Racing to Zombie Bottom
Posted in Competition, Economics Problems, Economists, You Can't Have it Both Ways on Mar 16th, 2011
I’ve just finished reading Joe Stiglitz’s account of the financial crisis. In it he makes the following comment: Competition, in this case, had a perverse effect: It caused a race to the bottom — a race to provide ratings that were most favorable to those being rated. Ughh. I guess being a Nobel Prize winner […]