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Economist Joseph Stiglitz discusses limits of markets, debates with Nobel laureate Milton Friedman, why small governments don't lead to more freedom, and his advocacy for societal issues. The podcast challenges the concept of perfect knowledge in economic models, explores complexities of economic policy decisions, critiques neoliberalism's impact on growth, and advocates for progressive capitalism in addressing current issues.
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- Information imperfections significantly impact economic equilibrium.
- Imperfect information challenges insurers in assessing risks accurately.
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The Role of Information Economics
Joseph Stiglitz highlights the importance of information economics in shaping economic equilibrium. He emphasizes the significant impact of even minor information imperfections on economic outcomes, particularly in labor, product, and financial markets. Stiglitz's research challenges the traditional economic assumption of near-perfect information, illustrating how real-world imperfections fundamentally alter economic dynamics.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode