Standard of living did go down or was unchanged. Economic growth = displace workers = frictional unemployment = workers moved from countryside to city = increase both demand for labor (economic growth) and supply of labor (displaced workers) in the city = no change in real wages. Increase in real wages = increase consumption = increase in standards of living SO YES STIGLITZ WAS RIGHT
i like stiglitz, but as a speaker he seems like he's suffering constipation. i suggest he drink a strong cup of strong coffee, blow it out in the toilet, feel better and perk up the thinking and chatting process, he'd give a much better speech
I do like Stiglitz's writing (I'm just now reading his "The Price of Inequality" but I have to admit that I do not like his presentations. He just seems a bit too awkward all the time.
Standard of living did go down or was unchanged.
Economic growth = displace workers = frictional unemployment = workers moved from countryside to city = increase both demand for labor (economic growth) and supply of labor (displaced workers) in the city = no change in real wages.
Increase in real wages = increase consumption = increase in standards of living
SO YES STIGLITZ WAS RIGHT
Damn, looks like im late again 🙄
litt
Why does he talk so weirdly and incessantly look down at his prepared speech? Who would translate his work into 35 languages?
@HULLOHULLO15 Please don't. :-(
i like stiglitz, but as a speaker he seems like he's suffering constipation. i suggest he drink a strong cup of strong coffee, blow it out in the toilet, feel better and perk up the thinking and chatting process, he'd give a much better speech
I do like Stiglitz's writing (I'm just now reading his "The Price of Inequality" but I have to admit that I do not like his presentations. He just seems a bit too awkward all the time.