01 July 2009

A Short History of 20th C Econ

I had no idea that Vanity Fair cared much about politics let alone economics.  The article featured in the newest issue written by Joseph Stiglitz gives a short summary of American economics since the mid-20th century.  His argument essentially conveys that the actions by the US government since last fall have been hypocritical.  When Japan was faced with a similar crisis in the 90’s, we advocated letting the bad banks fall and allow for interest rates to shoot upwards.  I will not steal the fire from Mr. Stiglitz, he knows a bit more than me and has a Nobel prize to prove it.  Read his article here.

Again, with thanks to Bill Easterly.