Joseph Stiglitz: Innovation should focus on quality of life, not just productivity | Bangkok Post: business

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Stiglitz: Wrong innovations caused downturn

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Many of the innovations that led to productivity increases in manufacturing ended up playing a role in the economic downturn that began in 2008, says economist Jopseph Stiglitz. 

The result has been years of instability and inequality caused by a slowdown in global employment, the Nobel laureate said in an address at Dhurakij Pundit University in Bangkok on Saturday.

For a long time, he said, many countries have been focusing disproportionately on innovation in the wrong areas, such as saving labour.

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