On his way to see Gordon Brown at Number 10, Joseph Stiglitz stopped by the London School of Economics to make a brief speech. What do we think the former winner of the Nobel Prize for Economics said to our prime minister? Well, on the back of this talk he would have been delivering a clear, concise message to tell Gordon to keep going with his economic programme.

The former vice-president of the World Bank is unique in world politics: a left-wing economist of real intellectual clout who delivers a realistic message of change. He focuses on fiscal and monetary shifts rather than structural changes in the make-up of capitalism. But his message is clear - economic regulation works and government interference is needed to ensure the financial sector does not destroy the world economy again.

In fact, he will also almost certainly have told Brown he needs to spend more, not less. In between quips about Margaret Thatcher and Alan Greenspan, Stiglitz argued: “We need a second round of stimulus,” to ensure the economy grows and to a double dip. This may not be the message that Brown wants to hear in the new ‘age of austerity’ but Stiglitz points to worrying trends of long term unemployment, a collapse in the housing market and rising debt levels to suggest that the average citizen is far from ready to start spending again.

Undoubtedly a man of huge intellect, Stiglitz is also witty, erudite and self-reflective. If Gordon Brown is looking for an economic adviser, he could do far worse than Clinton’s former aide.