Joseph Stiglitz
Joseph Stiglitz
Joseph Eugene Stiglitz, ForMemRS, FBA, is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciencesand the John Bates Clark Medal. He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of theCouncil of Economic Advisers. He is known for his critical view of the management of globalization, laissez-faire economists, and some international institutions like the International Monetary...
NationalityAmerican
ProfessionEconomist
Date of Birth9 February 1943
CountryUnited States of America
I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.
But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.
As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.
They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets for instance, whenever information is imperfect, which is to say always.
Elderly people remember when they could go to the movie for a nickel or a quarter,
One needs to find innovative ways to transfer and absorb risks better within Asia, better ways of managing Asian financial markets.
China's growth has been export-based, but it may be difficult for it to sustain the pace of export growth.
China has been selling a lot of goods to the West, particularly to the US, but at the same time it has been providing the money to provide the goods.
You can increase the price from 25 to 40 dollars, and people can absorb it. If the price rises above 60 dollars, they become unhappy. They start to adjust, they move to smaller cars, drive a little bit less.
I told the commission that offering the two versions of Windows without a price difference was not a level playing field.
The US economy has lots of vulnerabilities in debts and deficits.
The question is whether some of the fears of last year will be realized this year. There is strong reason to worry.
The question is whether it'll be a stable country, will it be a country in which a diversity of views, open transparency, women's rights are recognized. The likelihood of that remains very low.
Anybody looking at these models would say they can't provide a good description of the modern world.