Read This Now - Didn't We Know That Already?

Stiglitz on the year past, our global economic woes and the lessons we seem to need to learn yet again...

The first lesson is that markets are not self-correcting. Indeed, without adequate regulation, they are prone to excess. In 2009, we again saw why Adam Smith's invisible hand often appeared invisible: it is not there...

The third lesson is that Keynesian policies do work. Countries, like Australia, that implemented large, well-designed stimulus programs early emerged from the crisis faster. Other countries succumbed to the old orthodoxy pushed by the financial wizards who got us into this mess in the first place.

The whole thing is well worth your time this weekend.

(via BDL)