In this post I link to an outstanding YouTube video in which three giants of economics, Thomas Picketty, Paul Krugman, and Joseph Stiglitz discuss the current economic problems and how we might address those problems: Thomas Piketty, Paul Krugman and Joseph Stiglitz: The Genius of Economics, 1:15:38, March 6, 2015 from 92Y Plus:
Piketty, arguably the world’s leading expert on income and wealth inequality, does more than document the growing concentration of income in the hands of a small economic elite. He also makes a powerful case that we’re on the way back to ‘patrimonial capitalism,’ in which the commanding heights of the economy are dominated not just by wealth, but also by inherited wealth, in which birth matters more than effort and talent,” wrote Paul Krugman in The New York Times. Krugman and his fellow Nobel laureate Joseph Stiglitz (author of The Great Divide) join Piketty to discuss the genius of economics.
The observations of five years ago are completely relevant to today.
For persons who would like to learn more about the economic questions discussed in this YouTube seminar, see Dr. Paul Krugman’s book Arguing With Zombies: Economics, Politics, And The Fight For A Better Future. The book covers the political and economic controversies of the last ten years. The book is an awesome companion to the above YouTube video.