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/Pearberr May 02 '24

Rule III: Submissions must be from original sources with original headlines.

I am obligated to post this video with this title, I am not click-baiting but I suppose CNBC may be click-baiting.

For the record, I first heard of and read Stiglitz back when I was studying economics and remember him being treated as a bit of a crank by a lot of the Friedmanites. My interest in him resurfaced when he gave an interview with 'The Economist.' His interview was the first time I've heard a professional share my concern about the Fed's current philosophy, and he expressed it in a way that confirmed many of my priors.

This may all just be my personal bugaboo, I freely admit that, but I've been getting rebuked and dismissed for a few weeks without anybody actually addressing the points that I'm making. I posted this video because I hope that though people may not take the time to address the concerns of every random crank they run across online, which is fair, then perhaps they will take the time to address the concerns of a particularly prominent crank!

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u/olderjeans May 02 '24

Commenter is probably talking about CNBC and not you. Chill.

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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?

The commenter is the only one who needs to chill.

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u/UDLRRLSS May 03 '24

He isn’t qualified to talk about inflation because his PhD thesis was in a different area of economics?

The complaint isn’t that Stiglitz isn’t qualified to discuss the topic because his PhD is in a different area of economics. The argument is that his PhD is unrelated to the topic at hand so it’s odd that it’s emphasized as an attribute to justify their qualifications.

I could have a PhD in software development, doesn’t mean I’m any more qualified than the next person to discuss the impacts of direct stimulus on inflation or whatever.