The federal government's economic credentials have received a timely boost from Nobel prize-winning economist Joseph Stiglitz, who suggested Labor may be best placed to take the country forward.

Professor Stiglitz, a former World Bank chief economist and economic adviser to the US government, said federal Labor did a fantastic job of saving Australia from the global economic crisis.

At the same time Professor Stiglitz criticised right-wing politicians for being the "architects" of the downturn.

"One of the reasons why the debate about ... Australia's stimulus ... is so important is not because we're historians and we're trying to grade but because we're trying to make a judgment about going forward who is likely to do a better job," Professor Stiglitz told AAP in Sydney today.

"What are the economic theories, advisers, they are likely to draw upon? Labor's done a good job."