Finally A Blog

(Joesph Stiglitz is one of the best known names in Economics today. A Nobel Prize Laureate, he is a former Chief Economist of the World Bank and currently a professor at Columbia University) Recently I had a privileged opportunity to listen to Dr. Joseph Stiglitz in a closed door, invitation only lecture. He is amongst the select group of economists who focus on equality as a parameter to macroeconomics. I will try to summarize what Dr. Stiglitz had to say and put in some perspectives on India. For a longtime, economists believed that growth is inversely proportional to equality, meaning, higher the growth, lower the equality. As a result, the focus of economic policy in capitalist economies was never on equality as long as there is poverty avoidance. For US specifically, this worked in post World War II era when the economy grew pushing up the median income. However, looking at the data from past 2 decades, on realizes that the median income today in US are lower than what they w...