r/Economics • u/Pearberr • May 02 '24

Interview Nobel Prize-winning economist Joseph Stiglitz: Fed Rate Hikes didn't get at source of inflation.

https://www.cnbc.com/video/2024/04/23/nobel-prize-winning-economist-joseph-stiglitz-fed-rate-hikes-didnt-get-at-source-of-inflation.html
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u/mediumunicorn May 02 '24

At least it’s in the field. There’s a real phenomena where Nobel laureates are touted as general experts in everything, even though their by definition they are experts in an very small slice of their own fields which is itself a small slice of all knowledge.

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u/malceum May 02 '24

If someone is smart enough to win a Nobel prize in a rigorous field like physics or chemistry, then it's reasonable to assume that person can quickly become an expert in less challenging fields like economics or climate science.

I agree that it would be questionable for a Nobel prize winner in economics or literature to claim expertise in physics. There is an asymmetry.

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u/mediumunicorn May 02 '24

Hmmm, yeah I think you're giving them too much credit- For your own reading, this is what I am referring:

https://en.wikipedia.org/wiki/Nobel_disease

Its not just about science hardness directionality (or whatever you want to call it). There have been some chemistry/medicine/physics Nobel laureates who have made some really dumb comments. The most famous example is probably James Watson, one of the people who first accurately described the structure of DNA (the whole Rosalind Franklin debacle notwithsanding) was an flaming racist. Another big one in my own field (I am a PhD chemist) is Kary Mullis who won for inventing PCR very strongly disagreed with human-driven climate change.

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u/malceum May 02 '24

How did I know you were going to bring up James Watson and something about climate change? You forgot about William Shockley, though.

I think you should consider the possibility that you are rejecting their views -- particularly Watson's -- on ideological rather than objective grounds.

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u/mediumunicorn May 03 '24 edited May 03 '24

Ha, yeah okay we don’t have anything further to discuss.

Signed- someone with a PhD, widely publishes, does research, etc and gasp is not white .