FSP 1.1: like an economist

June 20, 2002

like an economist

You hear about Academy Award winners who keep Oscars in their bathrooms. Where do you keep your Nobel medal?

The actual medal is gold -- I keep it in a safety deposit box. We have a replica. I don't know where it is right now, but I'll find it. -- Joseph E. Stiglitz

On Globalization:
The IMF has a fixation on financial markets. Historically, people with that kind of focus worry more about inflation than they do about unemployment [because inflation does more immediate damage to their investments]. They worry less about poverty than they do about what will happen to the capital markets. In my view, a lot of that has been shortsighted. It is a mistake to ignore the social and political consequences of policies. Even if you don't worry yourself about poverty, it is bad economics. When the IMF cut out the subsidies for the food and fuel to the poorest people in Indonesia, it led to riots. Those riots led capital to flee and that exacerbated the economic downturn, the depression, in the country. So ignoring the social consequences is bad economics.

...

I think that globalization -- which is nothing more than the closer integration of the countries of the world, as a result of lowering transportation costs, communication costs, the elimination of artificial barriers -- is something that's going to be with us. As this integration occurs, as we become more interdependent, we need to have rules and regulations. So if anything, today we need international institutions more than ever. The problem is that confidence in these institutions is lower than ever. Full interview [salon.com].

Posted by dc at June 20, 2002 10:01 PM

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