Joseph Stiglitz: Innovation should focus on quality of life, not just productivity

Stiglitz: Wrong innovations caused downturn

Published: 16 Mar 2013 at 14.59
Online news: News

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.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

Forum

Your comments

abbub
Post : 2,032
Send message

Discussion 4 : 16 Mar 2013 at 17.594
Post this to my Facebook
The super rich don't care, they can fly to islands and frolic in the sea.

One of the greatest sleights of hand ever pulled on the world is the US convincing it "free market economy" and "freedom" are one and the same.

In truth it cannot function together in the long run, as the most ruthless and cunning take all they can get and call it "individualism"; "genius"; "entrepreneurialism".

Basically it is greed without restraint.

The wealth of the 40 richest in the US equates to the wealth of the 120 million at the bottom.
Like dislike 25 people liked / 1 people disliked this comment
ACR
Post : 25
Send message

Discussion 3 : 16 Mar 2013 at 17.523
Post this to my Facebook
Another Academic with INCORRECT assumptions.

The credit cruch was cause by the persuit of PROFIT, without reguards to the environment, people or energy use. When energy prices spiked, people could not pay their bills/loans.

Mantaining low skill jobs to promote salve labor/pay is not the answer.

Innovation should DECREASE; labor expenses, material cost and energy use, while maintaining a safe environment. Unlike the persuit of many current 'Green Energy' projects.

The Companies profiting from INNOVATION - can then invest in training their work force to be MORE PRODUCTIVE, which will result in HIGHER: Profit, standard of living &
Like dislike 2 people liked / 14 people disliked this comment
dao
Post : 4,657
Send message

Discussion 2 : 16 Mar 2013 at 17.222
Post this to my Facebook
Smart guy .Could he talk to our government please .
Like dislike 12 people liked / 0 people disliked this comment
ronniec
Post : 127
Send message

Discussion 1 : 16 Mar 2013 at 16.441
Post this to my Facebook
Stiglitz: Wrong innovations caused downturn.

Actually, wrong focus, leading to unhelpful innovations caused downturn.
Until we get away from this ridiculous 'growth regardless of the consequences' mindset the total collapse of our current 'civilization' draws ever nearer.
Like dislike 27 people liked / 2 people disliked this comment

First Previous 1 2

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

Stiglitz: Wrong innovations caused downturn

Most Viewed

NESDB chief: Gold price drop temporary

Forum

Your comments

Sign in once and access every part of the website at your convenience!