"Most economists now recognize climate change as a market failure, but only a few understand it as part of the larger pattern of environmental destruction that scientists have labelled the 'Great Acceleration'. Capitalism as currently practised has imperilled the existence of millions of planetary species, as well as the health and well-being of billions of humans. It also threatens the prosperity that it was intended to create. Challenging 250 years of dominant economic thinking, the climate crisis has shown that the unrestrained pursuit of self-interest does not serve the common good. It has shown, in the words of economist Joseph Stiglitz, that Adam Smith's invisible hand - the idea that free markets lead to efficiency as if consciously guided - is invisible because it is not there'."
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Academics from the United StatesNon-fiction authors from the United StatesJews from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English
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Naomi Oreskes in The Climate Book edited by Greta Thunberg (2022)
https://en.wikiquote.org/wiki/Joseph_Stiglitz
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Joseph Stiglitz
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