The economist Joseph Stiglitz explains why he thinks the late Milton Friedman’s ideas have contributed to rising inequality in the US
|03/13/2018||Posted by BusinessMediaguide.Com under General World News||
- Joseph Stiglitz points to the popularity of the ideology of the late Milton Friedman, fellow Nobel laureate economist, as a significant reason for the high inequality and low growth in the US today.
- Friedman said that in a free market, a public company exists solely to serve shareholders.
- Stiglitz argued that there is a wealth of proof that these free market conditions cannot exist.
- This debate has been going on since the 1930s, but the tide seems to be shifting toward the champions of creating long-term value by de-emphasizing short-term results.
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