Avoid Mistakes Of The West: Stiglitz

[harryfrompattaya]

A reality check is required Mr Stiglitz, when you have sir , a country that has corrupt corporate governance , a government structure that stinks of corruption and nepotism, a system of democracy that favours the rich, I do think that some lessons could be learned from the west , I for one would gladly show them the way. You have had your opinion ,That's my opinion, mind you in China, that you so greatly talk up, this might not be possible.

Maybe Mr Stiglitz is saying this for money or women

[chiangmaikelly]

If you are going to learn from other countries' mistakes, don't you have to have the ability to learn from your own first?

What mistakes are you talking about?

[Johpa]

Another bootlicking, @ss- kissing know-it-all, who forgets to check his "theory" against the reality.

Yes, all that sucessful boot licking must be the proximate cause for this Noble laureate not being invited to Washington DC. Or maybe it is because that his warnings about the perils of austerity have been borne out through out the European sector. So ignore Stiglitz at your own peril, or perhaps more aptly at your children's peril.

[maxman71]

General Rule of Thumb when BO is trying to get you to do something: Do the opposite...As for SickLitz, he appears to support never-ending money printing which is the reality of "growth policies" peddled by US politicians who don't have the balls to do the real hard work necessary to run the government within the means of taxes collected, not what they want to spend.

[maxman71]

Another bootlicking, @ss- kissing know-it-all, who forgets to check his "theory" against the reality.

Yes, all that sucessful boot licking must be the proximate cause for this Noble laureate not being invited to Washington DC. Or maybe it is because that his warnings about the perils of austerity have been borne out through out the European sector. So ignore Stiglitz at your own peril, or perhaps more aptly at your children's peril.

Yeah right Johpa...let's just print our way to prosperity and continue racking up debt so the EU can continue it's Mommy Government policies and see how your kids fare with that down the road.

[Thai at Heart]

So name me one entirely domestically created and funded Thai export industry?

What's your point?

How can they decouple from the west, if for every export they make, oil and other inputs must be imported.

Discussing an economic utopia is always nice, but how to achieve it is the issue.

[chiangmaikelly]

So name me one entirely domestically created and funded Thai export industry?

What's your point?

How can they decouple from the west, if for every export they make, oil and other inputs must be imported.

Discussing an economic utopia is always nice, but how to achieve it is the issue.

Thailand is importing oil from the West? News to me.

[Thai at Heart]

So name me one entirely domestically created and funded Thai export industry?

What's your point?

How can they decouple from the west, if for every export they make, oil and other inputs must be imported.

Discussing an economic utopia is always nice, but how to achieve it is the issue.

Thailand is importing oil from the West? News to me.

It isn't really relevant precisely where they import it from, but to decouple yourself from any part of the world is virtually impossible.

I don't disagree with him that GDP growth alone is the best measure of progress. However, if Thailand aims to rely less on exports, what will they use to fund basics like fuel imports. Thailand problem is that it is a 3rd party manufacturer. There is little home grown large industry here that doesn't rely on imports for raw materials or components. Where are the Thai samsungs or hondas?

As long as that is the case, the value added will stay low, and wage costs will be the major factor.

[chiangmaikelly]

What's your point?

How can they decouple from the west, if for every export they make, oil and other inputs must be imported.

Discussing an economic utopia is always nice, but how to achieve it is the issue.

Thailand is importing oil from the West? News to me.

It isn't really relevant precisely where they import it from, but to decouple yourself from any part of the world is virtually impossible.

I don't disagree with him that GDP growth alone is the best measure of progress. However, if Thailand aims to rely less on exports, what will they use to fund basics like fuel imports. Thailand problem is that it is a 3rd party manufacturer. There is little home grown large industry here that doesn't rely on imports for raw materials or components. Where are the Thai samsungs or hondas?

As long as that is the case, the value added will stay low, and wage costs will be the major factor.

You are missing the point. Stiglitz said decouple from the West. That is certainly possible.

[Thai at Heart]

What's your point?

How can they decouple from the west, if for every export they make, oil and other inputs must be imported.

Discussing an economic utopia is always nice, but how to achieve it is the issue.

Thailand is importing oil from the West? News to me.

It isn't really relevant precisely where they import it from, but to decouple yourself from any part of the world is virtually impossible.

I don't disagree with him that GDP growth alone is the best measure of progress. However, if Thailand aims to rely less on exports, what will they use to fund basics like fuel imports. Thailand problem is that it is a 3rd party manufacturer. There is little home grown large industry here that doesn't rely on imports for raw materials or components. Where are the Thai samsungs or hondas?

As long as that is the case, the value added will stay low, and wage costs will be the major factor.

You are missing the point. Stiglitz said decouple from the West. That is certainly possible.

Not really practical in absolute terms. Focus more on developing domestic prosperity instead of chasing exports might be a better way of looking at it.

Thailand needs to produce domestic grown know how and products but these still need to be sold. Korea or Germany would be a model Thailand should look at.

However, they need a generation of high quality education and to reduce the influence of protected Thai Chinese agribusiness.

[chiangmaikelly]

I can't figure your quotes but agriculture is only 10% of the Thai GDP and of course it is possible to decouple from the West and go after markets in Asia.

Edited March 18, 2013 by chiangmaikelly

[Thai at Heart]

I can't figure your quotes but agriculture is only 10% of the Thai GDP and of course it is possible to decouple from the West and go after markets in Asia.

But it employs a disproportional amount of people who require subsidy to keep them in touch with the developed areas.

The plan cannot be to have Thailand still dominant in agriculture exports in 30 years time.

[chiangmaikelly]

I can't figure your quotes but agriculture is only 10% of the Thai GDP and of course it is possible to decouple from the West and go after markets in Asia.

But it employs a disproportional amount of people who require subsidy to keep them in touch with the developed areas.

The plan cannot be to have Thailand still dominant in agriculture exports in 30 years time.

Of course not. Look at the labor numbers. Agriculture gets less every year.

And get out of the Euro for example today, Cyprus Woes Spark Asia Selloff; Nikkei Falls 1.5%

Edited March 18, 2013 by chiangmaikelly

[Chopperboy]

Stiglitz is a great economist I have read his books - he will tell whats wrong but never WHY

Why would the US government remove the Glass–Steagall Act?

Why would the UK create the big bang deregulation?

Why would they:

1) assist jobs to be shipped abroad to China?

2) allow a housing bubble to be created?

3) want their economies mired in debt?

4) create expensive wars in the Middle East (remember WMD's)

These things happen because the real people in power (not their puppets like Obama) are pursuing a globalist New World Order.

And you as a citizen of the West are unlikely to be a winner in it!

Thailand - no matter its faults expect its economy to keep doing better against the Western ones.

[DocN]

Another bootlicking, @ss- kissing know-it-all, who forgets to check his "theory" against the reality.

Yes, all that sucessful boot licking must be the proximate cause for this Noble laureate not being invited to Washington DC. Or maybe it is because that his warnings about the perils of austerity have been borne out through out the European sector. So ignore Stiglitz at your own peril, or perhaps more aptly at your children's peril.

Ooooooh yes, he won awards!

So when he dies, he will take his rightful place at God's right!

Lance Armstrong won awards, too...but that only on the side!

Mr. Stiglitz MAY actually point in the right direction...and so will I!

I think, we should build a spaceship and take off, direction Andromeda- Galaxy and start terra- forming, so mankind can soon start into the new world!

No matter the reality is, we don't have the technology or the knowledge to do so!

No matter Thailand's elite will NEVER share the wealth, the give a big frog about environment and they will have a mega- hard time, once the ASEAN- community will make them drop their laws to protect all the national agencies from competition.

...and THAT is, why I think, Herr Stieglitz should check the reality!

[chiangmaikelly]

Another bootlicking, @ss- kissing know-it-all, who forgets to check his "theory" against the reality.

Yes, all that sucessful boot licking must be the proximate cause for this Noble laureate not being invited to Washington DC. Or maybe it is because that his warnings about the perils of austerity have been borne out through out the European sector. So ignore Stiglitz at your own peril, or perhaps more aptly at your children's peril.

Ooooooh yes, he won awards!

So when he dies, he will take his rightful place at God's right!

Lance Armstrong won awards, too...but that only on the side!

Mr. Stiglitz MAY actually point in the right direction...and so will I!

I think, we should build a spaceship and take off, direction Andromeda- Galaxy and start terra- forming, so mankind can soon start into the new world!

No matter the reality is, we don't have the technology or the knowledge to do so!

No matter Thailand's elite will NEVER share the wealth, the give a big frog about environment and they will have a mega- hard time, once the ASEAN- community will make them drop their laws to protect all the national agencies from competition.

...and THAT is, why I think, Herr Stieglitz should check the reality!

You compare Stiglitz a Noble Prize winning Economist with Lance Armstrong a drugged up bike rider with no factual information?

[DocN]

Another bootlicking, @ss- kissing know-it-all, who forgets to check his "theory" against the reality.

Yes, all that sucessful boot licking must be the proximate cause for this Noble laureate not being invited to Washington DC. Or maybe it is because that his warnings about the perils of austerity have been borne out through out the European sector. So ignore Stiglitz at your own peril, or perhaps more aptly at your children's peril.

Ooooooh yes, he won awards!

So when he dies, he will take his rightful place at God's right!

Lance Armstrong won awards, too...but that only on the side!

Mr. Stiglitz MAY actually point in the right direction...and so will I!

I think, we should build a spaceship and take off, direction Andromeda- Galaxy and start terra- forming, so mankind can soon start into the new world!

No matter the reality is, we don't have the technology or the knowledge to do so!

No matter Thailand's elite will NEVER share the wealth, the give a big frog about environment and they will have a mega- hard time, once the ASEAN- community will make them drop their laws to protect all the national agencies from competition.

...and THAT is, why I think, Herr Stieglitz should check the reality!

You compare Stiglitz a Noble Prize winning Economist with Lance Armstrong a drugged up bike rider with no factual information?

Just because you never understand: I was mocking the mentioning of his award, as if that would make him right or better or else...

[A_Traveller]

Given that CMK made the following point in another thread

You can call into the question the credibility of the rating agencies but only crackpots do

and given that Professor Stigliz does indeed raise and has raised in his view serious concerns about the said rating agencies activities, I'm a tad surprised to see such unbridled enthusiasm for him.

By the by the prize is Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel and secondly Scholes & Merton's prize was no guarantee of success of the application of their knowledge. [Long Term Capital Management]

Caveat emptor.

Edited March 18, 2013 by A_Traveller

[chiangmaikelly]

Given that CMK made the following point in another thread

You can call into the question the credibility of the rating agencies but only crackpots do

and given that Professor Stigliz does indeed raise and has raised in his view serious concerns about the said rating agencies activities, I'm a tad surprised to see such unbridled enthusiasm for him.

By the by the prize is Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel and secondly Scholes & Merton's prize was no guarantee of success of the application of their knowledge. [Long Term Capital Management]

Caveat emptor.

You are 100% correct.

[Mosha]

If you are going to learn from other countries' mistakes, don't you have to have the ability to learn from your own first?

What mistakes are you talking about?

1997?

[chiangmaikelly]

If you are going to learn from other countries' mistakes, don't you have to have the ability to learn from your own first?

What mistakes are you talking about?

1997?

What mistakes did he make in 1997?

[waza]

"Newly emerging economies should invest in education, technology, the environment and public health and find a sustainable model of economic growth, he said". Sounds like good advice to me. At least better than the present governments policy of borrowing money to pay 20% over the market wholesale price for a commodity, then storing it at cost for several years in the vain hope to make a profit. Then again what do I know.

Edited March 18, 2013 by waza

[Mosha]

He (TS) is believed to have caused the crisis, he was accused of profiting from the Baht's problems. For some reason never investigated,

Edited March 18, 2013 by Mosha

[Thai at Heart]

If you are going to learn from other countries' mistakes, don't you have to have the ability to learn from your own first?

What mistakes are you talking about?

1997?

Do you really think a Thai pm in the run up to 97 understood what they were trying to achieve with a fixed exchange rate and a free capital account?

At least the latest fall guy understands what he can and cannot do

Edited March 18, 2013 by Thai at Heart

[chiangmaikelly]

He (TS) is believed to have caused the crisis, he was accused of profiting from the Baht's problems. For some reason never investigated,

Are you saying Stiglitz caused the Asian crisis of 1997? Link please. Or do you mean someone else. Sorry I don't know who TS is.

Edited March 19, 2013 by chiangmaikelly