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Joseph Stiglitz

Joseph E. Stiglitz is University Professor at Columbia University, the winner of the 2001 Nobel Memorial Prize in Economics, and a lead author of the 1995 IPCC report, which shared the 2007 Nobel Peace Prize. He was chairman of the U.S. Council of Economic Advisors under President Clinton and chief economist and senior vice president of the World Bank for 1997-2000. Stiglitz received the John Bates Clark Medal, awarded biennially to the American economist under 40 who has made the most significant contribution to the subject. He was a Fulbright Scholar at Cambridge University, held the Drummond Professorship at All Souls College Oxford, and has also taught at M.I.T, Yale, Stanford, and Princeton.

Stiglitz helped create a new branch of economics, “The Economics of Information,” exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only of theorists, but also of policy analysts. His work has helped explain the circumstances in which markets do not work well, and how selective government intervention can improve their performance.

At Columbia, Stiglitz co-chairs the Committee on Global Thought and is founder and co-president of the Initiative for Policy Dialogue. He is also president of the International Economic Association, co-chair of the Commission on the Measurement Of Economic Performance and Social Progress and chair of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System.

He is the author most recently of The Price of Inequality: How Today’s Divided Society Endangers Our Future.

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Towards a General Theory of Deep Downturns

Paper Working paper | | Aug 2015

This paper, an extension of the Presidential Address to the International Economic Association, evaluates alternative strands of macro-economics in terms of the three basic questions posed by deep downturns: What is the source of large perturbations? How can we explain the magnitude of volatility? How do we explain persistence?

Europe’s Attack on Greek Democracy

Article | Jun 30, 2015

The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

Pseudo-wealth Fluctuations and Aggregate Demand Effects

Paper Conference paper | | Apr 2015

This paper presents a theory of pseudo-wealth in a model that displays aggregate demand externalities.

Unemployment and Innovation

Paper Working Paper Series | | Nov 2014

This paper analyzes equilibrium, dynamics, and optimal decisions on the factor bias of innovation in a model of induced innovation.

Featuring this expert

​Why Does Economics Reject New Thinking?

Article | Jul 29, 2016

On George Akerlof’s “The Market for Lemons”

Advanced Graduate Workshop in Development and Globalization

Event Workshop | Jul 4–17, 2016

The Advanced Graduate Workshop in Development, led by Nobel Laureate Joseph Stiglitz is interested in identifying the complex interactions that influence well-being, development and growth.

The Institute at ASSA

Event Discussion | Jan 2, 2016

Join us for a reception at the ASSA conference in San Francisco

The Fairness of Markets

Article | Sep 28, 2015

A student of microeconomics learns that any desirable efficient market allocation can be sustained by a competitive equilibrium (the Second Theorem of Welfare Economics), given appropriate lump-sum wealth redistributions. This is typically understood as a means to correct unfair market outcomes. What are the real world implications of the second theorem? How well does it address distributional concerns?

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Greece, the Sacrificial Lamb

Jul 24, 2015 The New York Times