Joseph E. Stiglitz: The Role of Government in the Modern Economy | Webinar

Join Nobel Laureate, former World Bank Chief Economist, and best-selling author Professor Joseph E. Stiglitz, in conversation with Australia Institute chief economist Dr Richard Denniss, about the need to expand the role of governments, unions, and civil society. Only on Australia Institute TV.
Professor Stiglitz is visiting Australia as a guest of the Australia Institute.
Professor Joseph E. Stiglitz
Joseph E. Stiglitz is an American economist and a professor and President of The Initiative for Policy Dialogue at Columbia. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. A recipient of the Nobel Memorial Prize in Economic Sciences (2001), the John Bates Clark Medal (1979), and the Sydney Peace Prize (2018), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president’s) Council of Economic Advisers.
Dr Richard Denniss
Chief economist and former Executive Director of the Australia Institute, Richard is a prominent economist, author and public policy commentator, and a former Assoc Professor in the Crawford School of Public Policy at ANU. He is the author of several books including: Econobabble, Curing Affluenza, Dead Right: How Neoliberalism Ate Itself and What Comes Next? and Big: The Role of the State in the Modern Economy
Hosted by Ebony Bennett, Deputy Director at the Australia Institute.
Originally recorded Monday, July 11, 2022.

[@Silvertestrun]

Thank you

[@chrisburnett4742]

The perspectives raised by Joseph and Richard just make so much sense. The big challenge seems to be: how can we undo decades of neoliberalism’s mythical narrative around “free” markets and small government in a timeframe for our planet to survive and our children to have a future with the opportunity for them to realise their potential.

[@waynemcmillan5970]

Professor Joe Stiglitz should be listened to by our Treasurer Jim Chalmers. In fact Professor Stiglitz has wise advice for not only Jim Chalmers but Phil Lowe, as well. If only they will both listen to the voice of experience and wisdom.

[@M.-.D]

The RBA is stacked with PhD holders who are entrenched in the dogma Pro Stiglitz dismissed. Jim Chalmers recently spilled the same fear mongering nonsense of a wage increase inflation spiral. Australia has no hope.

[@waynemcmillan5970]

@@M.-.D I agree.

[@M.-.D]

@@waynemcmillan5970 both top dogs at RBA have a PhD from MIT under the same faculty teams what chance do we havez

[@tomstruct]

Thanks for posting so quickly. I have awful choppy audio on the live streams for some reason. Blame the poor NBN I guess

[@Policies2040]

I respect you both,I am following sir joseph stigilitz from my childhood onwards. I noticed him when he awarded Nobel prize

[@aseprohmandar6812]

Economic Modern : Economic Justice For Alls !

[@andrewholliday251]

I wish all AI webinars had chapter details like this one.

[@thekaxmax]

I've read Friedmann's article on stockholder primacy, with a review by a philosopher and logician. It has circular reasoning and two different logical fallacies and at least one blatant logical error in it--/way/ crappier than you'd expect from someone with his reputaion. But rich people loved it, so it got used.

[@stevefitt9538]

Sir, you should not be comparing Aust. to Norway. Norway has a large trade surplus. AFAIK, Aust. is trade neutral, no surplus or deficit. Nations with a trade surplus will seem richer in terms of money. However, producing stuff to send out of the nation is a cost in terms or resources. Compare to Sweden.

[@happipat3374]

Oh boy, Lachlan McCall immediately jumps to the fore, once more flogging his beloved Job Guarantee ex MMT, which exhibits, at best, a tenuous grasp on economic and political reality. The way Stiglitz talks about it makes it sound more like forced labour (how I view the idea) before going on to say that in an economy roughly at potential, it's simply not needed. So true! So Stiglitz would just as easily be persuaded to advocate providing people with liveable benefits rather than setting up a huge works department on a presumably temporary basis. P.S. I think the question is clearly planted, but, hey, it's their show!

[@thekaxmax]

UBI FTW

[@Joe-pb3bm]

Any relation to Hugo Stiglitz?

[@agnieszkamajer1088]

How cute of Stiglitz to think that we could have missed the baby formula crisis in the US :D Mate, we've sent you 1.25 million cans of baby formula to help you out!

[@leemontoya1972]

Clear example of how selective use of data and stupidity serves to preempt intellect.

[@Kaizer177]

Definite need a wealth tax, double stamp duty tax for 2nd investment property and super tax

[@nickjohnparker1]

How can you talk about economics today for an hour without asking the most obvious and pertinent question , which is , The role of the Fed in creating this current inflation crises?

[@davidwilkie9551]

Facts accumulated and foolishly ingested until you get the equivalent of alcoholic poisoning, traditionally Australian learning experience.

[@thekaxmax]

three errors in one sentence, well done.

[@davidwilkie9551]

​@@thekaxmaxgood, you get the intended meaning then.

[@nimblep4531]

A big government, god help us that he's a Nobel Laureate, last thing tax payers need is more $16m grants to Grill'd University for certificates in burger flipping. Sure close loopholes but cmon the government proves time and time again it's useless at budgeting.

[@r4ybc]

Keep on reading. Reading encourages deeper linking and logical analysis than other media.

[@damienpalmer242]

Sveriges Riksbank, Sweden's central bank, established the Prize in Economic Sciences in 1968. It’s not a real Nobel.

[@thekaxmax]

@@damienpalmer242 and they did it on Friedmann's plan. It's administered by the ame group that does the Nobel prizes, so they can make the association

[@Gehan01]

Yes, thank god for the private sector giving us cheap reliable energy and next generation broadband infrastructure....wait...

[@nimblep4531]

@@Gehan01 yes exactly, you think I'm against your satirical argument, but absolutely for it, the private sector has to produce cheap reliable energy or it's gone. Bankrupt, gone. Whereas the public government can produce stupidly high prices, don't pay them, you're fucked, no power, jail time, there's no limits to government control. If anyone needs reliable power it's the private sector.

[@unitedstatesdale]

Flipping burgers was never meant to provide a living wage. It is a transition into the workforce where a young person learns the basics of production and communication.

[@thekaxmax]

no, that's not the historical evidence. Read the original description of the 'basic wage'. It was meant to allow a person with a family (the man, by default) to have a house, a car, and the other parent not to have to work and for them to afford some small luxuries. The different between that and what we have now, esp in the USA, is theft by corporations and the rich. It was /exactly/ and by design a living wage.