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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
Strong
Happens
Back
Normalcy
Extended
Cards
Percent
Growth
Happen
More quotes by Joseph Stiglitz
In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
Joseph Stiglitz
I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.
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GDP tells you nothing about sustainability
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The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn't seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn. Too late.
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Any society has to delegate the responsibility to maintain a certain kind of order. Enforcing regulations, making sure people stop at stoplights. We can’t function as a society without rules and regulations, and the enforcement mechanism of those rules and regulations.
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.
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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.
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The problem is a lot of what is called economics is not economics. It is more ideology or religion.
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American inequality didn't just happen. It was created.
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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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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 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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You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate.
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
The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.
Joseph Stiglitz
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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There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.
Joseph Stiglitz
Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.
Joseph Stiglitz
Amherst is a liberal arts college, committed to providing students with a broad education.
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Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.
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