Nobel Prize-winning economists criticise Conservative economic policies

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Report Thread starter 6 years ago
Joseph Stiglitz, the Nobel Prize-winning economist and former head of the World Bank, today stated that the UK has not undergone a brilliant economic recovery.

As Stiglitz points out, GDP per capita in the United Kingdom is below what it was before the global financial crisis, whilst inequality is increasing and productivity it at its worst level since the Second World War.

And, as fellow Nobel Prize-winning economist Paul Krugman has also pointed out in 'The Austerity Delusion', Stiglitz states that the only reason the economy started to grow after stagnating for three years was that Osborne and the Conservatives essentially put austerity on hold.

This comes after a survey of economists found that the majority believed that the Conservatives' austerity policies had harmed the economy.

Stiglitz himself states that the former Labour leader Ed Miliband had some good ideas, but did not go far enough.

“I think the Greens are right,” he says. “We have to make sure that the benefits of growth are shared more equally. Anybody who is concerned about our environment has to be committed to a more egalitarian policy, because we can’t let those at the bottom have inadequate means.”

His statements come as a number of economists, including those at the IMF and the OECD, are recognising that inequality, championed by the free-market right as "natural" and "necessary", is bad for the economy, never mind the moral objections to it.

It goes to show how different the views of the mainstream media in this country are compared to those of leading economists.
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Report 6 years ago
Stieglitz has come out with some bat **** crazy ideas recently. He was on the pay roll of the SNP for the referendum and put bluntly, had we voted yes and embraced his economic policies most scots would be living in a cardboard box.

Whatever he says, the simple fact is that we have the fastest growing economies in the developed world, low inflation, low unemployement.

Stigliyz is a theoretical economist. The real world isn't behaving like his theories, but he'll still push them.

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