Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with everyday observation. Joseph Stiglitz More Quotes by Joseph Stiglitz More Quotes From Joseph Stiglitz Active learning is always involved with interaction between teachers and students and Socratic methods and that's gonna continue. Joseph Stiglitz method students teacher It is a set of policies formulated between 15th and 19th streets by the U.S. Treasury, and World Bank. Countries should focus on stabilization, liberalization, privatization. Joseph Stiglitz focus country world I knew that discrimination existed, even though there were many individuals who were not prejudiced. Joseph Stiglitz discrimination individual During my three years as chief economist of the World Bank, labor market issues were looked at through the lens of neoclassical economics. A standard message was to increase labor market flexibility. The not-so-subtle subtext was to lower wages and lay off unneeded workers. Joseph Stiglitz economist labor world People at the top spend less money than those at the bottom so when you have redistribution toward the top, aggregate demand goes down. Unless you intervene, you're going to have a weak economy unless something else happens. That something else could be a bubble. The United States tried a tech bubble and a housing bubble, but those were not sustainable answers. So I view inequality as a fundamental part of our macroeconomic weakness. Joseph Stiglitz economy weakness people It is unlikely that others would even demand their money back overnight, for doing so would lead to the value of the dollar plummeting; what they would get back with be worth little. But what we are already seeing is an erosion of confidence of the dollar, which is seeing the dollar fall in value. Joseph Stiglitz values fall The important lesson of the deficit is - and the national debt - is we have to be careful about how we're spending money. Joseph Stiglitz debt lessons important Unfettered market American-style capitalism doesn't work. Developing countries can't afford that kind of luxury. They just can't afford it. Period. If there's a mistake, they can't afford to put out $2 trillion. Joseph Stiglitz luxury mistake country Global demand for dollars has supplanted demand for manufactured goods and services, resulting in multilateral trade deficits and loss of jobs at home. Joseph Stiglitz trade loss home There is a clear and strong link between the economy's present woes and the Iraq war. The war was at least one of the factors contributing to rising oil prices - which meant Americans were spending money on imported oil, rather than on things that would stimulate the american economy. Hiring Nepalese contractors in Iraq, moreover, doesn't stimulate the American economy in the way that building a school in America would do - and obviously doesn't have the long term benefits. Joseph Stiglitz strong war school The recovery of the banks is what happens when you reduce competition, lend money to them at zero interest rates, allow them to gamble. That particular style of restoration actually inhibits the economic recovery. Joseph Stiglitz recovery competition zero 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 mastery humanity education In a globally integrated economy, the biggest challenge is to make sure there is adequate global aggregate demand, achieved through spending, when countries like China feel they must save high levels of dollar reserves to protect against international currency volatility. Joseph Stiglitz economy challenges country It's actually a tribute to the quality of economics teaching that they have persuaded so many generations of students to believe in so much that seems so counter to what the world is like. Many of the things that I'm going to describe make so much more common sense than these notions that seem counter to what one's eyes see every day. Joseph Stiglitz eye teaching believe The only surprise about the economic crisis of 2008 was that it came as a surprise to so many. Joseph Stiglitz economic crisis surprise If you're injured in an automobile accident, and you sue the driver, you get much more for your injury than if you're fighting for your country. There's a double standard here. Joseph Stiglitz double-standard fighting country The reason that the invisible hand often seems invisible is that it is often not there. Joseph Stiglitz invisible-hand reason hands If the President asked you to help, I don't think anybody could refuse, unless one felt that one couldn't be effective. Joseph Stiglitz president helping thinking GDP tells you nothing about sustainability Joseph Stiglitz sustainability gdp Negative effects on the economy were covered up with a flood of liquidity from the Fed. That,plus lax regulation, led to a housing bubble, a consumption boom - but we were living on borrowed money. It was inevitable that there would be a day of reckoning, and it has now come. We will be paying the costs "with interest". Joseph Stiglitz inevitable economy negative
