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Posts Tagged ‘Stiglitz’

Post-Davos Depression

Posted by hkarner - 2. Februar 2018

Chapeau, Prof. Stiglitz: That he dares to be so outspoken about morally corrupt CEOs, who hide behind the „values“ they are talking of!!! (hfk)

 

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump.

The CEOs of Davos were euphoric this year about the return to growth, strong profits, and soaring executive compensation. Economists reminded them that this growth is not sustainable, and has never been inclusive; but in a world where greed is always good, such arguments have little impact.

DAVOS – I’ve been attending the World Economic Forum’s annual conference in Davos, Switzerland – where the so-called global elite convenes to discuss the world’s problems – since 1995. Never have I come away more dispirited than I have this year.

The world is plagued by almost intractable problems. Inequality is surging, especially in the advanced economies. The digital revolution, despite its potential, also carries serious risks for privacy, security, jobs, and democracy – challenges that are compounded by the rising monopoly power of a few American and Chinese data giants, including Facebook and Google. Climate change amounts to an existential threat to the entire global economy as we know it.

Perhaps more disheartening than such problems, however, are the responses. To be sure, here at Davos, CEOs from around the world begin most of their speeches by affirming the importance of values. Their activities, they proclaim, are aimed not just at maximizing profits for shareholders, but also at creating a better future for their workers, the communities in which they work, and the world more generally. They may even pay lip service to the risks posed by climate change and inequality. Den Rest des Beitrags lesen »

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Joseph Stiglitz warnt Schweiz vor Reputationsrisiko durch Bitcoin

Posted by hkarner - 22. Januar 2018

Der US-Ökonom Joseph Stiglitz warnt die Schweiz vor einem möglichen Reputationsrisiko durch die Kryptowährung Bitcoin. Es gebe nur eine Motivation für Kryptowährungen, nämlich die Geheimhaltung.

Der Dollar und der Franken seien gute Währungen. Sie erfüllten ihre Funktionen als Tauschmedium und als Wertanlage. Kryptowährungen seien jedoch kein nachhaltiges Geschäftsmodell. „Sobald Kryptowährungen gewichtig genug sind, machen die großen Länder den Laden dicht“, sagt der US-Ökonom und  Wirtschaftsnobelpreisträger Joseph Stiglitz im Gespräch mit der Schweizer Tageszeitung „Blick“ vom Montag: „Viele Länder wollen Bitcoin verbieten, nur die Schweiz macht das Gegenteil. Wir reden hier über Steuerhinterziehung, Terrorismus, Geldwäscherei: Dinge, mit denen man nicht in Verbindung stehen will.“ Die Welt versuche seit Jahrzehnten, Bankgeschäfte transparenter zu machen. Die Schweiz sei dabei oft in der Kritik gestanden, erinnerte Stiglitz.

Blockchain sei allerdings nicht das Gleiche wie Bitcoin. Bei Blockchain gehe es um Sicherheit. „Es ist gut, ein Technologiezentrum zu sein. Ein Geheimhaltungszentrum zu sein, ist dagegen nicht gut“, sagte der US-Ökonom. Den Rest des Beitrags lesen »

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The US Donor Relief Act of 2017

Posted by hkarner - 3. Januar 2018

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump.

There is nothing about the GOP’s recently-passed tax package that lives up to its proponents’ promises; it is neither a reform effort nor an equitable tax cut. Rather, the bill embodies all that is wrong with the Republican Party, and to some extent, the debased state of American democracy.

NEW YORK – Never has a piece of legislation labeled as both a tax cut and a reform been received with as much disapproval and derision as the bill passed by the US Congress and signed into law by President Donald Trump just before Christmas. The Republicans who voted for the bill (no Democrats did) claim that their gift will come to be appreciated later, as Americans see their take-home pay go up. They are almost certainly wrong. Rather, the bill wraps into one package all that is wrong with the Republican Party, and to some extent, the debased state of American democracy.

The legislation is not “tax reform” by even the most elastic reading. Reform entails closing distortionary loopholes and increasing the fairness of the tax code. Central to fairness is the ability to pay. But this tax legislation reduces taxes by tens of thousands of dollars, on average, for those most able to pay (the top quintile). And, when fully implemented (in 2027), it will increase taxes on a majority of Americans in the middle (the second, third, and fourth quintiles). Den Rest des Beitrags lesen »

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Inequality in the Twenty-First Century

Posted by hkarner - 17. Dezember 2017

Dec 15, 2017 Kaushik Basu, Project Syndicate

Kaushik Basu, former Chief Economist of the World Bank, is Professor of Economics at Cornell University and Nonresident Senior Fellow at the Brookings Institution.

As inequality continues to deepen worldwide, we do not have the luxury of sticking to the status quo. Unless we confront the inequality challenge head on – as we have just begun to do with another existential threat, climate change – social cohesion, and especially democracy, will come under growing threat.

MUMBAI – At the end of a low and dishonest year, reminiscent of the “low, dishonest decade” about which W.H. Auden wrote in his poem “September 1, 1939,” the world’s “clever hopes” are giving way to recognition that many severe problems must be tackled. And, among the severest, with the gravest long-term and even existential implications, is economic inequality.

The alarming level of economic inequality globally has been well documented by prominent economists, including Thomas Piketty, François Bourguignon, Branko Milanović, and Joseph E. Stiglitz, and well-known institutions, including OXFAM and the World Bank. And it is obvious even from a casual stroll through the streets of New York, New Delhi, Beijing, or Berlin. Den Rest des Beitrags lesen »

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The Globalization of Our Discontent

Posted by hkarner - 6. Dezember 2017

Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump

Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US in recent years has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

NEW YORK – Fifteen years ago, I published Globalization and Its Discontents, a book that sought to explain why there was so much dissatisfaction with globalization within the developing countries. Quite simply, many believed that the system was “rigged” against them, and global trade agreements were singled out for being particularly unfair.

Now discontent with globalization has fueled a wave of populism in the United States and other advanced economies, led by politicians who claim that the system is unfair to their countries. In the US, President Donald Trump insists that America’s trade negotiators were snookered by those from Mexico and China. Den Rest des Beitrags lesen »

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Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stiglitz Says

Posted by hkarner - 1. Dezember 2017

https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd

Nobel Prize-winning economist Joseph Stiglitz said “bitcoin is successful only because of its potential for circumvention, lack of oversight.”

“So it seems to me it ought to be outlawed,” Stiglitz said Wednesday in a Bloomberg Television interview with Francine Lacqua and Tom Keene. “It doesn’t serve any socially useful function.”

Bitcoin surpassed $11,000 in a matter of hours after hitting the $10,000 milestone, taking this year’s price surge to almost 12-fold as buyers shrugged off increased warnings that the largest digital currency is an asset bubble.

“It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down,” Stiglitz added.

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Has Trump Captured the Fed?

Posted by hkarner - 5. November 2017

Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is The Euro: How a Common Currency Threatens the Future of Europe.

US President Donald Trump has an uncanny ability to embrace economic policies, such as the Republicans‘ proposed tax cuts, that benefit him personally. In choosing the relatively moderate Jerome Powell to chair the Federal Reserve, he realized that an extremist would raise interest rates – any real-estate developer’s worst nightmare.

NEW YORK – One of the important powers of any US president is to appoint members and heads of the many agencies that are responsible for implementing the country’s laws and regulations and, in many cases, governing the economy. Perhaps no institution is more important in that regard than the Federal Reserve.

In exercising that power, Donald Trump has broken a long-standing pattern, going back almost a half-century, whereby the president reappoints (on a non-partisan basis) the incumbent Fed chair, if he or she has been seen to be doing a good job. Probably no chair has done a better job, in a particularly difficult moment, than Janet Yellen. Den Rest des Beitrags lesen »

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Intellectual Property for the Twenty-First-Century Economy

Posted by hkarner - 18. Oktober 2017

Joseph E. Stiglitz

Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is The Euro: How a Common Currency Threatens the Future of Europe.

Dean Baker is Co-Director of the Center for Economic and Policy Research in Washington, DC.

Arjun Jayadev

Arjun Jayadev, Director of the Research Centre at Azim Premji University, is a professor of economics at Azim Premji University and the University of Massachusetts.

Developing countries are increasingly pushing back against the intellectual property regime foisted on them by the advanced economies over the last 30 years. They are right to do so, because what matters is not only the production of knowledge, but also that it is used in ways that put the health and wellbeing of people ahead of corporate profits. Den Rest des Beitrags lesen »

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Déjà Voodoo

Posted by hkarner - 5. Oktober 2017

Joseph E. StiglitzJoseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is The Euro: How a Common Currency Threatens the Future of Europe.

A Trump administration staffed by plutocrats – most of whom gained their wealth from rent-seeking activities, rather than from productive entrepreneurship – could be expected to reward themselves. But the Republicans’ proposed tax reform is a bigger gift to corporations and the ultra-rich than most had anticipated.

NEW YORK – Having failed to “repeal and replace” the 2010 Affordable Care Act (“Obamacare”), US President Donald Trump’s administration and the Republican congressional majority have now moved on to tax reform. Eight months after assuming office, the administration has been able to offer only an outline of what it has in mind. But what we know is enough to feel a deep sense of alarm. 

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Learning from Harvey

Posted by hkarner - 10. September 2017

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