Those who believed inflation would be transitory were proven right, and those who demanded the sacrifice of mass unemployment proven wrong.
Joseph E. Stiglitz
Joseph E. Stiglitz is University Professor at Columbia University, chief economist at the Roosevelt Institute, co-recipient of the 2001 Nobel Memorial Prize in economics, and former chairman of President Clinton’s Council of Economic Advisers.
Posted inEconomic Policy
How Models Get the Economy Wrong
Seemingly complex and sophisticated econometric modeling often fails to take into account common sense and observable reality.
Posted inEconomic Policy
Deficit Lessons for the Pandemic From the 2008 Crisis
This is part of our economists roundtable on the corona crisis. Economics is sometimes defined as the science of scarcity. If resources are scarce, it would seem, a country can’t print money, give it to someone, without consequences: There will be inflation, and those receiving the money will get resources at the expense of others. […]
Posted inFeatures
That Was Then
We live in an upside-down world where Republicans defend deficits and Democrats attack them. These are seemingly opposite views. But both have led, mistakenly, to cuts in social investment as well as to needlessly slow economic growth and high unemployment. For years Republicans tried to slay Keynesian economics, the idea that in an economic downturn, […]
Posted inFeatures
Globalism’s Discontents
Few subjects have polarized people throughout the world as much as globalization. Some see it as the way of the future, bringing unprecedented prosperity to everyone, everywhere. Others, symbolized by the Seattle protestors of December 1999, fault globalization as the source of untold problems, from the destruction of native cultures to increasing poverty and immiseration. […]