Cropped picture of Joseph Stiglitz, U.S. economist. (Photo credit: Wikipedia)
Français : Logo de la station de radio britannique BBC World Service. Source: http://www.bbc.co.uk/radio/ . (Photo credit: Wikipedia)
Listen to Nobel Prize winning economist Joe Stiglitz on global inequality. It’s RECOMMENDED LISTENING, in my view (53 mins).
via BBC World Service – Exchanges: The Global Economy, Exchanges: The Global Economy, Joseph Stiglitz.
Here is the BBC’s introduction to the interview:
Professor Joseph Stiglitz joins the BBC’s Justin Rowlatt, a phalanx of French economists and the Parisian public, as they debate the cost of inequality, at Paris Dauphine University.
Professor Stiglitz is a Nobel Prize winning economist, a former advisor of Bill Clinton and former chief economist of the World Bank. His counsel is sought by much of the developing world’s leadership and by progressives across the globe. He has a stark warning to make: inequality is so rampant that all over the world it is depressing economies and dividing societies. Even when they conspicuously live the high life, the rich are incapable of consuming all they earn – the money is piling up and it is a drag on growth. The rest of us – with declining wages and less influence on politicians – are borrowing more to keep living standards the same.
Stiglitz wants to curb financial sectors, restore full employment, get governments to drive growth and raise taxes. Is he right? Can a ‘state-led’ capitalism lead to high growth and stable economies? Is equality really the way to restore health to advanced economies around the world?
This is a brilliant debate in my view and is an excellent example of the best of the BBC World Service.
Any thoughts on increasing inequality?
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Dr Alf's Blog 
We cannot “restore full employment” as Joe Stiglitz suggests because with nanotechnology, 3D printing, cybernetics, AI and robotics, many of the jobs that blue collar workers used to do will be eliminated.
Eric Schmidt of Google in remarks made in secret at the 2013 Bilderberg meeting in England predicted the elimination of 50% of American jobs by 2033 and then repeated the leaked remarks on You Tube this year.
Dr Alf will know that American worker productivity is amongst the best in the world, so the equivalent figure for somewhere like the UK, would be much higher.
What we can do is start to narrow the gap between those at the top and those at the bottom and encourage the less academically inclined to start their own businesses in business boot camps and intensive incubators.
Reblogged this on Dr Alf's Blog and commented:
This is worth a read. It’s one of my most popular blogs.
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