Joseph Stiglitz got a Nobel in economics. His award doesn’t make his ideas any less incorrect. He endorses Green Socialism via the Green New Deal. His stories and interpretations of economic and political reality are worthless junk, like this one on inequality. For one rebuttal of the latter article, see here. That author is Mark Hendrickson, whose background includes “economics under Hans F. Sennholz, who earned his doctorate under Ludwig von Mises.” He makes statements about that Stiglitz article like these:
“…as has happened before, Mr. Stiglitz provides a faulty explanation.”
“Joseph Stiglitz’s diagnosis is flat-out wrong when he argues that the middle class is declining because the rich are getting richer.”
“…for him to blame the rich instead of government for today’s problems reflects a partisan and ideological bias rather than objective economic analysis.”
“Because Stiglitz’s diagnosis is wrong, his prescription also is wrong.”
The same kinds of statements apply to Stiglitz’s latest foray into socialism via a prescription of massive government enlargement in all things energy, all things climate change, all things carbon, all things electric, in labor markets, in taxation, in home retrofitting, in the financial structure and in financial markets. This is the largest, grandest, boldest, over-the-toppest tilting at imaginary windmills, ranging from racism to inequality to temperature fluctuations, that the socialists have yet thought up.
Now Cory Booker and Al Gore, naturally, have joined the Green New Deal bandwagon. Booker is one of those in a broad field of Democratic candidates for the 2020 nomination, consisting of mostly nobodies you’ve never heard of who have nothing the least bit libertarian to say. The main thing to observe in all of this is the party swing to a slogan, like New Deal, Fair Deal, New Frontier, Great Society and Medicare for All, a slogan that means a quantum jump in good old-fashioned Socialism (or Progressivism). Mr. Stiglitz keeps company with the the left.
For a thorough dissection of Stiglitz’s grounding theory of government’s potential for good deeds, see here.2:25 pm on January 10, 2019 Email Michael S. Rozeff