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The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.
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
Crisis
Economic
Came
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Surprise
More quotes by Joseph Stiglitz
You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate.
Joseph Stiglitz
The issue is: $1 trillion or $2 trillion is a lot of money. If our objective is to have stability in the Middle East, secure oil, or extend democracy, you can do a lot of democracy buying for this sum. To put it in context: The whole world spends $50 billion a year on foreign aid.
Joseph Stiglitz
The proposal for a new global reserve currency - or Special Drawing Rights - is a good idea for many reasons. Yes, for the Chinese it would cushion any fall in the value of the dollar per se because it would only be part of a basket of other currencies, including the yen and the euro.
Joseph Stiglitz
It is trust, more than money, that makes the world go round.
Joseph Stiglitz
The momentum today behind the idea of a new global reserve currency reflects, in effect, the rise of the rest in world politics and economics, led by China.
Joseph Stiglitz
Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.
Joseph Stiglitz
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.
Joseph Stiglitz
I grew up in a family in which political issues were often discussed, and debated intensely.
Joseph Stiglitz
We could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation.
Joseph Stiglitz
The striking thing about America is - it's historically, extraordinary unusual, I don't of any other instance - is that productivity of workers and wages have not moved in tandem.
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?
Joseph Stiglitz
Anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.
Joseph Stiglitz
The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.
Joseph Stiglitz
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.
Joseph Stiglitz
In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
Joseph Stiglitz
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
Amherst was pivotal in my broad intellectual development MIT in my development as a professional economist.
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
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.
Joseph Stiglitz
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.
Joseph Stiglitz