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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
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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
Money
Chose
Mean
Finance
Debt
Soared
Available
Maneuver
Room
Deficits
Needed
Stimulate
Less
Moreover
Means
Borrowing
More quotes by Joseph Stiglitz
In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
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I knew that discrimination existed, even though there were many individuals who were not prejudiced.
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The attempt to minimize cost and maximize profits often interfered with our true mission in Iraq. We should have been working to get jobs for Iraqis, but the contractors found it cheaper to import Nepalese and others. This increased resentment, contributed to unemployment, and to our losing the hearts and minds of the Iraqis.
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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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Most poor people earn more than minimum wage when they are working their problem is not low wages. The problem comes when they are not working.
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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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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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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 problem is a lot of what is called economics is not economics. It is more ideology or religion.
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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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The important lesson of the deficit is - and the national debt - is we have to be careful about how we're spending money.
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I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.
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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.
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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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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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American inequality didn't just happen. It was created.
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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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If you destroy a firm, you can't pull it out of bankruptcy overnight.
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It is trust, more than money, that makes the world go round.
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Amherst was pivotal in my broad intellectual development MIT in my development as a professional economist.
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