Any idea what an Ouroboros is? It’s not the name of the cloud hanging over London at the moment but, according to Will Wilkinson, in his review of Joseph Stiglitz’s The Price of Inequality on the Economist blog, a perfect symbol for the ‘progressive master narrative’ championed by a new technocratic coterie (which also counts Paul Krugman among its members). An ancient image of a snake consuming its own extremity, the Ouroboros is a fitting symbol for ‘progressives dizzy from chasing their tails’.
Nobel prize winner, former head of economics at the World Bank and adviser to Clinton, Stiglitz is apparently in the perfect position to comment on the price of inequality — costly, incidentally — and to stage an argument that’s become overwhelmingly familiar in the wake of the recession.
Most popular
David Butterfield
Most-read 2024: Decline and fall – how university education became infantilised
Stiglitz views US economics as increasingly defined by an elite number: ‘of the 1%, for the 1%, by the 1%’ as the greedy few have ensured the pie hasn’t become bigger but their slice has become larger.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in