Economics Trapped in an Old Paradigm - Joseph Stiglitz

The transcript discusses the pursuit of knowledge and career challenges in academia, highlighting the peer review process and the conventions that can trap scholars in accepted hypotheses. It advocates for a diversity of ideas in the intellectual marketplace, noting the resistance to unconventional ideas. The text emphasizes the importance of broadening debate and adopting rigorous, coherent thinking to better understand societal functions.

What is one of the main challenges faced by academics in getting their work published?

• Insufficient data

• Limited access to resources

• Peer review process

• Lack of funding

What does the speaker suggest is necessary for the intellectual marketplace?

• Increased funding

• More regulations

• Diversity of ideas

• Stricter peer reviews

According to the speaker, what is a similarity between the marketplace for ideas and the conventional marketplace?

• Both are well-regulated

• Both have issues with monopolies

• Both lack innovation

• Both are free from competition

What is a common outcome for some of the most influential papers in economics?

• Multiple rejections before acceptance

• Published without peer review

• Immediate acceptance

• Never published

What is the speaker's view on unconventional ideas?

• They are irrelevant

• They face great resistance

• They are often accepted easily

• They should be avoided