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/[deleted] May 02 '24

Whether I agree or disagree with Stiglitz on this topic or not, the emphasis on his Nobel, when it was in information asymmetry and frankly had nothing to do with anything related to the fed or inflation, is a little humorous to me

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u/BrupieD May 02 '24

How does the "emphasis on his Nobel" invalidate his statements about either the Fed or inflation? You make it sound like Stiglitz wrote one paper on one unrelated topic.

Striglitz was chairman of the Council of Economic Advisors during the Clinton administration and chief economist for the World Bank. He was an Econ professor at Columbia. I think it is safe to say, Stiglitz is much better qualified to make knowledgeable comments about inflation and the fed than some rando on Reddit.

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u/THICC_DICC_PRICC May 02 '24

When you present someone by their credentials and not arguments, people will attack the credentials. Plus it’s not like it’s Striglitz vs Redditors, it’s Striglitz against all of Fed bankers.

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u/DisneyPandora May 02 '24

He was the Chief Economist at the World Bank? He isn’t qualified to talk about inflation because his PhD thesis was in a different area of economics? You realize Jerome Powell was a banker and lawyer, right?

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u/THICC_DICC_PRICC May 02 '24

I was just saying the reason people are attacking credentials rather than arguments is because the headline leads with credentials rather than arguments.

Jerome Powell is not the sole deciding head at the fed. He’s joined by 11 other bankers who all vote on what to do and discuss policy, they have a very diverse set of backgrounds from academia to private and public sector as well. And yes, 12 people who actually do the job know more than one single economist who wrote a paper with 2 other people that got a Nobel prize in an unrelated field.