Monday, October 6, 2008

“F” grade for Economics Nobel laureate

Usually F means fail but it can also used fallacy when the particular notion has been misguided like one by Mr Joseph Stiglitz a Columbia University professor, who himself won the 2001 Nobel Economics Prize.

GMU economist writes in Cafehayek “I'd give an "F" to any of my undergraduate students who would make such a fundamental mistake as the one made here by Stiglitz”.

It is absurd to believe what Stiglitz says “I think, the crisis is leading to a fundamental change in the philosophy. We’ve seen that unfettered markets can be a disaster”.

Does he think that the government is the soul solution to problem like financial crisis, when it created this sort of disaster?

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