Stiglitz: Financial System Not Fixed One Year After Lehman Collapse (video)
Economics Nobel laureate Joseph Stiglitz heaps criticism on regulators and the Fed in an interview with Bloomberg. Stiglitz argues that financial institutions remain too powerful, so much so that necessary regulations may not be politically feasible.
At the outset of the interview, Stiglitz comments briefly on the topic of using GPD growth as the key measure of societal and economic progress. This is an interesting topic that is not adequately covered in the interview but deserves consideration by all of us. Surely, we do not measure progress or happiness on an individual level solely by increases in wealth. Whether as a society we can agree on measures that will help us develop in ways that maximize quality of life rather than solely economic output remains to be seen.