In the midst of this economic turmoil banks and Governments, apart from handful of global companies, have been made the main scapegoats. But, Stiglitz in his brief video commentary is turning now blame to economists by saying: “too many economists wanted to believe that markets work well” and most likely because they have been too politically motivated and self-interested. Stiglitz notes that economists have been ignoring 200 years of capitalism and thus unable to draw well-informed conclusion that markets do indeed do all sorts of nice things, but they are not self-regulating.
This statement challenges objectivity and professionalism of economists as well as ideological impartiality of their research and analysis. If the outcomes of their research and analysis depends on who they work for or what political or financial interests they have then it would be the same situation when patient attending the doctor would be prescribed medicine which brings more profit to the doctor rather than which is the best addressing the specific illness of the patient.