Rewrite the rules to benefit everyone, not just the wealthy - "If there's one thing Joseph Stiglitz wants to say about inequality, it's that it has been a choice, not an unexpected, unfortunate economic outcome. That's unnerving, but it also means that citizens and politicians have the opportunity to fix the problem before it gets worse." (via) [more inside]
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]
The Invisible Hand is Invisible Because It Isn't There. Nobel laureate Joseph Stiglitz gives the keynote address at the launch of The Roosevelt Institute's new initiative: Rediscovering Government. Via the Next New Deal.
Joseph E. Stiglitz "argues that the U.S. is now facing and must manage a similar shift in the 'real' economy, from industry to service, or risk a tragic replay of 80 years ago."
The Economic Consequences of Mr. Bush. "The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup." [Via Firedoglake.]
Scrooge and Intellectual Property Rights. A suggestion by Nobel Laureate Joseph Stiglitz on methods to reduce IP rights market distortions in the field of medical and drugs research.
What is the cost of the war on Iraq? [more inside]