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The grand larceny that occurred in Russia, the corruption that resulted in nine or ten people getting enormous wealth through loans-for-shares, was condoned because it allowed the reelection of Boris Yeltsin.

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
Corruption
Larceny
Allowed
Boris
Russia
Reelection
Enormous
Resulted
Nine
Loans
Wealth
Shares
Getting
Occurred
Yeltsin
People
Grand
Condoned

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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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If you destroy a firm, you can't pull it out of bankruptcy overnight.
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Not everybody is qualified to go to Stanford, but everybody should have access to the best qualify for which they are eligible.
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Economists often like startling theorems, results which seem to run counter to conventional wisdom.
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Amherst was pivotal in my broad intellectual development MIT in my development as a professional economist.
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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.
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Climate change is a reality.
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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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I grew up in a family in which political issues were often discussed, and debated intensely.
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Drug companies spend more on advertising and marketing than on research, more on research on lifestyle drugs than on life saving drugs, and almost nothing on diseases that affect developing countries only. This is not surprising. Poor people cannot afford drugs, and drug companies make investments that yield the highest returns.
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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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