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These debt obligations will simply erode America's standard of living in the future. Money spent to service the debt is money that we don't have to spend on consumption's goods, or on investment in our future.
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
Service
Obligations
Spend
Consumption
Simply
Standard
Future
Goods
Living
Obligation
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Investment
America
Debt
Spent
Erode
More quotes by Joseph Stiglitz
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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American inequality didn't just happen. It was created.
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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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In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs.
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Health care is very different from other sectors of the economy in several respects, one of which is the fact that the risk can be very high beyond people's ability. That leads to insurance.
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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 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.
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Similarly, payments for a dead soldier amount to only $500,000, which is far less than standard estimates of the lifetime economic cost of a death. This statistical value of a life in the US amounts to circa $6.5 million.
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Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism.
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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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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.
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Climate change is a reality.
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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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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.
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The only people benefiting in Iraq war are George Bush's Jr. friends in the oil industry. He has done the American economy and the global economy an enormous disfavor, but his Texan friends couldn't be happier.
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I grew up in a family in which political issues were often discussed, and debated intensely.
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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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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.
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Amherst is a liberal arts college, committed to providing students with a broad education.
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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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