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Of course there are serious people that also disagree with it (I'm pretty onboard fwiw). "Industries that raised prices more didn't tend to also make high prof

Of course there are serious people that also disagree with it (I'm pretty onboard fwiw). "Industries that raised prices more didn't tend to also make high profits": https://twitter.com/Noahpinion/status/1663865153039790081 https://twitter.com/Noahpinion/status/1663865153039790081 I can't find the graph now, but I saw a good one showing that largely the profits aren't in the companies with workers demanding higher wages. So, like in all things economic, a Nobel Prize isn't going to bring consensus. (and you could easily find Nobel Prize winning economists on the other side of Stiglitz- probably most of them are in any given topic)

kranke155 3y ago
Sure I just think Stiglitz has been more right than wrong on virtually everything I’ve seen him talk about, which makes me have a high level of trust on his work. Here’s his talk on the subject: https://youtu.be/4BAsZIHp9HI https://youtu.be/4BAsZIHp9HI
- Quarrel 3y ago
  Yeah, it isn't that mainstream though. I like his take on this and largely agree with him.
  - kranke155 3y ago
    Is the mainstream consensus on important matters actually correct most of the time or all of the time? Or is it actually wrong, misleading and/or imprecise at least some of the time ?
    - Quarrel 3y ago
      Particularly on this issue, I think the mainstream consensus is what Central banks are doing in response to inflation. Are they wrong at least some of the time? Hell yeah.
      - kranke155 3y ago
        Stiglitz main points of his talk is he believes the central banks are mostly wrong. He says they will succeed in taming inflation only by slowing down the economy / destroying economic activity (one way of doing it?) he suggests that there are far better avenues of action to pursue but the consensus is so strong on “let’s do what worked before” (Volcker) that they are doing things that are sometimes even counter to their anti-inflation goals in some markets. I believe (from memory) he says particularly in housing he believes the current policy will lead nowhere since increased interest rates disincentivise construction.

kranke155 3y ago

Sure I just think Stiglitz has been more right than wrong on virtually everything I’ve seen him talk about, which makes me have a high level of trust on his work. Here’s his talk on the subject: https://youtu.be/4BAsZIHp9HI https://youtu.be/4BAsZIHp9HI

Quarrel 3y ago
Yeah, it isn't that mainstream though. I like his take on this and largely agree with him.
- kranke155 3y ago
  Is the mainstream consensus on important matters actually correct most of the time or all of the time? Or is it actually wrong, misleading and/or imprecise at least some of the time ?
  - Quarrel 3y ago
    Particularly on this issue, I think the mainstream consensus is what Central banks are doing in response to inflation. Are they wrong at least some of the time? Hell yeah.
    - kranke155 3y ago
      Stiglitz main points of his talk is he believes the central banks are mostly wrong. He says they will succeed in taming inflation only by slowing down the economy / destroying economic activity (one way of doing it?) he suggests that there are far better avenues of action to pursue but the consensus is so strong on “let’s do what worked before” (Volcker) that they are doing things that are sometimes even counter to their anti-inflation goals in some markets. I believe (from memory) he says particularly in housing he believes the current policy will lead nowhere since increased interest rates disincentivise construction.