of markets with asymmetric information and was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.

He has held many notable positions, including member and chairman of the Council of Economic Advisers during the Clinton administration and Chief Economist and Senior Vice-President of the World Bank. In 2008 he was asked by French President Nicolas Sarkozy to chair the Commission on the Measurement of Economic Performance and Social Progress and in 2009 was appointed by the President of the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System.

Professor Stiglitz is recognised around the world as a leading economic educator, and has made major contributions to many economic theories. He helped to create a new branch of economics, "The Economics of Information," exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools of theorists and policy analysts alike.

Category:

Education

Tags:

• economics
• GFC
• joseph stiglitz
• policy
• ANU
• The ANU
• canberra
• education
• nobel prize
• IPCC
• climate change
• world bank

[PrometheanRunGood]

Great as always Dr. Stiglitz

[nickmantas]

A long speech, but well worth listening

[sambking]

@davidmaren2000

Hear. Hear!

[davidmaren2000]

hhm nobel prize does it really mean really special or just a pawn of the global elite. the government and the fed caused the housing bubble. bernake has no clue and government intervention will just exacerbate the problems. socialism is an abject failure and always will be.

[bundawartini]

Your Video Is Very Useful Sharing

[KrugmanTheKing]

@Doooku

Not really. Nobody said we want collective farms. As experience showed, incentives matter and those that support performance in socialist (or rather so-called socialist) countries are pretty inefficient. However, there are things governments do well. Health insurance is one.

This isn't socialism, it's pragmatical capitalism. The question is what works in our situation and what can we do to make those issues lesser likely to happen. We already know more or less what to do here and now.

[hersheng18]

very well said, but can you please make other way to make it more interesting for the viewers?

[Doooku]

Road to Socialism...the fundamental solution

[derman077]

Maybe they should try to make this somewhat interesting. Then maybe people would listen and not fall asleep or go somewhere else.

[SuperSithan]

A good and deep analysis of the bottomless well in that Americans jumped and for which dragged almost everybody.

[delos9539]

The incentives of politicians is what things come down to. Yes banking regulation needs reform but there will undoubtedly be ways to get around it if the incentives of policy makers aren't changed.