Joseph Stiglitz: 'Trickle Up Economics' to Blame for Crisis September 1, 2010

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Complete video at: http://fora.tv/2010/07/26/Joseph_Stiglitz_on_Free_Markets_and_the_World_Economy

Nobel Prize-winning economist Joseph Stiglitz argues that "trickle up economics" created the credit bubble that triggered the recent financial crisis. "There was a party going on, and nobody wanted to be a party-pooper," says Stiglitz.

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Visiting Nobel Laureate and global economist Professor Joseph Stiglitz believes Australia's good fortune in being sheltered from the worst of the GFC means we may not fully comprehend its impact internationally.

On his tour of Australia, he comments on the state of the Australian economy, particularly in context of the Global Financial Crisis, the role of natural resources within this economy, and Australia's response to global warming.

Professor Stiglitz travelled all over Australia for three weeks as the inaugural speaker for the Eminent Speaker Series, hosted by the Economic Society of Australia. The series has been initiated to provide an opportunity for industry professionals, government representatives and academics to hear from the world's leading economists in an open forum. - Australian Broadcasting Corporation

Joseph Stiglitz was chief economist at the World Bank until January 2000. Before that, he was the chairman of President Clinton's Council of Economic Advisers. He was awarded the Nobel Prize in economics in 2001. He is currently a finance and economics professor at Columbia University. He is the author of Globalization and Its Discontents and The Roaring Nineties.