Joseph Stiglitz - When markets fail, as they often do...

When markets fail, as they often do, collective action becomes imperative.

Joseph Stiglitz

Biography

Author Profession: Economist

Nationality: American

Born: February 9, 1943

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Related Authors

Thomas Sowell, Paul A. Volcker, Milton Friedman, John Kenneth Galbraith, Alan Greenspan, Robert Reich, Herbert A. Simon, Richard Thaler

Topics

Action, Becomes, Collective, Fail, Imperative, Markets, Often

Quotes to Explore

What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources.

Joseph Stiglitz

Knowledge Resources Gap Separates

We could have managed globalization in ways that ordinary citizens would have benefited rather than just the corporations. Trade is beneficial. There are gains to be had from taking advantage of comparative advantage and specialization. That's true, if you manage globalization right.

Joseph Stiglitz

You Globalization True Right

If there is a silver lining in the Trump cloud, it is a new sense of solidarity over core values such as tolerance and equality, sustained by awareness of the bigotry and misogyny, whether hidden or open, that Trump and his team embody.

Joseph Stiglitz

Equality Team New Tolerance

President Trump sees the world in transactional and zero-sum terms - if something is good for China, it must be bad for the U.S. By contrast, economists see the world in much more nuanced ways: if globalization is well-managed, it can be a positive-sum game, where both the U.S. and China gain; if it is badly managed, it can be negative-sum.

Joseph Stiglitz

Good World Game Globalization

To maximise global social welfare, policymakers should strongly encourage the diffusion of knowledge from developed to developing countries.

Joseph Stiglitz

Knowledge Welfare Social Encourage

Society can't function without shared prosperity.

Joseph Stiglitz

Society Prosperity Without Function

Globalization and trade liberalization were supposed to make us all better off through the mechanism of trickle-down economics. What we seemed to be seeing instead was trickle-up economics, accompanied by a destruction of democratic politics, as we moved ever closer to a system of 'one dollar, one vote' as opposed to 'one person, one vote.'

Joseph Stiglitz

Politics Vote Globalization Better

High levels of economic inequality lead to imbalances in political power, as those at the top use their economic weight to shape our politics in ways that give them more economic power.

Joseph Stiglitz

Politics Power Political Inequality

The notion that every well educated person would have a mastery of at least the basic elements of the humanities, sciences, and social sciences is a far cry from the specialized education that most students today receive, particularly in the research universities.

Joseph Stiglitz

Education Today Research Cry

I began my career as a physicist. And in the White House, my buddies were the people from the White House office of science and technology policy. But a lot of the people were lawyers. They like winning an argument, but science-based, evidence-based reasoning was just sort of not in their framework.

Joseph Stiglitz

Technology Science People White

There's a long list of investments that governments could and should be making. There is strengthening infrastructure, such as transport and communications; there is investment in education; there is investment in families, particularly putting measures in place that free women from having to make the choice between raising a family and work.

Joseph Stiglitz

Family Education Work Women

We share a common planet, and the world has learned the hard way that we have to get along and work together. We have learned, too, that cooperation can benefit all.

Joseph Stiglitz

Work Together World Way

When you don't have equality of opportunity because you don't have equal access to education, it just seems so outrageous. It weakens our economy and leads to more inequality.

Joseph Stiglitz

Education You Opportunity Equality

After the destruction of New Orleans by Hurricane Katrina in 2005, the shutdown of much of New York City by Sandy in 2012, and now the devastation wrought on Texas by Harvey, the U.S. can and should do better.

Joseph Stiglitz

City Better New New York

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