Monday, January 25, 2010

An excellent discussion of Predator economics

Joseph Stiglitz is hardly a Producer economist.  But he has written an excellent book on the failures of Predator "free-market" economics.  Here he discusses his ideas with Bill Black.
FDL Book Salon Welcomes Joseph Stiglitz, Freefall: America, Free Markets, and the Sinking of the World Economy 
By: William Black Sunday January 24, 2010 2:00 pm
Freefall:America, Free Markets, and the Sinking of the World Economy
By Joseph E. Stiglitz (Nobel Laureate, Economics 2001)
William K. Black, Associate Professor of Economics and Law, University of Missouri – Kansas City
This book is about a battle of ideas, about the ideas that led to the failed policies that precipitated the crisis and about the lessons we take away from it (p. xii).
Anyone seeking to explain this “battle of ideas” must address three questions:
  • What “ideas” are producing environments in so many nations that create the perverse incentives that have led to recurrent intensifying crises in many nations?
  • Why did these ideas become dominant in so many nations?
  • Why have these ideas become more dominant even as they have produced greater crises? more

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