Here's Joseph Stiglitz below on what's wrong with economics. Fantastic stuff, from a fantastic new initiative.
Stephen Kinsella
Economist at the University of Limerick
List
Here's Joseph Stiglitz below on what's wrong with economics. Fantastic stuff, from a fantastic new initiative.
I watched this Stiglitz talk last Christmas, it was linked over at the IE.
"We have to begin rethinking the Institutions", United Nations Feb 2009.
http://www.youtube.com/watch?v=XJ5O2lwgPWI
Stiglitz talks about: Transferring money from you left pocket to your right pocket - only one participant in the market.
I was reading Peter Schiff's, Crash Proof 2.0 the other day, and he had a strange kind way to describe owning a house. Schiff made the point, that a house is a rental earning property, and essentially when you take a loan to buy a house, you become your own landlord. In that sense, the tenant and landlord tend to have a good working relationship, their both being the same individual.
What Schiff found criticism with, in his book, was the idea that someone during the housing boom, purposefully over-paid for a house, based on the assumption there would be an even bigger fool out there, willing to commit to buying it later on. How accurate a description of Ireland that indeed was.