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For that to happen, growth has to be very strong. To get back to normalcy, we will have to have extended growth of more than 3 percent. That's not in the cards.

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
Cards
Percent
Growth
Happen
Strong
Happens
Back
Normalcy
Extended

More quotes by Joseph Stiglitz

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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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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.
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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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Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.
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No one would look just at a firm's revenues to assess how well it was doing. Far more relevant is the balance sheet, which shows assets and liability. That is also true for a country.
Joseph Stiglitz
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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.
Joseph Stiglitz
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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
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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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When I said the pocket of the banks, it is not necessarily a mercenary relationship. It is a mindset.
Joseph Stiglitz
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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
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Most people think the Iraq war has increased the probability of an attack. However, it's difficult to put this aspect into financial terms.
Joseph Stiglitz
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If you destroy a firm, you can't pull it out of bankruptcy overnight.
Joseph Stiglitz
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American inequality didn't just happen. It was created.
Joseph Stiglitz
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I went to Amherst because my brother had gone there before me, and he went there because his guidance counselor thought that we would do better there than at a large university like Harvard.
Joseph Stiglitz
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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
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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.
Joseph Stiglitz
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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.
Joseph Stiglitz
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In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
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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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