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The life prospects of an American are more dependent on the income and education of his parents than in any of the other advanced industrial countries.
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
Life
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American
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Industrial
More quotes by Joseph Stiglitz
The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.
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No one would look just at a firm's revenues to assess how well it was doing. Far more relevant is the balance sheet, which shows assets and liability. That is also true for a country.
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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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I knew that discrimination existed, even though there were many individuals who were not prejudiced.
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The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.
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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.
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Climate change is a reality.
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Amherst was pivotal in my broad intellectual development MIT in my development as a professional economist.
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If you destroy a firm, you can't pull it out of bankruptcy overnight.
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In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
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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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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.
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The notion that every well educated person would have a mastery of at least the basic elements of the humanities, sciences, and social sciences is a far cry from the specialized education that most students today receive, particularly in the research universities.
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What you measure affects what you do. If you don't measure the right thing, you don't do the right thing.
Joseph Stiglitz
The problem is a lot of what is called economics is not economics. It is more ideology or religion.
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The roots of the crisis in East Asia were in private sector decisions. The biggest problems were the misallocation of investment, most notably to speculative real estate, and risky financing, especially borrowing short-term debt on international markets.
Joseph Stiglitz
Economists often like startling theorems, results which seem to run counter to conventional wisdom.
Joseph Stiglitz
For that to happen, growth has to be very strong. To get back to normalcy, we will have to have extended growth of more than 3 percent. That's not in the cards.
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Similarly, payments for a dead soldier amount to only $500,000, which is far less than standard estimates of the lifetime economic cost of a death. This statistical value of a life in the US amounts to circa $6.5 million.
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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.
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