Progressive capitalism? Is that even possible!?
29 Apr, 2019 at 09:16 | Posted in Economics | 5 Comments
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The interviewers see that society should be embedded in the economy. Stiglitz seems to be saying that the economy should serve the people and public interest. He was right on talking about values being more important than details.
Comment by antireifier— 29 Apr, 2019 #
Talking in vague rhetorical generalities — values instead of details — enables Stiglitz to play a blocking role with regard to progressive politics. In this interview, with regard to health care reform in the U.S., he does not do his moral duty as a professional economist and suggest that for-profit health insurance is an unworkable mechanism design. For-profit health insurance is never going to work properly; the incentives for the insurer to deny care are too strong. The economics of this are crystal clear. But, he conspicuously does not say as much when he has the chance. Instead, he talks up “the public option”, a vaporous political gambit that has been used repeatedly to frustrate genuine reform efforts.
Comment by Bruce Wilder— 29 Apr, 2019 #
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The question in the title of this post, in my view, doesn’t go deep enough. I don’t believe the GFC that has set the field of economics on its head is merely a crisis of capitalism; rather, it is deeper, it is ultimately a crisis of civilization. And as long as intellectuals limit the discussion to economics alone without including a deeper analysis that includes philosophy and religion, I doubt the root causes and real solutions will ever be forthcoming.
Comment by Rob— 2 May, 2019 #
What is needed is a more integrated and holistic approach to all our problems, keeping in view the moral, social, cultural, spiritual, political, economic and cultural needs and aspirations of mankind. The shift of emphasis from machine to mind, from money to man, from means to ends, represents a qualitative shift in the global human situation.
Mawdudi, Sayyid Abul A’la. First Principles of Islamic Economics (Kindle Locations 377-379). Kube Publishing Ltd. Kindle Edition.
Comment by Rob— 2 May, 2019 #
The current financial and economic crisis has opened up new vistas for human reflection, dialogue and discourse, research and experimentation, and transformation and reconstruction of a better world. We have wasted too much breath on ‘clash of civilizations’. It is time, instead, to give some serious thought to the crisis of civilization that has become the predicament of man in the contemporary world. It is a challenge that humans face in all parts of the world. It is time to look into all the resources that are available to mankind in its search for a brighter future. (Mawdudi, Sayyid Abul A’la. First Principles of Islamic Economics (Kindle Locations 392-396). Kube Publishing Ltd. Kindle Edition.)
Comment by Rob— 2 May, 2019 #