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The important lesson of the deficit is - and the national debt - is we have to be careful about how we're spending money.
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
Important
Deficit
Lesson
Debt
Spending
Careful
National
Lessons
Money
More quotes by Joseph Stiglitz
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
The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.
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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.
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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
I knew that discrimination existed, even though there were many individuals who were not prejudiced.
Joseph Stiglitz
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.
Joseph Stiglitz
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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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.
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For 60 years, since World War II, we have been trying to create a rules-based system, a global economic system. We understand that what makes our economy function is what we call the rule of law, and what is true domestically is also true internationally. It is important to have rules by which we govern our relations with other countries.
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Economists often like startling theorems, results which seem to run counter to conventional wisdom.
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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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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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As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.
Joseph Stiglitz
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.
Joseph Stiglitz
Most poor people earn more than minimum wage when they are working their problem is not low wages. The problem comes when they are not working.
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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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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.
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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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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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Health care is very different from other sectors of the economy in several respects, one of which is the fact that the risk can be very high beyond people's ability. That leads to insurance.
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