economics Nobel

[Forstater, Mathew]

historically, Stiglitz was on the 'wrong' side of the capital critiques,
defending neoclassical capital theory with his MIT profs, Samuelson and
Solow. but economic theory and politics are not the same thing (there
have always been neoclassical 'socialists' from its inception to people
like Lange and Lerner to Arrow; while some 'heterodox' economists are
very conservative, and not just Austrians), and also the whole shift to
the right means that those who were the enemies for many
non-neoclassical economists then look downright 'left liberal' now (at
least their policies from then would look that way in today's 'debates'
on things like budgetary policy--read Samuelson, Tobin from the early
sixties).  for a look at people who consider Stiglitz a raving
socialist, see the Austrian (school of economics) critiques of his work.

-----Original Message-----
From: Doug Henwood [mailto:dhenwood at panix.com]
Sent: Friday, October 12, 2001 2:34 PM
To: lbo-talk at lists.panix.com
Subject: Re: economics Nobel

Luke Weiger wrote:


>This is a question spurred by my extreme ignornace, but isn't Stiglitz
>supposed to be a friend of sorts to the left?

Yes.

Doug