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I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.

Joseph Stiglitz

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Joseph Stiglitz
Age: 81
Born: 1943
Born: February 9
Critic
Economist
Non-Fiction Writer
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Writer
Gary
Indiana
Joseph Eugene Stiglitz
Joseph Stiglitz
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More quotes by Joseph Stiglitz

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In the early 1990s, there was a debate among economists over shock therapy versus a gradualism strategy for Russia. The people in Russia who believed in shock therapy were Bolsheviks a few people at the top that rammed it down everybody's throat. They viewed the democratic process as a real impediment to reform.
Joseph Stiglitz
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The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn't seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn. Too late.
Joseph Stiglitz
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You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate.
Joseph Stiglitz
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Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.
Joseph Stiglitz
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I don't think anybody really thinks that one should get rid of the World Bank. Reform is one thing, but getting rid of it I think would be wrong.
Joseph Stiglitz
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These debt obligations will simply erode America's standard of living in the future. Money spent to service the debt is money that we don't have to spend on consumption's goods, or on investment in our future.
Joseph Stiglitz
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Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.
Joseph Stiglitz
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Drug companies spend more on advertising and marketing than on research, more on research on lifestyle drugs than on life saving drugs, and almost nothing on diseases that affect developing countries only. This is not surprising. Poor people cannot afford drugs, and drug companies make investments that yield the highest returns.
Joseph Stiglitz
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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?
Joseph Stiglitz
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My teachers helped guide and motivate me but the responsibility of learning was left with me, an approach to learning which was later reinforced by my experiences at Amherst.
Joseph Stiglitz
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I knew that discrimination existed, even though there were many individuals who were not prejudiced.
Joseph Stiglitz
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The country has large unfunded liabilities - social security, health care, and there will have to be some adjustments to these problems. What is scary though is how much worse things have gotten in the last eight years, and the Iraq war is one of the main factors.
Joseph Stiglitz
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I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.
Joseph Stiglitz
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Negative effects on the economy were covered up with a flood of liquidity from the Fed. That,plus lax regulation, led to a housing bubble, a consumption boom - but we were living on borrowed money. It was inevitable that there would be a day of reckoning, and it has now come. We will be paying the costs with interest.
Joseph Stiglitz
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The Bush administration has been doing everything it can to hide the huge number of returning veterans who are severely wounded - 17,000 so far including roughly 20 percent with serious brain and head injuries. Even the estimate of $500 billion ignores the lifetime disability and healthcare costs that taxpayers will have to spend for years to come.
Joseph Stiglitz
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Amherst is a liberal arts college, committed to providing students with a broad education.
Joseph Stiglitz
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The problem with NAFTA was with what we wanted. And there, the agenda had been set by our corporations. So what is true is that workers in the United States and workers in the developing countries were often disadvantaged. They were worse off. The big winners were our corporations.
Joseph Stiglitz
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In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
Joseph Stiglitz
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The grand larceny that occurred in Russia, the corruption that resulted in nine or ten people getting enormous wealth through loans-for-shares, was condoned because it allowed the reelection of Boris Yeltsin.
Joseph Stiglitz
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If you destroy a firm, you can't pull it out of bankruptcy overnight.
Joseph Stiglitz