A Nobel against the failures of the economic system | …

Nobel laureate in economics, Joseph Stiglitz, estimated that the pandemic The coronavirus investigation revealed “deep flaws in the economic and social system of some countries and a strength in others”, and questioned the role of the state and of science, and of investments in social protection to cope with the impact of the health emergency.

Stiglitz, one of the panelists chosen to close the 2020 Banking and Monetary Conference hosted by the Central Bank, said that evolution The disease has shown that there are deep loopholes in the socio-economic system in some countries and strength in others. “

“The magnitude of economic retraction it turned out to be worse than we initially thought, and with a huge impact on emerging countries, ”he pointed out. The expert, a former chief economist of the World Bank, was very critical of the United States in its actions against the pandemic and highlighted the actions of countries like New Zealand and South Korea.

There are “ingredients” to help the Success countries fighting the pandemic, although this evil is “a very different externality, because there are no more subtle instruments to control them”, he lamented.

For Stiglitz, countries that bet on science were the winners: “It’s a lesson for President (Donald) Trump, who every year of his tenure has proposed cuts in science. And because he didn’t pay attention to the science, the impact on the United States was over 200,000 dead and they expect 200,000 more, it was a disaster, ”he said. -he declares.

Second, the countries best able to cope with the pandemic were those that strong institutions and respect for knowledge. “Knowledge makes a difference so as not to cause disaster, like South Korea did,” he concluded.