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Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.

Joseph Stiglitz

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Joseph Stiglitz
Age: 81
Born: 1943
Born: February 9
Critic
Economist
Non-Fiction Writer
Professor
Science Writer
University Teacher
Writer
Gary
Indiana
Joseph Eugene Stiglitz
Joseph Stiglitz
Never
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More quotes by Joseph Stiglitz

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The national debt will have increased by approximately 50% in just eight years! We will have created a new unfunded entitlement - disability and health care benefits for the huge number of disabled veterans returning from the Iraq war.
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Amherst is a liberal arts college, committed to providing students with a broad education.
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The military is focusing only on the short run costs. If they don't provide appropriate body armor, they save some money today, but the healthcare cost is going to be the future for some other president down the line. I view that as both fiscally and morally irresponsible.
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The striking thing about America is - it's historically, extraordinary unusual, I don't of any other instance - is that productivity of workers and wages have not moved in tandem.
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Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.
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The momentum today behind the idea of a new global reserve currency reflects, in effect, the rise of the rest in world politics and economics, led by China.
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The issue is: $1 trillion or $2 trillion is a lot of money. If our objective is to have stability in the Middle East, secure oil, or extend democracy, you can do a lot of democracy buying for this sum. To put it in context: The whole world spends $50 billion a year on foreign aid.
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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.
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The proposal for a new global reserve currency - or Special Drawing Rights - is a good idea for many reasons. Yes, for the Chinese it would cushion any fall in the value of the dollar per se because it would only be part of a basket of other currencies, including the yen and the euro.
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Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.
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In a globally integrated economy, the biggest challenge is to make sure there is adequate global aggregate demand, achieved through spending, when countries like China feel they must save high levels of dollar reserves to protect against international currency volatility.
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Unfettered market American-style capitalism doesn't work. Developing countries can't afford that kind of luxury. They just can't afford it. Period. If there's a mistake, they can't afford to put out $2 trillion.
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It is unlikely that others would even demand their money back overnight, for doing so would lead to the value of the dollar plummeting what they would get back with be worth little. But what we are already seeing is an erosion of confidence of the dollar, which is seeing the dollar fall in value.
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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.
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Moreover, because we chose to finance the way by borrowing, our deficits and debt has soared, and this means we have less room for maneuver, less money available to stimulate the eocnomy in the way needed.
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The attempt to minimize cost and maximize profits often interfered with our true mission in Iraq. We should have been working to get jobs for Iraqis, but the contractors found it cheaper to import Nepalese and others. This increased resentment, contributed to unemployment, and to our losing the hearts and minds of the Iraqis.
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It is trust, more than money, that makes the world go round.
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America has had to turn to foreigners to finance its debt - not surprising since household saving in the last years has plummeted to zero. China is one of the largest holders of American debt.
Joseph Stiglitz
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Poverty is what we call the extremes at the bottom.
Joseph Stiglitz
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The only people benefiting in Iraq war are George Bush's Jr. friends in the oil industry. He has done the American economy and the global economy an enormous disfavor, but his Texan friends couldn't be happier.
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