Nobel Winning Nonsense

Dave Killion — April 14, 2011

As I’ve written before, I read a lot of left-wing and right-wing material in order to insure I don’t over indulge my confirmation bias. I have found that these Team Blue/Team Red partisans repeat the same mistakes, and it takes a lot of self-discipline to avoid simply dismissing the Paul Krugmans, Bill O’Reillys, Sean Hannitys, and Rachael Maddows.

But “Of the 1%, by the 1%, for the 1%”  by Nobel Laureate Joseph E. Stiglitz is in a class by itself. This sad article draws on every type of distortion, exaggeration, and misrepresentation known in order to nurture the Progressive narrative that the main problem with the nexus between the public and private sector is that rich people manipulate the system to increase their own power and wealth. Here is a typical example of that distortion –

All the growth in recent decades—and more—has gone to those at the top.”

Really, Joe? More than all? Because if there is a way to take more than all of something, I’d like to know what it is. Maybe that’s something you only learn at Nobel Laureate school?

In all seriousness, Stiglitz has written something so bad that you really must read it to appreciate it. Just try to keep track of all the errors. And then after you’ve done that, visit Russ Roberts at Cafe Hayek and Scott Winship to see what you missed. And then go to The Economist, where Will Wilkinson explains how Stiglitz is making…

“… an argument against money in politics that argues for precisely the sort of government power that draws money to politics.

That is to say, the problem is not that the rich are buying power, its that we are allowing power to be sold when we should be keeping it ourselves.

Comments

David C says

Great post Dave. Loved it.

LOLOLOL -> “Really, Joe? More than all? Because if there is a way to take more than all of something, I’d like to know what it is. Maybe that’s something you only learn at Nobel Laureate school?”

— April 14, 2011

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