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Joseph E. Stiglitz

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Joseph E. Stiglitz, who won the Nobel Prize in 2001 for his work on the economics of information, was Chairman of President Clinton's Council of Economic Advisers and is Professor of Economics at Columbia University. He is the author, with Linda Bilmes, of The Three Trillion Dollar War: The True Costs of the Iraq Conflict.

Stories from Joseph E. Stiglitz

Re-Regulation and Democracy
Banks that unleashed economic turmoil have resisted what’s needed - and worse still received support from the Fed
Joseph E. Stiglitz
01/07/2010

It has taken almost two years since the collapse of Lehman Brothers, and more than three years since the beginning of the global recession brought on by the financial sector’s misdeeds for the United States and Europe finally to reform financial regulation.

Perhaps we should celebrate the regulatory victories in both Europe and the United States. After all, there is almost universal agreement that the crisis the world is facing today – and is likely to continue to face for years – is a result of the excesses of the deregulation movement begun under Margaret Thatcher and Ronald Reagan 30 years ago. Unfettered markets are neither efficient nor stable.

The Copenhagen Failure
It is clear that the world’s leaders were unable to translate rhetoric about global warming into action at the December 2009 summit
Joseph E. Stiglitz
01/02/2010

Pretty speeches can take you only so far. A month after the Copenhagen climate conference, it is clear that the world’s leaders were unable to translate rhetoric about global warming into action.

10 Joseph Stiglitz
GDP Fetish
How an often used measure may be leading us astray
Joseph E. Stiglitz
01/10/2009

Striving to revive the world economy while simultaneously responding to the global climate crisis has raised a knotty question: are statistics giving us the right “signals” about what to do? In our performance-oriented world, measurement issues have taken on increased importance: what we measure affects what we do.

If we have poor measures, what we strive to do (say, increase GDP) may actually contribute to a worsening of living standards.

Joseph E. Stiglitz
Davos Man’s Depression
The perpetrators acted like victims and the IMF still insisted on tight money
Joseph E. Stiglitz
Project Syndicate
01/03/2009

For 15 years, I have been attending the World Economic Forum in Davos. Typically, the leaders gathered there share their optimism about how globalization, technology, and markets are transforming the world for the better. Even during the recession of 2001, those assembled in Davos believed that the downturn would be short-lived.

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Bailout Blues
Wall Street may be saved, but what about the economy?
Joseph E. Stiglitz
Project Syndicate
18/02/2009

It doesn't take a genius to figure out that the United States' financial system -- indeed, global finance -- is in a mess. And now, with the US House of Representatives having rejected the Bush administration's proposed $700 billion bailout plan, it is also obvious that there is no consensus on how to fix it.

Joseph E. Stiglitz
The Triumphant Return of John Maynard Keynes
Even the conservative right now accepts that free markets are not self-correcting
Joseph E. Stiglitz
Project Syndicate
03/02/2009

We are all Keynesians now. Even the right in the United States has joined the Keynesian camp with unbridled enthusiasm and on a scale that at one time would have been truly unimaginable.

For those of us who claimed some connection to the Keynesian tradition, this is a moment of triumph, after having been left in the wilderness, almost shunned, for more than three decades. At one level, what is happening now is a triumph of reason and evidence over ideology and interests.

Joseph E. Stiglitz
A Little Alpine Schadenfreude
At Davos, Few Still Believed Globalization, Technology and The Market Economy Would Solve the World's Problems
Joseph E. Stiglitz
Project Syndicate
02/03/2008

Not surprisingly, the atmosphere at this year's World Economic Forum was grim. Those who think that globalization, technology, and the market economy will solve the world's problems seemed subdued. Most chastened of all were the bankers. Against the backdrop of the sub-prime crisis, the disasters at many financial institutions, and the weakening of the stock market, these 'masters of the universe' seemed less omniscient than they did a short while ago. And it was not just the bankers who were in the Davos doghouse this year, but also their regulators -- the central bankers.

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