Saturday, January 02, 2010

Joseph Stiglitz - the lessons we have learnt from the economic crisis ..

Lessons:

1. Markets are not self-regulating. Financial regulations are a must
2. Markets do not work the way they are meant to work - in the present instance they have helped to privatise profits and socialise losses
3. Properly designed and implemented stimulus programmes can help revive economies
4. Fighting inflation is not everything, you need to manage your assets too
5. Not all innovation, eg financial instruments, leads to a productive and efficient economy. It can on the other hand, lead to disasters.

Read this simple yet scholarly article from Joseph Stiglitz, Economics Prof at Columbia Uty and Nobel laurete.in Economics, 2001.


http://timesofindia.indiatimes.com/home/opinion/edit-page/Hard-Knocks-Hard-Battles/articleshow/5402863.cms

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