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Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.

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
Private
Prudential
Behavior
Lender
Government
Lenders
Undermines
Debts
Intervention
Debt
Market
Nationalization

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Climate change is a reality.
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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.
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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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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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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.
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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.
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I don't think anybody really thinks that one should get rid of the World Bank. Reform is one thing, but getting rid of it I think would be wrong.
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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.
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Economists often like startling theorems, results which seem to run counter to conventional wisdom.
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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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