Be the first to like this
Presentation that Joe Stiglitz gave in Melbourne, Australia on July 29, 2010.
Stiglitz argues that the Global Crisis was not just a matter of a depressed period in our business cycle.
It was also about measurement errors. GDP and other production-related variables were important guiding beacons for decision takers, when actually they should have understood that it is in the end not just about Wealth but also about Well-being.
In other words: bankers might be guilty of the Crisis, but so are (national) accountants since we are not properly accounting for all that matters to us when analyzing national performance.