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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.

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
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Many
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Even
Whenever
Limitations
Always
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More quotes by Joseph Stiglitz

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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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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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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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The budgetary cost to the UK of the wars in Iraq and Afghanistan through 2010 will total more than £18 billion. If we include the social costs the total impact will exceed £20 billion.
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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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American inequality didn't just happen. It was created.
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.
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Anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.
Joseph Stiglitz
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In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
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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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Trump is particularly unfit to serve because he approaches these without any view of what the truth is, and he approaches these with an enormous amount of prejudice. You cannot begin saying we want to solve the problem when you have a mindset that is against the Mexicans, against Islamists.
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I grew up in a family in which political issues were often discussed, and debated intensely.
Joseph Stiglitz
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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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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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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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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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Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.
Joseph Stiglitz
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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
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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.
Joseph Stiglitz
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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