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Teaching Economics

In the News

Stiglitz - Have enough lessons been learned before the next downturn?

Graham Watson

7th September 2018

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Joseph Stiglitz argues herethat history has a lot to teach us, and that economists need to return to it, if they wish to head off the worst consequences of the next US downturn.

His view is that the so-called 'secular stagnation' associated with recent downturns makes a strong case for greater fiscal stimulus in the event of a downturn. It's not a view that will have much support from 'Austerian economists' - see what I've done there - but, intellectually, it's an interesting argument, and asks some searching questions about what precipitated the last financial crisis and whether the solutions were appropriate.

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Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to Tutor2U, reads voraciously and is interested in all aspects of Teaching and Learning.

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