Do you know about - Stiglitz - the failure of economics 1
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Stiglitz - the failure of economics 1 Tube. Duration : 14.45 Mins.We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Mortgage Interest Rates Today . 8 Feb 2010 LSE Economics as the dismal science -- The last few years have been a wonderful period for economists. Economics has been known as the dismal science. Economists have been having a field day because things have been very dismal and they will remain that way for some time. Economists like good doctors like a very sick patient. It gives us pathology into the way things should work. One of the important consequences of this crisis is to make us rethink our ideas about economics. In fact, the failure of the economics profession plays an important role in understanding the current crisis. America exported the crisis around the world, exported the toxic mortgages to Europe. We exported our deregulatory processes. Europe did the same. It is a global crisis. The Labour market -- Unemployment remains very high. Official statistics are just under 10 per cent. But a broader measure including discouraged workers, one in five Americans can't get a full time job. Even the official unemployment rate has gotten very high. The official rate is 20%. For Afro-Americans it is 1 out of 2. The labour market is in a disaster. We are having increasing numbers of long-term unemployed. You use up your savings and lose your job skills. More than 4 out of 10 Americans who have been unemployed have been unemployed for six months or more. The Housing market -- It is also in a disaster. It is where the problems began. The problems are getting worse not better. Three million Americans will ...
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