Capitalisn't Joseph Stiglitz's Vision of a New Progressive Capitalism
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Jun 20, 2024 
Former chief economist of the World Bank and Nobel Prize winner Joseph Stiglitz discusses his book attacking neoliberalism and advocating for progressive capitalism. Topics include market inefficiencies from misinformation, regulatory importance, neoliberalism's impact on populism, and the link between economic and political freedom.
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Market Efficiency and Information Asymmetry
- Free markets, absent government intervention, deliver efficient outcomes (Pareto optimum).
- Information asymmetry disrupts market efficiency, as shown by Stiglitz, Spence, and Akerlof.
Health Insurance and Adverse Selection
- The health insurance market exemplifies adverse selection where insurers fear attracting unhealthy individuals.
- Government intervention, like mandating insurance, can correct this market failure.
Balancing Individual Freedoms and Collective Well-being
- Individual freedoms can negatively impact others, like refusing masks during a pandemic.
- Restrictions on freedoms, like pollution regulations, protect collective well-being.