Cropped picture of Joseph Stiglitz, U.S. economist. (Photo credit: Wikipedia)
Nobel Prize winning, economist, Joe Stiglitz, calls for a new economic paradigm, in an INET article. It’s an INTERESTING READ. Check it out!
Needed: A New Economic Paradigm | The Institute for New Economic Thinking.
Personally, for me, the collapse of 2008 was not so much about blind use of econometric models, it was more about greed and deregulation. Last week, we saw headlines that US banks once again dominate the valuation of the New York stock market; US banks have eclipsed the energy and commodity sectors in the BRICS countries.
Surely, the real challenge is to cut the financial services sector down to size and refocus economic expansion on other sectors, especially those that offer jobs growth as well?