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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.
Joseph Stiglitz
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Joseph Stiglitz
Age: 81
Born: 1943
Born: February 9
Critic
Economist
Non-Fiction Writer
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University Teacher
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Gary
Indiana
Joseph Eugene Stiglitz
Joseph Stiglitz
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More quotes by Joseph Stiglitz
Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.
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If you're injured in an automobile accident, and you sue the driver, you get much more for your injury than if you're fighting for your country. There's a double standard here.
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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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Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.
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Poverty is what we call the extremes at the bottom.
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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.
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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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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 grand larceny that occurred in Russia, the corruption that resulted in nine or ten people getting enormous wealth through loans-for-shares, was condoned because it allowed the reelection of Boris Yeltsin.
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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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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 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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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.
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The problem with NAFTA was with what we wanted. And there, the agenda had been set by our corporations. So what is true is that workers in the United States and workers in the developing countries were often disadvantaged. They were worse off. The big winners were our corporations.
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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 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.
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