Joseph Stiglitz - Problems with GDP as an Economic Barometer
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Complete video at: http://fora.tv/2008/02/05/Joseph_Stiglitz_Economics_of_Information Nobel Prize-winning economist Joseph Stiglitz proposes alternatives to Gross Domestic Product (GDP) as a measurement of national economic success. ----- Nobel Prize-winning economist Joseph Stiglitz ("Globalization and Its Discontents") talks about his new concept of economics, "The Economics of Information," and his latest book, "Making Globalization Work" - Asia Society Joseph Stiglitz was chief economist at the World Bank until January 2000. Before that he was the chairman of President Clinton's Council of Economic Advisers. He was awarded the Nobel Prize in economics in 2001. He is currently a finance and economics professor at Columbia University. He is the author of Globalization and Its Discontents and The Roaring Nineties.
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Problem with gdp is it takes government spending. Looj ar China for example, most of its GDP is made up.
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Who's here cuz of ECN211? XD
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will not gdp naturally evolve into green gdp on its own?
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I like his comment about "private interests" in relation to mines. It's true that when foreign investors risk their capital to mine resources, the locals see only a minuscule amount of the resultant revenue. Their trade-off is to receive infrastructure improvements and jobs in exchange for pollution and exploitation. This begs the question, "How much revenue would locals receive if foreign interests did not risk their capital to open a mine?"
I appreciate Mr. Stiglitz's efforts to rouse the rabble, but his discussion is pandering to a more "intellectual" crowd, whose aim is "control". That arrangement would be much less equitable for the poor than any they reach with foreign investors. -
THAT IS WHY THE GOVERNMENT IS KILLING OFF THE POPULATION. WE NEED TO FOCUS THIS MONEY ON HEALTH AND Scientific resarch to perseve NATURAL RESOURCES like water and how to "convert" ocean water into fresh water." Spread the wealth to underveloping countries and unite. That way it save the population lower developed countries while increasing GDP "international". Why do you think there are more jails, contanimated food, inflation but expensive health care? they know people cant afford it . Maybe U.S is blessed but we are the tyranny of the majority! we need to use this money towards our resources so we can enjoy the beauty of life....P.S legalize and tax mary jane and stop letting China make everything!! Globalization is good, but each country needs it "own" dominant production not an imbalance.
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The truth is that all over the world,even in so called socialist countries wealth is being concentrated in ever smaller groups of people,to the point where it gets ridiculous like in America where 450 wealthiest people have the same wealth as 150 000 000 bottom Americans,just think about that for a second each of these people have as much money as 350 000 people in the USA. Even that wouldn't be such a problem if they only spent that money,but most of them are just sitting on it.
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Yes, but I pronounce 'vagina' as 'pumm pumm' and the Washington Consensus mispronounced 'GDP' as 'paradigmatic success.'
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psa12....wrong. Simon Kuznetsk, the individual who created the formula in 1934 warned when presenting it to Congress, that “The welfare of a nation can scarcely be inferred from a measurement of national income.” He know that the government could use the formula to paint whatever picture they wanted based on spending. For example, the "New Deal" was championed as a miracle yet it was governmental spending that put it in a positive light not the true health/strength of the American economy.
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Thank you kindly. :D
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Hurricane Katrina was a boost to GDP. That is a perverse metric to measure progress or "Growth".
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i admire stiglitz, but i have a question: am i mistaken that he pronounces the word "state" as "steak"? english is not my first language, so i'm not shure. no offense, really!
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Brilliant
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We should change the system world wide.
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The reason is that China doesn't invest in the Nobel fund. For instance, Japan invests about 1.5 billion yen in the Nobel fund every year.
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you are not alone.. but he makes sense :P
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lovin it joe. keep the knowledge coming
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@VividlyContemporary How do you measure the effectiveness of one country's preventive medicine as opposed to an other's? Cultural habits are huge lurking variables that are almost entirely unavoidable in those types of studies. Preventive medicine is just not something that can be measured effectively in almost all cases. Is there a study that shows the United States has poor preventive medicine? I have never heard that.
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Chinese leaders don't care too much about GDP figures, which are simply dead digits on paper for the appetite of those living in the ivory tower of academic arena. Chinese leaders focus on letting all people feed well, all people owning at least one apartment of their own, and everyone having a job. These are much more practical and useful goals than pursuing the growth of GDP.
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Economists clearly don't know much about health care statistics... It's ironic because Stiglitz is talking about how GDP can be a poor statistic for measuring the growth of an economy however all of the GOOD statistics for showing the measure of a health care system blatantly place the U.S.A. as one of the best, if not the best. The only statistics that truly matter in that regard is the amount of time from diagnosis to cure and the percentage of cured illness.
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I am from Singapore, my leaders base everything on GDP. They ignore the poor.
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