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 don't think if we had been able to make that choice rationally, we would have said that's what we want to do. We would have said: "Can't we save the banks and solve our health care problems?" The answer is yes. You could have.
Most people think the Iraq war has increased the probability of an attack. However, it's difficult to put this aspect into financial terms.
I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.
I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"
If the President asked you to help, I don't think anybody could refuse, unless one felt that one couldn't be effective.
I think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are.
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.