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Joseph Stiglitz Biography

Joseph Stiglitz

Joseph Eugene Stiglitz (/ˈstɪɡlɪts/; born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the (US president's) Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of laissez-faire economists (whom he calls "free market fundamentalists"), and of international institutions such as the International Monetary Fund and the World Bank.

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Joseph Stiglitz Quotes

Global demand for dollars has supplanted demand for manufactured goods and services, resulting in multilateral trade deficits and loss of jobs at home.

Deficits, Home, Loss, Manufactured, Resulting, Trade

Fortunately, America remains a robust democracy, where most individuals are not afraid to speak out. What we have done in Iraq has, however, compromised out standing as an advocate of basic human rights - the prime minister of one country responding to criticism of America for its human rights put it, it was liking having Dracula guard the blood bank. The loss of America's moral standing has been one of the great losses of this war.

Country, Criticism, Dracula, Having, Loss, War

There is a growing consensus that the European systems have worked better than the American: They have been able to deliver better health care to more people at lower cost.

American, Cost, Growing, People, Systems

I went to Amherst because my brother had gone there before me, and he went there because his guidance counselor thought that we would do better there than at a large university like Harvard.

Brother, Counselor, Gone, Guidance, Like, Thought

Economically, we are gain weaker. Millions of Americans have no health insurance - including many poor children. if they do not get the care they need, they may become scarred for life; but the President George W. Bush vetoed the children's health insurance bill - evidently we couldn't afford it. But we were talking about just a few days fighting in Iraq.

Children, Fighting, George, Health, President

Wall Street banks have used the same tactic that Bush used in the war on terror - fear - and they've basically said that if you don't do what we tell you, the sky will fall. If you don't do what we tell you, it will be the end of capitalism as we know it. The failure of Lehman Brothers lent some credence to those fears.

Brother, Failure, Lent, Used, Wall, War

One has to always ask the question: Where can one be most effective in helping shape policies? It is always difficult when you're inside because you're very constrained.

Ask, Difficult, Helping, Shape, Shapes

The important lesson of the deficit is - and the national debt - is we have to be careful about how we're spending money.

Careful, Debt, Deficit, Important, Lessons, Money

Trickle-down economics is a myth. Enriching corporations - as the TPP would - will not necessarily help those in the middle, let alone those at the bottom.

Corporations, Economics, Enriching, Helping, Let

You saw on your TV what happened in New Orleans after Hurricane Katrina. The Reserves or National Guard are usually the people we use for those national emergencies. They weren't here, they were over in Iraq, and so we were less protected.

Iraq, New Orleans, People, Reserves, Use

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.

Foundation, Imperfect, Information, Limitations, Say, Whenever

World War II was really unusual, because America was in the Great Depression before. So the war did help the US economy to get securely out of this decline. This time, the war [in Iraq] is bad for the economy in both the short and long run. We could have spent trillions in research or education instead. This would have led to future productivity increases.

Bad, Iraq, Led, Research, Running, War

This Iraq war has been the most "privatized" war in America's history. It has seen the most extensive use of contractors. The contractors have increased the costs; but they have been necessary - the military simply could not have done it on their own. we would have had to increase the size of the military. But the George W. Bush Administration wanted America to believe that it could have a war, essentially for free, without raising taxes, without increasing the size of the armed forces.

Believe, Essentially, Free, Increased, Military, War

The median family income in the U. S. is lower than it was a quarter-century ago, and if people don't have income, they can't consume, and you can't have a strong economy. There's significant risk - actually it's no longer a risk - a significant likelihood of a marked slowdown not only in China, but also in a lot of other countries like Brazil, which is in recession. All of the other countries that depend on commodities, including Canada, are facing difficulties. So it's hard to see a story of a strong U. S. economy.

China, Country, Family, Marked, People, Strong

During my three years as chief economist of the World Bank, labor market issues were looked at through the lens of neoclassical economics. A standard message was to increase labor market flexibility. The not-so-subtle subtext was to lower wages and lay off unneeded workers.

Economist, Issues, Labor, Lens, Unneeded, World

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?"

Banking, Levels, Macro, Structure, Thinking, Underlying

Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.

Behavior, Debt, Government, Lender, Prudential

The protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. But increasingly, and especially in the US, it seems that the political system is more akin to "one dollar one vote" than to "one person one vote". Rather than correcting the market failures, the political system was reinforcing them.

Democracy, Four, Meaningful, Person, Real, Years

I trace the inequality to a particular set of decisions that we took when we lowered the tax rate from 91% down to very low levels at the top, where we stripped away regulations. So the result of that was not a more dynamic economy, but a more unequal society. We tried the experiment of trickle-down. A third of a century later, we can say fairly definitively that it was a failure.

Decision, Decisions, Levels, Regulation, Tax, Unequal

International lending banks need to focus on areas where private investment doesn't go, such as infrastructure projects, education and poverty relief.

Education, Focus, Projects, Relief

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