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Encyclopedia > Joseph E. Stiglitz
Joseph E. Stiglitz

Born February 9, 1943
Gary, Indiana
Residence USA
Nationality American
Field Economics
Institutions Columbia University
Alma mater MIT
Amherst College
Academic advisor   Robert Solow
Known for Screening
Notable prizes John Bates Clark Medal (1979)
Nobel Prize in Economics (2001)

Joseph Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. He is a recipient of the John Bates Clark Medal (1979) and the Nobel Prize in Economics (2001). Former Senior Vice President and Chief Economist of the World Bank, he is famous for his critical view of globalization, free market fundamentalists and some international institutions like the International Monetary Fund and the World Bank. In 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001 he has been a member of the Columbia faculty, and has held the rank of University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. Image File history File links Joseph_Stiglitz. ... is the 40th day of the year in the Gregorian calendar. ... Year 1943 (MCMXLIII) was a common year starting on Friday (the link will display full 1943 calendar) of the Gregorian calendar. ... “Gary” redirects here. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links This is a lossless scalable vector image. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... The Massachusetts Institute of Technology (MIT) is a private, coeducational research university located in Cambridge, Massachusetts. ... Amherst College is a private, independent, elite[1][2] liberal arts college in Amherst, Massachusetts, USA. It is the third oldest college in Massachusetts. ... Robert Merton Solow (born August 23, 1924) is an American economist particularly known for his work on the theory of economic growth. ... We dont have an article called Screening (economics) Start this article Search for Screening (economics) in. ... The biennial John Bates Clark Medal is awarded by the American Economic Association to that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered... Image File history File links Nobel_prize_medal. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... is the 40th day of the year in the Gregorian calendar. ... Year 1943 (MCMXLIII) was a common year starting on Friday (the link will display full 1943 calendar) of the Gregorian calendar. ... Alan Greenspan, former chairman, United States Federal Reserve. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... The biennial John Bates Clark Medal is awarded by the American Economic Association to that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered... Also: 1979 by Smashing Pumpkins. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The position of World Bank Chief Economist is one of the most influential in economics. ... ... A KFC franchise in Kuwait. ... Market fundamentalism (or free-market fundamentalism) is a conviction that free markets are generally beneficial. ... This article needs additional references or sources to facilitate its verification. ... ... The Initiative for Policy Dialogue (IPD) is a non-profit organization based at Columbia University, founded in July 2000 by Joseph E. Stiglitz to help developing countries explore policy alternatives, and enable wider civic participation in economic policymaking. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... A professor (Latin: one who claims publicly to be an expert) (or prof for short) is a senior teacher, lecturer and/or researcher usually employed by a college or university. ... The University of Manchester is a university located in Manchester, England. ... History The Pontifical Academy of Social Sciences was established by the Holy Father John Paul II on 1 January 1994 (AAS 86 [1994], 213), with the aim of promoting the study and progress of the social sciences, primarily economics, sociology, law and political science. ...

Contents

Biography

Stiglitz was born in Gary, Indiana, to Charlotte and Nathaniel Stiglitz. From 1960 to 1963, he studied at Amherst College, where he was a highly active member of the debate team and President of the Student Government. He went to the Massachusetts Institute of Technology (MIT) for his fourth year as an undergraduate, where he later pursued graduate work. His undergraduate degree was awarded from Amherst College. From 1965 to 1966, he moved to Chicago to do research under Hirofumi Uzawa who had received an NSF grant. He studied for his PhD from MIT from 1966 to 1967, during which time he also held an MIT assistant professorship. The particular style of MIT economics suited him well - simple and concrete models, directed at answering important and relevant questions [1]. From 1969 to 1970, he was a Fulbright research fellow at the University of Cambridge. In subsequent years, he held professorships at Yale University, Duke University, Stanford University, Oxford University and Princeton University. Stiglitz is currently a Professor at Columbia University, with appointments at the Business School, the Department of Economics and the School of International and Public Affairs (SIPA), and is editor of The Economists' Voice journal with J. Bradford DeLong and Aaron Edlin. Stiglitz is generally considered to be a New-Keynesian economist. “Gary” redirects here. ... Official language(s) English Capital Indianapolis Largest city Indianapolis Area  Ranked 38th  - Total 36,418 sq mi (94,321 km²)  - Width 140 miles (225 km)  - Length 270 miles (435 km)  - % water 1. ... Amherst College is a private, independent, elite[1][2] liberal arts college in Amherst, Massachusetts, USA. It is the third oldest college in Massachusetts. ... The Massachusetts Institute of Technology (MIT) is a private, coeducational research university located in Cambridge, Massachusetts. ... Nickname: Motto: Urbs in Horto (Latin: City in a Garden), I Will Location in the Chicago metro area and Illinois Coordinates: , Country State Counties Cook, DuPage Settled 1770s Incorporated March 4, 1837 Government  - Mayor Richard M. Daley (D) Area  - City  234. ... Hirofumi Uzawa (宇沢弘文 1928 - ) is a Japanese economist, professor emeritus of Tokyo University, and a member of the Japan Academy. ... NSF is an abbreviation. ... Mapúa Institute of Technology (MIT, MapúaTech or simply Mapúa) is a private, non-sectarian, Filipino tertiary institute located in Intramuros, Manila. ... Mapúa Institute of Technology (MIT, MapúaTech or simply Mapúa) is a private, non-sectarian, Filipino tertiary institute located in Intramuros, Manila. ... The Fulbright Program is program of educational grants (Fulbright Fellowships) sponsored by the Bureau of Educational and Cultural Affairs of the United States Department of State. ... The University of Cambridge (often Cambridge University), located in Cambridge, England, is the second-oldest university in the English-speaking world and has a reputation as one of the worlds most prestigious universities. ... “Yale” redirects here. ... Duke University is a private coeducational research university located in Durham, North Carolina, USA. Founded by Methodists and Quakers in the present-day town of Trinity in 1838, the school moved to Durham in 1892. ... Leland Stanford Junior University, commonly known as Stanford University (or simply Stanford), is a private university located approximately 37 miles (60 kilometers) southeast of San Francisco and approximately 20 miles northwest of San José in Stanford, California. ... The University of Oxford, located in the city of Oxford in England, is the oldest university in the English-speaking world. ... Princeton University is a private coeducational research university located in Princeton, New Jersey, in the United States of America. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... Columbia Business School (part of Columbia University), officially named the Columbia University Graduate School of Business, and also known as CBS, was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... J. Bradford DeLong (b. ... New Keynesian economics developed partly in response to new classical economics. ...


In addition to making numerous influential contributions to microeconomics, Stiglitz has played a number of policy roles. He served in the Clinton Administration as the chair of the President's Council of Economic Advisors (19951997). At the World Bank, he served as Senior Vice President and Chief Economist (19972000), in the time when unprecedented protest against international economic organizations started, most prominently with the Seattle WTO meeting of 1999. Microeconomics is a branch of Economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... The Council of Economic Advisers is a group of economists set up to advise the President of the United States. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... Year 1997 (MCMXCVII) was a common year starting on Wednesday (link will display full 1997 Gregorian calendar). ... ... Year 1997 (MCMXCVII) was a common year starting on Wednesday (link will display full 1997 Gregorian calendar). ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... “Seattle” redirects here. ... Protest activity surrounding the WTO Ministerial Conference of 1999, which was to be the launch of a new millennial round of trade negotiations, occurred on November 30, 1999, when the World Trade Organization (WTO) convened in Seattle, Washington, USA. The negotiations were quickly overshadowed by massive and controversial street protests...


Some of Stiglitz' most important contributions to economics

Information Asymmetries

Stiglitz' most famous research was on screening, a technique used by one economic agent to extract otherwise private information from another. It was for this contribution to the theory of information asymmetries that he shared the Nobel Prize for Economics [1] in 2001 "for laying the foundations for the theory of markets with asymmetric information" with George A. Akerlof and A. Michael Spence. In economics, information asymmetry occurs when one party to a transaction has more or better information than the other party. ... We dont have an article called Screening (economics) Start this article Search for Screening (economics) in. ... In economics, information asymmetry occurs when one party to a transaction has more or better information than the other party. ... In economics, information asymmetry occurs when one party to a transaction has more or better information than the other party. ... George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of California, Berkeley. ... Michael Spence is a winner of Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. ...


Traditional neoclassical economics literature assumes that markets are always efficient except for some limited and well defined market failures; Stiglitz et al. more recent studies reverse that presumption: it is only under exceptional circumstances that markets are efficient. Stiglitz (and Greenwald) [2] show that "whenever markets are incomplete and /or information is imperfect (which are true in virtually all economies), even competitive market allocation is not constrained Pareto efficient". In other words, there almost always exists schemes of government intervention which can induce Pareto superior outcomes, thus making everyone better off [2]. Although these conclusions, and the pervasiveness of market failures, do not at all warrant the state intervening broadly in any economy, it makes clear that the "optimal" range of government recommendable interventions is definitely much larger than the traditional "market failure" school recognizes [3] For Stiglitz there is no such thing as an "invisible hand" [4]. Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... For other use of Invisible Hand, please see Invisible hand (disambiguation) The invisible hand is a metaphor coined by the economist Adam Smith to illustrate how those who seek wealth by following their individual self-interest, stimulate the economy as a secondary effect and thus assist society as a whole. ...

Whenever there are “externalities”—where the actions of an individual have impacts on others for which they do not pay or for which they are not compensated—markets will not work well. But recent research has shown that these externalities are pervasive, whenever there is imperfect information or imperfect risk markets—that is always.
The real debate today is about finding the right balance between the market and government (and the third “sector”—non-governmental non-profit organizations.) Both are needed. They can each complement each other. This balance will differ from time to time and place to place. [5]

In the opening remarks for his prize acceptance "Aula Magna" [6], Stiglitz said: "I hope to show that Information Economics represents a fundamental change in the prevailing paradigm within economics. Problems of information are central to understanding not only market economics but also political economy, and in the last section of this lecture, I explore some of the implications of information imperfections for political processes." Stiglitz, Aula Magna Information economics is a branch of microeconomic theory (classified under JEL code D8) that studies how information affects economic decisions. ...


Efficiency wages: the Shapiro-Stiglitz model

Stiglitz also did some research on efficiency wages, and helped create what became know as the "Shapiro-Stiglitz model" to explain why there is unemployment, why wages aren't bid down sufficiently by job seekers (in the absence of minimum wages) so that everyone who wants a job finds one, and to question if the neoclassical paradigm could explain involuntary employment. [7] The answer to these puzzles was proposed by Shapiro and Stiglitz in 1984: "Unemployment is driven by the information structure of employment" [7]. Two basic observations undergird their analysis: In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, are determined by more than simply supply and demand. ... In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, are determined by more than simply supply and demand. ... This article does not cite any references or sources. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ...

  • 1. Unlike other forms of capital, humans can choose their level of effort.
  • 2. It is costly for firms to determine how much effort workers are exerting.

The mathematical analysis of the "Shapiro-Stiglitz model" is beyond the scope of this article. A full model descripition can be found at the links provived. [8] Some key implications of this model are:

  • 1. Wages don’t fall enough during recessions to prevent unemployment from rising. If labor demand shifts inward, this lowers wages. But because wages have fallen, the probability of 'shirking' (workers not exerting effort) has risen. If employment levels (and hence unemployment) remain the same, workers will therefore 'shirk'. Wages cannot fall enough to maintain employment levels at previous state. So, unemployment must rise during recessions.
  • 2. Possible corollary: Wage sluggishness. Moving from one private cost of hiring <w∗> to another private cost of hiring <w∗∗> will require each firm to repeatedly re-optimize wages in response to shifting unemployment rate. Firms cannot cut wages until unemployment rises sufficiently (a coordination problem).

The outcome is never Pareto efficient. Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ...

  • 1. Each firm employs too few workers because it faces private cost of hiring <w∗> rather than the social cost — which is equal to <e> and [ w∗ > e' ] in all cases.
  • 2. There are also negative externalities. Each firm increases the asset value of unemployment <Vu> for all other firms by hiring. But the first problem clearly dominates since the 'natural rate of unemployment' is always too high.
Main article: Efficiency wages

In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, are determined by more than simply supply and demand. ...

Some possible practical implications of Stiglitz theorems

While there can be no possible questioning of the mathematical validity of Stiglitz et al. theorems, their practical implications in political economy and their application in real life economic policies have been subject to considerable debates and disagreements [9]. Stiglitz himself seems to be continuously adapting his own political-economic discourse, [10] as we can see from the evolution in his positions as initially stated in Whither Socialism? (1994) to his own new positions held on his most recent publications. The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... Economic policy refers to the actions that governments take in the economic field. ...

Once incomplete and imperfect information are introduced, Chicago-school defenders of the market system cannot sustain descriptive claims of the Pareto efficiency of the real world. Thus, Stiglitz's use of rational-expectations equilibrium assumptions to achieve a more realistic understanding of capitalism than is usual among rational-expectations theorists leads, paradoxically, to the conclusion that capitalism deviates from the model in a way that justifies state action--socialism--as a remedy.[11]
The effect of Stiglitz's influence is to make economics even more presumptively interventionist than Samuelson preferred. Samuelson treated market failure as the exception to the general rule of efficient markets. But the Greenwald-Stiglitz theorem posits market failure as the norm, establishing "that government could potentially almost always improve upon the market's resource allocation." And the Sappington-Stiglitz theorem "establishes that an ideal government could do better running an enterprise itself than it could through privatization"[12] (Stiglitz 1994, 179).[11]

The objections to the wide adoption of these positions suggested by Stiglitz's discoveries do not come from economics itself but mostly from political scientists and are in the fields of sociology. As David L. Prychitko discusses in his "critique" to Whither Socialism? (see below), although Stiglitz's main economic insight seems generally correct, it still leaves open to question great constitutional questions such as how the coercive institutions of the state should be constrained and what is the relation between the state and civil society.[13] The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... Socialism refers to a broad array of ideologies and movements which aim to improve society through collective and egalitarian action; and to a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Samuelson or Samuelsson is a surname, and may refer to: Cecil O. Samuelson (1941 – ), president of Brigham Young University Don Samuelson (1913 – 2000), Republican politician from Idaho Fred Samuelson (1925 – ), American abstract painter G. B. Samuelson (1888 – 1947), British filmmaker Gar Samuelson (1958 – 1999), drummer for the band, Megadeath Marcus... Samuelson or Samuelsson is a surname, and may refer to: Cecil O. Samuelson (1941 – ), president of Brigham Young University Don Samuelson (1913 – 2000), Republican politician from Idaho Fred Samuelson (1925 – ), American abstract painter G. B. Samuelson (1888 – 1947), British filmmaker Gar Samuelson (1958 – 1999), drummer for the band, Megadeath Marcus... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Sociology (from Latin: socius, companion; and the suffix -ology, the study of, from Greek λόγος, lógos, knowledge) is an academic and applied discipline that studies society and human social interaction. ...


Politics

Stiglitz in Washington (1992 - 2000)

Stiglitz moved to Washington in March 1992 to join the Clinton Administration, first as a member, and then as Chairman of the Council of Economic Advisers, in which capacity he also served as a member of the cabinet. He became deeply involved in environmental issues, which included serving on the Intergovernmental Panel on Climate Change, and helping draft a new law for toxic wastes (which was never passed). Some of the ideas that Stiglitz had helped formulate, like adverse selection and moral hazard, are now part of the every day language of the policy debate in health care. President Clintons Cabinet, circa 1993 The Presidency of Bill Clinton, also known as the Clinton Administration, was the executive branch of the federal government of the United States from 1993 to 2001 while Bill Clinton served as President of the United States. ... The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. ... IPCC is the science authority for the UNFCCC The Intergovernmental Panel on Climate Change (IPCC) was established in 1988 by two United Nations organizations, the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP), to evaluate the risk of climate change brought on by humans, based mainly on... Adverse selection or anti-selection is a term used in economics and insurance. ... This section is studied by Argagui monopoli In law and economics, moral hazard is the name given to the risk that one party to a contract can change their behaviour to the detriment of the other party once the contract has been concluded. ...


Stiglitz's most important contribution in this period was helping define a new economic philosophy, a "third way", which recognized the important, but limited, role of government, that unfettered markets often did not work well, but that government was not always able to correct the limitations of markets. The academic research that he had been conducting over the preceding twenty-five years provided the intellectual foundations for this "third way".


When President Bill Clinton was re-elected, he asked Stiglitz to continue to serve as Chairman of the Council of Economic Advisers for another term. But he had already been approached by the World Bank, to be its senior vice president for development policy and its chief economist. William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. ... ...


As the World Bank began its ten year review of the transition of the former Communist countries to the market economy it unveiled failures of the countries that had followed the International Monetary Fund (IMF) shock therapy policies - both in terms of the declines in GDP and increases in poverty - that were even worse than the worst that most of its critics had envisioned at the onset of the transition. Clear links existed between the dismal performances and the policies that the IMF had advocated, such as the voucher privatization schemes and excessive monetary stringency. Meanwhile, the success of a few countries that had followed quite different strategies suggested that there were alternatives that could have been followed. The U.S. Treasury had put enormous pressure on the World Bank to silence his criticisms of the policies which they and the IMF had pushed. This article is about communism as a form of society and as a political movement. ... This article needs additional references or sources to facilitate its verification. ... This article needs additional references or sources to facilitate its verification. ... A boy from an East Cipinang trash dump slum in Jakarta, Indonesia shows what he found. ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... ...


Stiglitz always had a poor relationship with Treasury Secretary Lawrence Summers. In 2000 Summers successfully petitioned for Stiglitz's removal, supposedly in exchange for World Bank President James Wolfensohn's re-appointment – an exchange that Wolfensohn denies took place. Whether Summers ever made such a blunt demand is questionable – Wolfensohn claims he would "have told him to fuck himself" (Mallaby, The World's Banker, p. 266). The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... Lawrence Henry (Larry) Summers (born November 30, 1954) is an American economist and academic. ... James D. Wolfensohn (2003) James Wolfensohn AO KBE (born December 1, 1933) was the ninth president of the World Bank Group. ...


Stiglitz resigned a month before his term expired at the World Bank, and left the Bank on January 2000.[14] The Bank's president, James Wolfensohn, announced Stiglitz's resignation in November 1999 and also announced that Stiglitz would stay on as "special advisor to the president", and would chair the search committee for a successor. ... ...

"Joseph E. Stiglitz said today [Nov. 24, 1999] that he would resign as the World Bank's chief economist after using the position for nearly three years to raise pointed questions about the effectiveness of conventional approaches to helping poor countries".[15]

In this role, he continued criticism of the IMF, and, by implication, the US Treasury Department. In April 2000, in an article for the New Republic, he wrote on the IMF: For other uses, see New Republic. ...

"They’ll say the IMF is arrogant. They’ll say the IMF doesn’t really listen to the developing countries it is supposed to help. They’ll say the IMF is secretive and insulated from democratic accountability. They’ll say the IMF’s economic ‘remedies’ often make things worse – turning slowdowns into recessions and recessions into depressions. And they’ll have a point. I was chief economist at the World Bank from 1996 until last November, during the gravest global economic crisis in a half-century. I saw how the IMF, in tandem with the U.S. Treasury Department, responded. And I was appalled".

The article was published a week before the annual meetings of the World Bank and IMF and provoked a strong response. It proved too strong for Summers, yet more lethally, Stiglitz's protector-of-sorts at the World Bank, Wolfensohn. Wolfensohn had privately empathised with Stiglitz's views, yet this time Wolfensohn was worried for his second term, which Summers had threatened to veto. Stanley Fisher, deputy managing director of the International Monetary Fund, called a special staff meeting and informed at that gathering that Wolfensohn had agreed to fire Stiglitz. Meanwhile, the Bank's External Affairs department told the press that Stiglitz had not been fired, his post had merely been abolished (see US Hegemony and the World Bank, pp 222-223, by Wade in 2002, Review of the International Political Economy). [16] This article needs additional references or sources to facilitate its verification. ...


Initiative for Policy Dialogue

In July 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), with support of the Ford, Rockefeller, McArthur, and Mott Foundations and the Canadian and Swedish government, to enhance democratic processes for decision making in developing countries, to ensure that a broader range of alternatives are on the table and more stakeholders are at the table. The Initiative for Policy Dialogue (IPD) is a non-profit organization based at Columbia University, founded in July 2000 by Joseph E. Stiglitz to help developing countries explore policy alternatives, and enable wider civic participation in economic policymaking. ... ...

The Initiative for Policy Dialogue (IPD) is a non-profit organization based at Columbia University, founded in July 2000 by Joseph E. Stiglitz to help developing countries explore policy alternatives, and enable wider civic participation in economic policymaking. ...

Reviews on some books published by Stiglitz

Along with his technical economic publications (he has published over 300 technical articles), Stiglitz is the author of several books in which he uses his command of economic logic to good effect, offering clear discussions of dozens of complex issues, from patent law to abuses in international trade.


Stability with Growth: Macroeconomics, Liberalization and Development

In Stability with Growth: Macroeconomics, Liberalization and Development (2006), Stiglitz, José Antoni Ocampo (United Nations Under-Secretary-General for Economic and Social Affairs) Shari Spiegel (Managing Director, Initiative for Policy Dialogue - IPD ) Ricardo French-Davis (Main Adviser, Economic Commission for Latin America and the Caribbean - ECLAC ) and Deepak Nayyar (Vice Chancellor, University of Delhi) discuss the current debates on macroeconomics, capital market liberalization, and development, and develop a new framework within which one can assess alternative policies. They explain their belief that the Washington consensus has advocated narrow goals for development (with a focus on price stability) and prescribed too few policy instruments (emphasizing monetary and fiscal policies), and places unwarranted faith in the role of markets. The new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions. Policy-makers have pursued stabilization goals with little concern for growth consequences, while trying to increase growth through structural reforms focused on improving economic efficiency. Moreover, structural policies, such as capital market liberalization, have had major consequences for economic stability. This book challenge these policies by arguing that stabilization policy has important consequences for long-term growth and has often been implemented with adverse consequences. The first part of the book introduces the key questions and looks at the objectives of economic policy from different perspectives. The second part examines the central issues of macroeconomics, presenting an analysis of economic models and policy perspectives on stabilization from conservative, Keynesian, and heterodox perspectives. The third part presents a similar analysis for capital market liberalization. Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Heterodox economics [1] refers to approaches or schools of economic thought that do not conform to mainstream economics, which has largely developed from neoclassical economics in the late 19th century. ...


Making Globalization Work

Making Globalization Work (2006) surveys the iniquities of the global economy, and the mechanisms by which developed countries exert an excessive influence over developing nations. Dr Stiglitz argues that through recourse to various measures – be it overt trade tariffs, subtler subsidies, a patent system that developed countries are far better prepared to navigate, or the damage done to poor countries by global pollution – the world is being both economically and politically destabilised, from which we will all suffer. Making Globalization Work exposes the problems of how globalisation is currently being managed, the vested interests behind many decisions and the prospects for negotiating fairer terms for those worst affected. Dr Stiglitz tackles the problems immediately facing the world, arguing that strong, transparent institutions are needed to turn globalisation to favour the world's poorest, and to address the democratic deficit that is so keenly felt across the world. Stiglitz won the Nobel for exploring how uncertainty and poor information can make markets fail. Here shows how an examination of incomplete markets can make corrective government policies desirable. Making Globalization Work is a book written by Nobel Prize-winning author of Globalization and Its Discontents, Joseph E. Stiglitz. ...


Many of Stiglitz's criticisms are uncontroversial. He is hardly alone in believing that economic opportunities are not widely enough available, that financial crises are too costly and too frequent, and that the rich countries have done too little to address these problems. Making Globalization Work is an optimistic book, offering the hope that global society has the will or the ability to address global problems and that international economic integration will ultimately prove a force for good. Making Globalization Work[17] had sold more than two million copies.

Making Globalization Work is a book written by Nobel Prize-winning author of Globalization and Its Discontents, Joseph E. Stiglitz. ...

The Roaring Nineties

In 2003, Stiglitz published The Roaring Nineties, his analysis of the boom and bust of the 1990s. In 2004 he published "New Paradigm for Monetary Economics" (Cambridge University Press) and in 2005, Oxford University Press published his book "Fair Trade for All."


Globalization and Its Discontents

Stiglitz considers a pressing economic problem of our time when he argues that what we usually call "developing economies" are, in fact, not developing at all. Stiglitz, in Globalization and Its Discontents (2002), offers his views both of what has gone wrong and of what to do differently. But the main book also focus on who to blame. According to Stiglitz, the story of failed development does have a villain, and the villain has been the IMF. Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written by the 2001 Nobel laureate Joseph E. Stiglitz. ...


In Globalization and Its Discontents Stiglitz bases his argument for different economic policies on the themes that his decades of theoretical work have emphasized: namely, what happens when people lack the key information that bears on the decisions they have to make, or when markets for important kinds of transactions are inadequate or don't exist, or when other institutions that standard economic thinking takes for granted are absent or flawed. The implication of each of these absences or flaws is that free markets, left to their own devices, do not necessarily deliver the positive outcomes claimed for them by textbook economic reasoning that "assumes that people have full information, can trade in complete and efficient markets, and can depend on satisfactory legal and other [?? missing word; maybe "institutions"?]". Stiglitz stresses the point: "Recent advances in economic theory" (in part referring to his own work) "have shown that whenever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly." As a result, Stiglitz continues, governments can improve the outcome by well-chosen interventions. At the level of national economies, when families and firms seek to buy too little compared to what the economy can produce, governments can fight recessions and depressions by using expansionary monetary and fiscal policies to spur the demand for goods and services. At the microeconomic level, governments can regulate banks and other financial institutions to keep them sound. They can also use tax policy to steer investment into more productive industries and trade policies to allow new industries to mature to the point at which they can survive foreign competition. And governments can use a variety of devices, ranging from job creation to manpower training to welfare assistance, to put unemployed labor back to work and, at the same time, cushion the human hardship deriving from what — importantly, according to the theory of incomplete information, or markets, or institutions — is no one's fault. Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written by the 2001 Nobel laureate Joseph E. Stiglitz. ...


Stiglitz complains bitterly that the IMF has done great damage through the economic policies it has prescribed that countries must follow in order to qualify for IMF loans, or for loans from banks and other private-sector lenders that look to the IMF to indicate whether a borrower is creditworthy. The organization and its officials, he argues, have ignored the implications of incomplete information, inadequate markets, and unworkable institutions—all of which are especially characteristic of newly developing countries. As a result, Stiglitz argues, time and again the IMF has called for policies that conform to textbook economics but do not make sense for the countries to which the IMF is recommending them. Stiglitz seeks to show that the consequences of these misguided policies have been disastrous, not just according to abstract statistical measures but in real human suffering, in the countries that have followed them. The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ...

Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written by the 2001 Nobel laureate Joseph E. Stiglitz. ...

Whither Socialism ?

Description

Whither Socialism ? is based on Stiglitz's Wicksell Lectures, presented at the Stockholm School of Economics in 1990 and presents a convenient and well-written summary of the central themes of the new information economics and is as an excellent primer on the theory of markets with imperfect information and imperfect competition as well as being a critique of both free market and market socialist approaches (see Roemer critique, op. cit.). Stiglitz explains how the neoclassical, or Walrasian model ("Walrasian economics" refers to the result of the process which has given birth to a formal representation of Smith's notion of invisible hand, along the lines put forward by Walras and encapsulated in the general equilibrium model of Arrow-Debreu) , which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the information economics established by the Greenwald-Stiglitz theorems, that provides greater theoretical insight into the workings of a market economy and offers a clearer guidance for the setting of policy in transitional economies. Information economics is a branch of microeconomic theory (classified under JEL code D8) that studies how information affects economic decisions. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... For other use of Invisible Hand, please see Invisible hand (disambiguation) The invisible hand is a metaphor coined by the economist Adam Smith to illustrate how those who seek wealth by following their individual self-interest, stimulate the economy as a secondary effect and thus assist society as a whole. ... Marie-Ésprit-Léon Walras (December 16, 1834 in Évreux, France - January 5, 1910 in Clarens, near Montreux, Switzerland) was a French economist, considered by Joseph Schumpeter as the greatest of all economists. He was a mathematical economist associated with the creation of the general equilibrium theory. ... The Arrow-Debreu model, also referred to as the Arrow-Debreu-McKenzie model (ADM model) is the central model in the General (Economic) Equilibrium Theory and often used as a general reference for other microeconomic models. ... Socialism refers to a broad array of ideologies and movements which aim to improve society through collective and egalitarian action; and to a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Information economics is a branch of microeconomic theory (classified under JEL code D8) that studies how information affects economic decisions. ...


One of the reasons Stiglitz sees for the critical failing in the standard neoclassical model, on which market socialism was built, is its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness. [18] Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... Socialism refers to a broad array of ideologies and movements which aim to improve society through collective and egalitarian action; and to a socio-economic system in which property and the distribution of wealth are subject to control by the community. ...

Critique

Whither Socialism ? has been subject to various critiques such as those of the Yale professor John E. Roemer (An Anti-Hayekian Manifesto - 1995) [19], the one written by Peter Boettke, the Deputy Director of the James M. Buchanan Center for Political Economy (1996) [20], as well as the critique by David L. Prychitko, a professor of economics at Northern Michigan University, which was published in The Cato Journal (fall 1996). Prychitko says that "the book hopes to go beyond the confines of pure technical economic theory, as its title implies. Stiglitz makes efforts to join the dialogue in political economy, and wonders "whether the insights of modern economic theory and the utopian ideals of the nineteenth century can be brought closer together?" (p. 277). It is precisely this comment that invites criticism, not so much because he wants to save some socialist ideals (incredibly, however, through a "people's capitalism" [p. 265]), but rather because of his unexamined presuppositions regarding how to do so." "Stiglitz insists that we should not ask whether or not the state has a role to play in the economy, but rather how large a role, and in what specific tasks (p. 231). For Stiglitz, the problem is posed correctly only when we seek an "appropriate balance between markets and government" (p. 267)," but he fails to indicate what an "appropriate balance" would be. "Stiglitz formally demonstrates the potential efficiency-enhancing properties of the state based on the Greenwald-Stiglitz theorems (establishing the - constrained - Pareto inefficiency of market economies with imperfect information and incomplete markets), and "believes that solutions to worldly problems can become illuminated by this new set of mathematical theorems, to replace the old theorems of Arrow-Debreu and Lange-Lerner (pp. 4-6, 231-32)." [13] “Yale” redirects here. ... Northern Michigan University is a four-year university established in 1899 located in Marquette, Michigan of Michigans Upper Peninsula. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ...


Stiglitz mentions that economics must be recast as something more than a constrained maximization problem, and proposes his own alternative--a mathematical theorem that encompasses more complex, nonlinear vectors.


"Stiglitz's main insight is generally correct -- that the state cannot be ruled out or that it should be ruled in --, but leaves open the grand constitutional questions: How will the coercive institutions of the state be constrained? What is the relation between the state and civil society? His book fails on these political aspects because it has not addressed the broader constitutional concerns that James McGill Buchanan Jr. [21] (1975) and other economists have raised." [13]

Main article: Information economics

Information economics is a branch of microeconomic theory (classified under JEL code D8) that studies how information affects economic decisions. ...

Papers and conferences

Dr. Stiglitz wrote a series of papers and held a series of conferences explaining how such information uncertainties may have influence on everything from unemployment to lending shortages. As the chairman of the Council of Economic Advisers during the Clinton Administration and former chief economist at the World Bank, Dr. Stiglitz was able to put some of his views into action. For example, he was an outspoken critic of quickly opening up financial markets in developing countries. These markets rely on access to good financial data and sound bankruptcy laws, but he argued that many of these countries didn't have the regulatory institutions needed to ensure that the markets would operate soundly. ...


Stiglitz' Critics

Some laissez-faire and free-market economists fear that Stglitz lines of reasoning, which is based on theories of Information economics and information asymmetry, could amount to an economic argument for more government intervention and regulation, which they find distorting and inefficient. These economists rather hold that if imperfect information sometimes distorts markets, then governments should address the underlying distortions with transparent processes, simpler rules and less direct intervention in the market. Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Information economics is a branch of microeconomic theory (classified under JEL code D8) that studies how information affects economic decisions. ... In economics, information asymmetry occurs when one party to a transaction has more or better information than the other party. ...


Stiglitz, on his book Whither Socialism, advocates that the point is not not whether or not the state has a role to play in the economy, but rather how large a role, and in what specific tasks (p. 231). For Stiglitz, the problem lies on finding an "appropriate balance between markets and government" (p. 267). Stiglitz mathematiccally and formally demonstrated the potential efficiency-enhancing properties of the state based on the Greenwald-Stiglitz theorems (by establishing the - constrained - Pareto inefficiency of market economies with imperfect information and incomplete markets), and he hopes to, and works to find solutions which would be guided by this new set of mathematical theorems, which replace the old theorems of Arrow-Debreu and Lange-Lerner (pp. 4-6, 231-32) [13] . Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... The Arrow-Debreu model, also referred to as the Arrow-Debreu-McKenzie model (ADM model) is the central model in the General (Economic) Equilibrium Theory and often used as a general reference for other microeconomic models. ... Oskar Lange monument at the Wrocław University of Economics Oskar Ryszard Lange (born July 27, 1904 in Tomaszów Mazowiecki, Poland - died October 2, 1965 in London, United Kingdom) was a Polish economist and diplomat. ... Abba Ptachya Lerner (October 28, 1903 - October 27, 1982) was an American economist. ...


Personal Information

Stiglitz's first two marriages ended in divorce. He was married for the third time on October 28, 2004, to Anya Schiffrin, who works at the School of International and Public Affairs at Columbia University. is the 301st day of the year (302nd in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Anya Schiffrin is co-director of the International Media and Communications (IMC) program and an adjunct professor at Columbia University in New York City, where she teaches Topics in International Business and Economic Reporting. ...


Publications

Books
  • 2006, Stability with Growth: Macroeconomics, Liberalization, and Development ISBN 0-19-928814-3 (Initiative for Policy Dialogue Series C); by Joseph E. Stiglitz, Jose Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar; Oxford University Press 2006
  • 1996, Whither Socialism ? STIGLITZ, Joseph E., (Wicksell Lectures), MIT Press, January 1996.
  • 2000, Frontiers of Development Economics: The Future in Perspective, edited with Gerald M. Meier, World Bank, May 2000.
  • 2002, Principles of Macroeconomics, third edition, with Carl E. Walsh, W.W. Norton & Company, March 2002.
  • 2002, Economics, Third Edition, with Carl E. Walsh, W.W. Norton & Company, April 2002.
  • 2002, Peasants Versus City-Dwellers: Taxation and the Burden of Economic Development, with Raaj K. Sah, Oxford University Press, April 2002.
  • Towards a New Paradigm in Monetary Economics, with Bruce Greenwald, Cambridge University Press.
  • 2003, The Roaring Nineties, W.W. Norton & Company, forthcoming in October 2003.
  • Fair Trade for All: How Trade Can Promote Development (Initiative for Policy Dialogue Series C) -- by Joseph E. Stiglitz, Andrew Charlton; Hardcover
  • Economics of the Public Sector. by Joseph E. Stiglitz
  • 2002, The Rebel Within: Joseph Stiglitz and the World Bank by Joseph E. Stiglitz (Editor), Ha-Joon Chang (Editor), ISBN 1-898855-91-9, Anthem Press, Wimbledon Publishing Company (Paperback - February 25, 2002)
  • 2005, The Development Round Of Trade Negotiations In The Aftermath Of Cancun by Joseph E. Stiglitz, Andrew Charlton (Paperback - January 30, 2005)
  • 2005, A Chance For The World Bank by Joseph P Stiglitz (Foreword), Jozef Ritzen, ISBN 1-84331-162-3, Anthem Press, Wimbledon Publishing Company (Paperback - May 30, 2005)
  • Readings in the Modern Theory of Economic Growth by Joseph E. Stiglitz (Editor), Hirofumi Uzawa (Editor)
Articles, conferences, papers, videos
  • 2007, Where is the World Going To, Mr. Stiglitz? directed by Jacques Sarasin, First Run Features [1]
  • 2001, New Ideas About Old Age Security: Toward Sustainable Pension Systems in the 21st Century , edited with Robert Holzmann, World Bank, January 2001.
  • 1996, The World Bank Research Observer: No 2: August 1996 by Joseph Stiglitz
  • 1993, “Post Walrasian and post Marxian economics,” Journal of Economic Perspectives, vol. 7, pp. 109-14
  • 1993, “Market socialism and neoclassical economics,” in Bardhan, P. K. and Roemer, J. E. (eds.), Market Socialism. The Current Debate, New York: Oxford University Press
  • 1989, “Principal and agent,” in J. Eatwell, M. Milgate and P. Newman (eds.), The New Palgrave. Allocation, Information and Markets. New York: W. W. Norton
  • 1987, “The causes and consequences of the dependence of quality on prices,” Journal of Economic Literature, vol. 25, pp. 1-48
  • 1981, Credit Rationing in Markets with Imperfect Information, The American Economic Review, Vol. 71, No.3 (June 1981),pp.393-410, by Joseph E. Stiglitz and Andrew Weiss
  • World Bank Video presentation

Making Globalization Work is a book written by Nobel Prize-winning author of Globalization and Its Discontents, Joseph E. Stiglitz. ... Carl E. Walsh is a Professor of Economics (1987-) and Vice Provost of the Silicon Valley Initiatives (2005-) at the University of California, Santa Cruz as well as Economist at the Federal Reserve Bank of San Francisco (1985-). // He is a Professor of Economics at UCSC. He joined the faculty... Carl E. Walsh is a Professor of Economics (1987-) and Vice Provost of the Silicon Valley Initiatives (2005-) at the University of California, Santa Cruz as well as Economist at the Federal Reserve Bank of San Francisco (1985-). // He is a Professor of Economics at UCSC. He joined the faculty... Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written by the 2001 Nobel laureate Joseph E. Stiglitz. ...

References

  1. ^ a b Joseph E. Stiglitz: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001
  2. ^ a b GREENWALD, Bruce and STIGLITZ, Joseph E. 1986 Externalities in Economies with Imperfect Information and Incomplete Markets, Quarterly Journal of Economics, no. 90.
  3. ^ WANG, Shaoguang. The State, Market Economy, and Transition. Department of Political Science, Yale University.
  4. ^ STIGLITZ, Joseph E. There is no invisible hand. London: The Guardian Comment, December 20, 2002.
  5. ^ ALTMAN, Daniel. Managing Globalization. In: Q & Answers with Joseph E. Stiglitz, Columbia University and The International Herald Tribune, Oct 11, 2006 05:03AM.
  6. ^ STIGLITZ, Joseph E. Prize Lecture: Information and the Change in the Paradigm in Economics. Joseph E. Stiglitz held his Prize Lecture December 8, 2001, at Aula Magna, Stockholm University. He was presented by Lars E.O. Svensson, Chairman of the Prize Committee.
  7. ^ a b SHAPIRO, Carl and STIGLITZ, Joseph E. Equilibrium Unemployment as a Worker Discipline Device. The American Economic Review, Vol. 74, No. 3 (Jun., 1984), pp. 433-444.
  8. ^ AUTOR, David H. Lecture Note: Efficiency wages, the Shapiro-Stiglitz Model, MIT and NBER,November 1, 2003
  9. ^ SANAHUJA, José Antonio. Consensus, dissensus, confusion: the "Stiglitz Debate" in perspective. Development in Practice, Vol 14, 2004
  10. ^ FRIEDMAN, Benjamin M. Globalization: Stiglitz's Case. The New York Review of Books, Volume 49, Number 13 · August 15, 2002
  11. ^ a b BOETTKE, Peter J. What Went Wrong with Economics?, Critical Review Vol. 11, No. 1, P. 35. p. 58
  12. ^ SAPPINGTON, David E. M. e STIGLITZ, Joseph E. Privatization, Information and Incentives. Columbia University; National Bureau of Economic Research (NBER) June 1988; NBER Working Paper No. W2196
  13. ^ a b c d PRYCHITKO, David L. Book Reviews, Whither Socialism?, The Cato Journal, Cato Institute, vol. 16, no. 2. David L. Prychitko is the Head of the Department of Economics (Northern Michigan University), a Faculty Affiliate in the Program on Markets and Institutions at the James M. Buchanan Center for Political Economy (George Mason University) and the author of over a dozen socio-economic books mainly on Marxism and socialism
  14. ^ HAGE, Dave. Joseph Stiglitz -- A Dangerous Man, A World Bank Insider Who Defected. Minneapolis Star-Tribune, October 11, 2000
  15. ^ Richard W. Stevenson, Outspoken chief economist leaving World Bank, New York Times (November 25, 1999).
  16. ^ WADE, Robert. U.S. Hegemony and the World Bank: Stiglitz's Firing And Kanbur's Resignation., New Left Review, 9 Oct 2000, pp 9-10.
  17. ^ see Stiglitz discuss his book on Youtube
  18. ^ ZAPIA, Carlo. The economics of information, market socialism and Hayek's legacy., Dipartimento di Economia Politica, Università di Siena
  19. ^ ROEMER, John E. An Anti-Hayekian Manifesto., New Left Review I/211, May-June 1995
  20. ^ Whither Socialism? by Joseph E. Stiglitz, Author(s) of Review: Peter J. Boettke, Journal of Economic Literature, Vol. 34, No. 1 (Mar., 1996), pp. 189-191
  21. ^ BUCHANAN, James M. Public Finance and Public Choice, National Tax Journal,1975.

External links

Wikiquote has a collection of quotations related to:
Joseph E. Stiglitz
  • Joseph Stiglitz's homepage
  • STIGLITZ, Joseph E. Prize Lecture: Information and the Change in the Paradigm in Economics. Joseph E. Stiglitz held his Prize Lecture December 8, 2001, at Aula Magna, Stockholm University. He was presented by Lars E.O. Svensson, Chairman of the Prize Committee.
  • Joseph Stiglitz -- A Dangerous Man, A World Bank Insider Who Defected., HAGE, Dave, Minneapolis Star-Tribune, October 11, 2000
  • Audio of Stglitz's lecture in The Hindu Public Lecture Series at Chennai
  • Initiative for Policy Dialogue (IPD) official website
  • Joseph Stiglitz speaks about Making Globalization Work
  • Policy Innovations Advisory Board Member
  • The Brooks World Poverty Institute at the University of Manchester
  • Stiglitz explains how the IMF destroys nations
  • An Open Letter to Joseph Stiglitz, by Kenneth Rogoff, Economic Counsellor and Director of the Research Department, IMF
  • The Economists' Voice
  • Autobiographical essay in acceptance of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
  • Joseph E. Stiglitz's syndicated monthly op/ed column for Project Syndicate
  • "More instruments and broader goals: Moving toward the post-Washington Consensus" (PDF 287KB) The (freely) published UNU-WIDER 1998 Annual Lecture
  • Critical review of Globalization and its Discontents by Tony Smith
  • Critical View of Stiglitz's Externality Model, From A Free Market Perspective
  • "The Economic Costs of the Iraq War: An Appraisal Three Years After the Beginning of the Conflict" - A paper that estimates the total cost to the U.S. of the second Iraq War to be $1-2 trillion. Co-authored with Linda Bilmes.
  • The 2 Trillion Dollar War December-2006 @ Rolling Stone
Video lectures
  • Joseph Stiglitz on Google Video, Google Video
  • Fair Trade for All: How Trade Can Promote Development, Carnegie Council
  • The Roaring Nineties by Joseph Stiglitz, World Bank
  • Joseph Stiglitz and Kenneth Rogoff discuss: Globalization and Its Discontents, World Bank
  • Information and the Change in the Paradigm in Economics - Nobel lecture, Nobelprize.org
  • Rewriting history, Kellogg School of Management, Northwestern University
  • The Future of Globalization: Lessons from Cancun and Recent Financial Crises, Globalization research group, Duke
Preceded by
Laura D'Andrea Tyson
Chairman of the Council of Economic Advisers
1995-1997
Succeeded by
Janet Yellen
Preceded by
Michael Bruno
World Bank Chief Economist
1997-2000
Succeeded by
Nicholas Stern
Persondata
NAME Stiglitz, Joseph E.
ALTERNATIVE NAMES
SHORT DESCRIPTION Economist
DATE OF BIRTH February 9, 1943
PLACE OF BIRTH Gary, Indiana
DATE OF DEATH
PLACE OF DEATH

 
 

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