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Sunday, May 22, 2016

Nobel laureate Joseph Stiglitz Praised Hugo Chavez’s Economic Policies

In his blog, Don Boudreaux reveals that in 2007 Nobel laureate economist Joseph Stiglitz predicted that Hugo Chavez’s brand of socialism in Venezuela would succeed. Here are two lines from the statements that Joseph Stiglitz made during his trip to Caracas in 2007:

"Venezuela's economic growth has been very impressive in the last few years." 

"Venezuelan President Hugo Chavez appears to have had success in bringing health and education to the people in the poor neighborhoods of Caracas, to those who previously saw few benefits of the countries oil wealth." 

The Nobel Prize for economics has zero credibility. This award usually goes to leftist economists who tend to support some of the world's worst dictatorships. I think it is right to regard every Nobel laureate as a potential leftist propagandist and an outright idiot unless it gets proven otherwise.

What is the qualification of the judges who select the recipients of the Nobel Prize in Economics? What do the judges know about economics or international politics? What is their experience? Are they biased towards a leftist worldview?

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