Stiglitz macro

pathetic " ?? what more ought a social liberal mention .....in an IMF venue stig mentions these points : fiscal policy works.....fed oughta set targets for more then just product inflation ...much stronger financial regulation ( self regulation is unreliable )needed "Real stability will require a full range of tools for capital account management" (NB) !!! "... including cross-border regulations on capital flows" "...industrial policies have played an important role in enhancing growth " "the attempt to incorporate micro-foundations was laudable, it was important that they be the right micro-foundations. " "While in normal times, credit and money may be highly correlated, this is not so in the usual times surrounding crises" "countries with central banks that were not independent performed so much better than some of those that were partly because the latter were “cognitively captured” by the financial markets that they were supposed to regulate" "Standard models not only don’t provide a good explanation of the origins of a crisis, such as the one Europe and America are experiencing, they also don’t adequately explain the slowness of the recovery..." "for years, output has remained substantially below its potential" i note only one knock kneed shibileth " it was important not to lose sight of the risks which high and variable inflation can impose" ------------------------------------------------ any radical economist should quickly see the "tensions" revealed here what are we looking for in main stream economics anyway ?? the oeuvre of uncle joe is a treasure trove of useable models and insights thesis: from the papers of joe and his assorted co authors one can build a very nice micro foundation for a sharp edged marxian " critique " of present day political economy we marxist economists need to recognize this is guerilla war we live off the class enemies weapons in our liberated zones