Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
Sure, the follies of art-speak are easy to laugh at, but often criticism of it begins and ends with a dismissive chuckle – which ignores profounder problems. Why should academic terminology be the default vehicle for discussing art? Why is there such an emphasis on newness, schism and radicality? Even when the art itself may be enjoyably throwaway, language pins it to deathlessly auratic registers of exchange. This suggests a subliminal fear that, if the subject in question is not talked up as Big and Culturally Significant, then the point of fussing over it in the first place might be called into question, bringing the whole house of cards tumbling down - Dan Fox, the associate editor of frieze magazine, discusses the contemporary art scene in detail.
BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
Why are American voters reluctant to support free market policies when professional economists have achieved near-consensus? Bryan Caplan of the Cato Institute investigates. (pdf)