Stiglitz on the Irish crisis

Tom McDonnell15/04/2011

Tom McDonnell: Joe Stiglitz's preface to a new collection of essays on Exiting from the Crisis makes for interesting reading. The publication (to which PE's Rory O'Farrell also contributed) is available for download here.

Professor Stiglitz mentions Ireland in the preface, noting that:

“Ireland has faced a crisis largely because it followed the standard free market orthodoxy: unfettered markets led to a bloated financial sector which put at risk the entire economy; while politicians boasted of the growth (the benefits of which were not uniformly shared) they took little note of the risks to which they were exposing the economy. The core lesson of Ireland’s experience – and that of the US – is that one cannot rely on unfettered markets or self-regulation.”

Posted in: Economics

Tagged with: Stiglitz

Dr Tom McDonnell

McDonnell, Tom

Tom McDonnell is senior economist at the NERI and is responsible for among other things, NERI's analysis of the Republic of Ireland economy including risks, trends and forecasts. He specialises in economic growth theory, the economics of innovation, the Irish and European economies, and fiscal policy. He previously worked as an economist at TASC and before that was a lecturer in economics at NUI Galway and at DCU. He has also taught at Maynooth University.

Tom obtained his PhD in economics from NUI Galway.


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