Society can't function without shared prosperity. Joseph Stiglitz More Quotes by Joseph Stiglitz More Quotes From Joseph Stiglitz Trickle-down economics is a myth. Enriching corporations - as the TPP would - will not necessarily help those in the middle, let alone those at the bottom. Joseph Stiglitz corporations economics helping In developing countries, lack of infrastructure is a far more serious barrier to trade than tariffs. Joseph Stiglitz developing-countries tariffs country Most poor people earn more than minimum wage when they are working; their problem is not low wages. The problem comes when they are not working. Joseph Stiglitz minimum-wage wages people I think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are. Joseph Stiglitz asking-why growing-up thinking We could have saved Wall Street without putting our future in jeopardy. I predicted that there would be all-around consequences - in the long run as well as in the short run. People are now saying we can't afford health care reform because we spent all the money on the banks. So, in effect, we're saying that it's better that we give rich bankers a couple of trillion than giving ordinary Americans access to health care. Joseph Stiglitz wall couple running They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets for instance, whenever information is imperfect, which is to say always. Joseph Stiglitz imperfect foundation information Twenty per cent of American children grow up in poverty, and that means they get inadequate nutrition, inadequate health care, and because we have a very local education system, they get inadequate access to education. With those as a starting base, you perpetuate inequality. That's why, here in New York, Mayor de Blasio has made a big deal of trying to focus on preschool education, because by five years old, there are already huge differences. We've finally begun to recognize it. Joseph Stiglitz growing-up mean children I understand why political leaders in the beginning want to be cheerleaders to generate optimism. But to admit that they didn't understand the depths of the problem afterwards, I found a little bit surprising. Joseph Stiglitz optimism political leader What Trump has announced - that he is going to not obey rules by which we govern our relations with other countries. He's going to reject the treaties that we have had in the past. He is going to go from what is called a multilateral system, where we all work together, to trying to deal country by country and basically throw out what has been achieved over a 60-year period. Joseph Stiglitz working-together country past The striking thing about America is - it's historically, extraordinary unusual, I don't of any other instance - is that productivity of workers and wages have not moved in tandem. Joseph Stiglitz unusual wages america Not everybody is qualified to go to Stanford, but everybody should have access to the best qualify for which they are eligible. Joseph Stiglitz stanford qualified should-have Any society has to delegate the responsibility to maintain a certain kind of order. Enforcing regulations, making sure people stop at stoplights. We can’t function as a society without rules and regulations, and the enforcement mechanism of those rules and regulations. Joseph Stiglitz responsibility order people Anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises. Joseph Stiglitz crisis The protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. But increasingly, and especially in the US, it seems that the political system is more akin to "one dollar one vote" than to "one person one vote". Rather than correcting the market failures, the political system was reinforcing them. Joseph Stiglitz real meaningful years There was a hope then by some people that what we call trickle-down economics would work. That if you made the economy pie bigger, everybody would benefit. Twenty-five years after NAFTA, we know that that is not true. We should have known then that it was not true. Joseph Stiglitz economy people Workers' rights should be a central focus of development. Joseph Stiglitz focus development rights The basic thing that made Trump popular is that he blamed others for the problems that we have in the United States. We have a problem. Let's face it. The typical income, median income, of a full-time male worker - and the workers who have a full-time job are the lucky ones - is at the same level it was 42 years ago. At the bottom, real wages in the United States are at the same level they were 60 years ago. Joseph Stiglitz lucky problem real The decision-making process in the White House does not let most issues get up to the President. The Council thought opening up global markets to derivatives that would destabilize other countries wasn't likely to create a lot of jobs in the U.S. and might adversely affect U.S. interests by causing global economic instability. Joseph Stiglitz president house country The attempt to minimize cost and maximize profits often interfered with our true mission in Iraq. We should have been working to get jobs for Iraqis, but the contractors found it cheaper to import Nepalese and others. This increased resentment, contributed to unemployment, and to our losing the hearts and minds of the Iraqis. Joseph Stiglitz losing mind heart In the midst of the East Asian crisis, there were choices. One choice would have been to encourage countries to implement a bankruptcy law that could have threatened the interests of the lenders. Workers' rights should be a central focus of development. But nowhere did issues of workers' rights, including the right to participate in the decisions which would affect their lives in so many ways, get raised. Joseph Stiglitz focus choices country
