Joseph Stiglitz: The Warren Buffett of Economics

This guy is my Superhero of economists. A Nobel Prize winner. professor and chairman of more thinktanks than I can name. And he doesnt comment publicly unless some serious 💩 is going down. I recommend people watch and listen. Its fairly basic stuff..😷
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BiasForAction · M

I wouldn’t say stiglitz is my superhero among economists but he is way up there. I’ve had the opportunity to speak to him and get his take on China and it’s industrial policies and how the USA should respond. His insight was very helpful to me.

Thinkerbell · 41-45, F

At 2:50, Stiglitz says the chain-weighted index would indicate higher inflation than the (old standard) Laspeyres index. In fact, just the opposite seems to be true, according to sources I looked up. What is the truth of the matter?

https://www.brookings.edu/articles/how-does-the-government-measure-inflation/

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whowasthatmaskedman · 70-79, M

@Thinkerbell Again, I repeat, his point was the fact that Clinton accepted the change in reporting as unalterable, even though it was politically bad for him. And those are facts. We can argue the correctness of the process. But Clinton didnt, even though the shift was not to his advantage..😷

Thinkerbell · 41-45, F

@whowasthatmaskedman

Again, I am not convinced that the chained CPI was indeed bad for Clinton, or if Stiglitz is misremembering, and is referring to something else that may actually have been bad for Clinton.

Furthermore, couldn't Stiglitz have found a better paragon of virtue than Clinton with which to embellish his story (yarn?). 🤭

whowasthatmaskedman · 70-79, M

@Thinkerbell I am not going to second guess Stiglitz here. I assume the actual numbers could be looked up easily enough if you care to. And the change in reporting method would have be noterized somewhere..😷

newjaninev2 · 56-60, F

He says that confidence in the US economy will erode - that has already happened.

It’s already as if some parents were allowing their very young children to run the household finances, and now they’ll need to simply accept whatever their children tell them is happening… right until the bank takes the house.

PicturesOfABetterTomorrow · 41-45, M

Richard Wolff is more my speed.

Roundandroundwego · 61-69

Reliable statistics are part of a picture we call reality. No way Americans do reality. That's fine for socislists.

Bumbles · 51-55, M

Some Soviet style shiite going on.

whowasthatmaskedman · 70-79, M

@Bumbles Or 1984...😷

Bumbles · 51-55, M

@whowasthatmaskedman Indeed.

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