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Why the market fails in a crisis (with Joseph Stiglitz)

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Manage episode 262322335 series 2468847
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One of the central theories of classical economics is that markets respond quickly and efficiently to changes in demand. But the pandemic clearly demonstrates that the markets aren’t the efficient adapters that classic economists believe them to be. Nobel laureate economist Joseph Stiglitz explains why the tendency to believe in the market is one of the most deeply rooted trickle-down myths, and why government intervention is the best way forward through this economic downturn.

Joseph Stiglitz is a Nobel laureate economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. In 2011, Stiglitz was named by Time magazine as one of the 100 most influential people in the world. Known for his pioneering work on asymmetric information, Stiglitz focuses on income distribution, risk, corporate governance, public policy, macroeconomics, and globalization. His most recent book, People, Power, and Profits, was just released in paperback.

Twitter: @JosephEStiglitz

Further reading:

People, Power, and Profits: Progressive Capitalism for an Age of Discontent: https://www.indiebound.org/book/9781324004219

Four Priorities for Pandemic Relief Efforts: https://rooseveltinstitute.org/four-priorities-for-covid19-pandemic-relief-efforts/

Why Our Affluent Society Is Facing Shortages in the Face of the Coronavirus Pandemic: https://time.com/5811505/affluent-society-shortages-coronavirus-pandemic/

Deficit Lessons for the Pandemic From the 2008 Crisis: https://prospect.org/economy/deficit-lessons-pandemic-2008-crisis/

How the Economy Will Look After the Coronavirus Pandemic: https://foreignpolicy.com/2020/04/15/how-the-economy-will-look-after-the-coronavirus-pandemic/

Top economist: US coronavirus response is like ‘third world’ country: https://www.theguardian.com/business/2020/apr/22/top-economist-us-coronavirus-response-like-third-world-country-joseph-stiglitz-donald-trump

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

  continue reading

360 episodes

Artwork
iconShare
 
Manage episode 262322335 series 2468847
Content provided by Civic Ventures. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Civic Ventures or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

One of the central theories of classical economics is that markets respond quickly and efficiently to changes in demand. But the pandemic clearly demonstrates that the markets aren’t the efficient adapters that classic economists believe them to be. Nobel laureate economist Joseph Stiglitz explains why the tendency to believe in the market is one of the most deeply rooted trickle-down myths, and why government intervention is the best way forward through this economic downturn.

Joseph Stiglitz is a Nobel laureate economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. In 2011, Stiglitz was named by Time magazine as one of the 100 most influential people in the world. Known for his pioneering work on asymmetric information, Stiglitz focuses on income distribution, risk, corporate governance, public policy, macroeconomics, and globalization. His most recent book, People, Power, and Profits, was just released in paperback.

Twitter: @JosephEStiglitz

Further reading:

People, Power, and Profits: Progressive Capitalism for an Age of Discontent: https://www.indiebound.org/book/9781324004219

Four Priorities for Pandemic Relief Efforts: https://rooseveltinstitute.org/four-priorities-for-covid19-pandemic-relief-efforts/

Why Our Affluent Society Is Facing Shortages in the Face of the Coronavirus Pandemic: https://time.com/5811505/affluent-society-shortages-coronavirus-pandemic/

Deficit Lessons for the Pandemic From the 2008 Crisis: https://prospect.org/economy/deficit-lessons-pandemic-2008-crisis/

How the Economy Will Look After the Coronavirus Pandemic: https://foreignpolicy.com/2020/04/15/how-the-economy-will-look-after-the-coronavirus-pandemic/

Top economist: US coronavirus response is like ‘third world’ country: https://www.theguardian.com/business/2020/apr/22/top-economist-us-coronavirus-response-like-third-world-country-joseph-stiglitz-donald-trump

Website: http://pitchforkeconomics.com/

Twitter: @PitchforkEcon

Instagram: @pitchforkeconomics

Nick’s twitter: @NickHanauer

  continue reading

360 episodes

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