Word: stiglitz
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...Zhou said, "suggests the costs of such a system to the world may have exceeded its benefits." Zhou recommended turning Special Drawing Rights (SDRs), the unit of account used by the International Monetary Fund (IMF), into the premier international currency. Then a U.N. panel of economists led by Joseph Stiglitz, the Nobel laureate, concluded that a reformed financial system with a new No. 1 international currency would help bring greater strength and equity to the global economy. Stiglitz told reporters there was a "growing consensus that there are problems with the dollar reserve system," which he described as "relatively volatile...
...have no doubt that Paul Krugman or Joseph Stiglitz will sober up my analysis of the summit in the next few days. But, for now, I’m chalking up this one as a small win and my “animal spirits,” to quote John Maynard Keynes, are high. A little more confidence in collaboration is a nice thing to have, and confidence, after all, is what recovery is made...
...Economist warns about "the perils of incrementalism." Nobel Prize--winning economist Joseph Stiglitz cautions that we must not let "latter-day Hooverites" stop us from thinking "big--very big." Stiglitz himself is thinking "at least $600 billion to $1 trillion," which is pretty big. Paul Krugman, another Nobel economist, says there is an "intense debate" over how big the stimulus should be. Krugman doesn't offer a number, but he makes it clear that he is not going to be outbid...
It’s a sign of the times that a panel on the financial crisis could draw 200 people to the Harvard Kennedy School in 25-degree weather. Nobel laureate Joseph Stiglitz headlined a panel of financial experts in the John F. Kennedy Jr. Forum yesterday. He said that last weekend’s G20 summit was a welcome sight for the beleaguered global economy, even if it has yet to produce noticeable results. “It is very important that there was a G20 meeting, not G7, because the G7 [countries] are all bankrupt...
Nobel laureate Stiglitz is University Professor at Columbia University. He was chief economist of the World Bank and chairman of President Clinton's Council of Economic Advisers