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Poverty is what we call the extremes at the bottom.
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
Extremes
Bottom
Poverty
Call
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GDP tells you nothing about sustainability
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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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Economists often like startling theorems, results which seem to run counter to conventional wisdom.
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Amherst is a liberal arts college, committed to providing students with a broad education.
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Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.
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In fact, for just about 1/6 of the cost of an Iraq War, we could have put the social security system on sound financial footings for the next 50 to 75 years. The problems can be managed - but not if we continue to fight this war for another 80 years.
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Anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.
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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.
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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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In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
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They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.
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American inequality didn't just happen. It was created.
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There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.
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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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You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate.
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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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Not everybody is qualified to go to Stanford, but everybody should have access to the best qualify for which they are eligible.
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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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If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?
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