Columbia economist and Nobel laureate Joseph Stiglitz recently spoke at the annual World Economic Forum in Davos Switzerland. In interviews at the week-long summit, Stiglitz has called for more government action, labelling current public economic stimulus “totally inadequate.” He advocates a less taxcut-based stimulus plan in the United States. He also predicted a global trend toward social welfare states common in Europe.
“There will be more emphasis on the welfare state,” he said. “But there will also be more emphasis on incentives within the welfare state.”
The conference is normally an opportunity for business titans and world leaders to pat themselves on the back for successful free market growth, but in this year’s gloomy climate, Stiglitz is sure to garner attention.