Joseph E Stiglitz
Biographic Data
| ID | 108129 |
|---|---|
| NAME | Joseph E Stiglitz |
| GIVEN NAMES | Joseph E |
| FAMILY NAME | Stiglitz |
| SIGNATURE | STIGLITZ J E |
| AFFILIATIONS | Columbia University |
| ORCID | 0000-0001-6149-046X |
| VERIFIED | Yes |
| TOTAL WORKS | 145 |
| TOTAL CITATIONS | 1439 |
| AUTHOR COUNT | 136 |
| EDITOR COUNT | 11 |
| FIRST PUBLICATION YEAR | 1966 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 17 |
The Origins of Inequality
Inequality—in income, in wealth, in health, in opportunity, in many other essential ingredients for life—have been growing in many countries around the world. This book seeks to understand why, and why the growth of inequalities has been greater in some countries than in others. Critically, it seeks to understand what can be done about it. While every market economy will be characterized by some degree of inequality, the extent of inequality in t…
Supporting carbon pricing when interest rates are higher
Supporting carbon pricing when interest rates are higher
The Great Polarization
The Great Polarization brings together contributors from disparate perspectives to examine the causes and consequences of skyrocketing inequality. Contributors reconsider the data on inequality, examine the policies that have led to this predicament, and outline potential ways forward.
Vaccinating the world against Covid-19 is a no-brainer
Bail-Ins and Bailouts
This paper endogenizes intervention in financial crises as the strategic negotiation between a regulator and creditors of distressed banks. Incentives for banks to contribute to a voluntary bail-in arise from their exposure to financial contagion. In equilibrium, a bail-in is possible only if the regulator's threat to not bail out insolvent banks is credible. Contrary to models without intervention or with government bailouts only, sparse network…
Why inequality could spread Covid-19
Pandemics rarely affect all people in a uniform way. The Black Death in the 14th century reduced the global population by a third, with the highest number of deaths observed among the poorest populations.1 Densely populated with malnourished and overworked peasants, medieval Europe was a fertile breeding ground for the bubonic plague. Seven centuries on—with a global gross domestic product of almost US$100 trillion—is our world adequately resourc…
Will Covid-19 fiscal recovery packages accelerate or retard progress on climate change?
The COVID-19 crisis is likely to have dramatic consequences for progress on climate change. Imminent fiscal recovery packages could entrench or partly displace the current fossil-fuel-intensive economic system. Here, we survey 231 central bank officials, finance ministry officials, and other economic experts from G20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions: speed of implementation, econo…
Pseudo-wealth and Consumption Fluctuations
This paper provides an explanation for situations in which the fundamental state variables describing the economy do not change, but aggregate consumption experiences significant changes. We present a theory of pseudo-wealth—individuals’ perceived wealth that is derived from expectations of gains in bets arising from heterogeneous expectations. This wealth is divorced from society's real assets. The creation of a market for bets necessarily gener…
People, Power, and Profits
Joseph Stiglitz is an eminent economist, but it is evident from _People, Power, and Profits_ that he is a moralist as well. Stiglitz argues that the very well off have written the rules in their favor, and that the government has become their tool. But far from recommending a curtailment of government power, Stiglitz argues for a more expansive State--informed of course by enlightened experts such as himself
The Contradictions of Capital in the Twenty-First Century
Beyond GDP
A Rigged Economy
The Welfare State Revisited
The welfare state has been under attack for decades, but now more than ever we need strong social programs to combat inequality, support social justice, and even improve economic performance. This book brings together distinguished contributors to examine global variations of social programs and make the case for a redesigned welfare state.
The Welfare State in the Twenty-First Century
Designing the twenty-first-century welfare state is part of a broader debate redefining the role of the market, the state, and “civil society”—non-state forms of collective action. One of the tenets of the Reagan-Thatcher revolution was questioning the welfare state. Some worried that the financial burdens of the welfare state would drag down growth. Some worried about the effect of the welfare state on the sense of individual responsibility, oth…
For Good Measure
The 2009 Commission on the Measurement of Economic Performance and Social Progress (“Stiglitz-Sen-Fitoussi” Commission) concluded that we should move away from over-reliance on GDP when assessing a country’s health, towards a broader dashboard of indicators that would reflect concerns such as the distribution of well-being and sustainability in all of its dimensions. This book includes contributions from members of the OECD-hosted High Level Expe…
Real exchange rate policies for economic development
This paper analyzes the role of real exchange rate (RER) policies in promoting economic development. Markets provide a suboptimal amount of investment in sectors characterized by learning spillovers. We show that a stable and competitive RER policy may correct for this externality and other related market failures. The resulting development of these sectors leads to overall faster economic growth. A system of effectively multiple exchange rates i…
Tony Atkinson and His Legacy
Tony Atkinson and his Legacy
Tony Atkinson is universally celebrated for his outstanding contributions to the measurement and analysis of inequality, but he never saw the study of inequality as a separate branch of economics. He was an economist in the classical sense, rejecting any sub‐field labelling of his interests and expertise, and he made contributions right across economics. His death on 1 January 2017 deprived the world of both an intellectual giant and a deeply com…
Inequality and Growth
Inequality and Growth
Inequality and Growth
It was a part of the wisdom of mainstream economics that in the early stages of development inequality would rise but as growth persisted, it would, eventually, decline. Early evidence seemed to suggest that this pattern would be borne out. But, as time passed and growth persisted, inequality continued to grow, casting doubt on the received wisdom. The aim of this two-volume book is to analyze the current state of global and regional inequality, …
Inequality and Growth
It was a part of the wisdom of mainstream economics that in the early stages of development inequality would rise but, as growth persisted, it would, eventually, decline. Early evidence seemed to suggest that this pattern would be borne out. But, as time passed and growth persisted, inequality continued to grow, casting doubt on the received wisdom. The aim of this two-volume book is to analyze the current state of global and regional inequality,…
Dynastic inequality, mobility and equality of opportunity
Group Lending, Joint Liability, and Social Capital
This article grapples with the causes of India's microfinance crisis. By contrasting Bangladesh's highly successful Grameen model with the allegedly 'universalizable' version of India's SKS Microfinance (which precipitated the crisis), trust or social capital is isolated-not just narrowly interpreted within standard economic theory, but more broadly construed-as the essential element accounting for the early success of microfinance. It is argued …
Lectures on Public Economics
Externalities in Economies with Imperfect Information and Incomplete Markets
Journal Article Externalities in Economies with Imperfect Information and Incomplete Markets Get access Bruce C. Greenwald, Bruce C. Greenwald Bell Communicatons Research Search for other works by this author on: Oxford Academic Google Scholar Joseph E. Stiglitz Joseph E. Stiglitz Princeton University and Bell Communications Research Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volum…
Capital Market Liberalization, Economic Growth, and Instability
A New View of Technological Change
Journal Article A New View of Technological Change Get access Anthony B. Atkinson, Anthony B. Atkinson St. John's College, Cambridge. Search for other works by this author on: Oxford Academic Google Scholar Joseph E. Stiglitz Joseph E. Stiglitz Cowles Foundation for Research in Economics, Yale University. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 79, Issue 315, 1 September 1969, Pages 57…
Globalization and Its Discontents
Industrial Structure and the Nature of Innovative Activity
In this paper we attempt to provide an analytical framework relating market structure to the nature of inventive activity. In doing so we have come to modify this neo-Schumpeterian view in a fundamental way. We shall argue that except in the short run both market structure and the nature of inventive activity are endogenous; that the degree of concentration in an industry ought not to be treated as given, as it recently has been in the industrial…
More instruments and broader goals
In this lecture the author acknowledges the failure of the "Washington Consensus" in promoting economic growth and proposes a new consensus where the state has again an active role. He starts from some lessons of the Asian crisis and concludes for the need of broadening the goals of development
Democratizing the International Monetary Fund and the World Bank
Much has been said about the failing policies of the International Monetary Fund (IMF). In this essay, I attempt to explain why the IMF has pursued policies that in many cases not only failed to promote the stated objectives of enhancing growth and stability, but were probably counterproductive and even flew in the face of a considerable body of theoretical and empirical work that suggested these poilcies would be counterproductive. I argue that …
The new development economics
Information and Economic Analysis
The article focuses on information and economic analysis. Traditional economic analysis was predicated on three maxims: nature abhorred discontinuities, nature abhorred non-convexities and the Law of Supply and Demand. During the 1970s, a large number of models examining economic behavior in the presence of imperfect information have been constructed. Adam Smith's invisible hand has attracted more attention than any other. It has the notion that …
Privatization, Information and Incentives
In this paper the choice between public and private provision of goods and services is considered. In practice, both modes of operation involve significant delegation of authority, and thus appear quite similar in some respects. The argument here is that the main difference between the two modes concerns the transactions costs faced by the government when attempting to intervene in the delegated production activities. Such intervention is general…
Distinguished Lecture on Economics in Government
Joseph Stiglitz was a member of the Council of Economic Advisers from 1993-95, and chairman of the CEA from 1995 through February 1997.] Today, I want to share with you some of my thoughts about the possibilities and limitations of government. These thoughts are focused around a simple question: Why is it so difficult to implement even Pareto improvements? Working in Washington, I quickly saw that although a few potential changes were strictly Pa…
Inequality and Economic Growth
Moneylenders and bankers
The World Bank at the Millennium
Macroeconomic Fluctuations, Inequality, and Human Development
This paper examines the two-way relationship between inequality and economic fluctuations, and the implications for human development. For years, the dominant paradigm in macroeconomics, which assumed that income distribution did not matter, at least for macroeconomic behavior, ignored inequality--both its role in causing crises and the effect of fluctuations in general, and crises in particular, on inequality. But the most recent financial crisi…
Real exchange rate policies for economic development
This paper analyzes the role of real exchange rate (RER) policies in promoting economic development. Markets provide a suboptimal amount of investment in sectors characterized by learning spillovers. We show that a stable and competitive RER policy may correct for this externality and other related market failures. The resulting development of these sectors leads to overall faster economic growth. A system of effectively multiple exchange rates i…
The Roaring Nineties
With his best-selling Globalization and Its Discontents, Joseph E. Stiglitz showed how a misplaced faith in free-market ideology led to many of the recent problems suffered by the developing nations. Here he turns the same light on the United States. The Roaring Nineties offers not only an insider's illuminating view of policymaking but also a compelling case that even the Clinton administration was too closely tied to the financial community-tha…
Fair Trade for All
The Anatomy of a Murder
The main cause of the crisis was the behavior of the banks—largely a result of misguided incentives unrestrained by good regulation. Conservative ideology, along with unrealistic economic models of perfect information, perfect competition, and perfect markets, fostered lax regulation, and campaign contributions helped the political process along. The banks misjudged risk, wildly overleveraged, and paid their executives handsomely for being short‐…
Landlords, tenants and technological innovations
Factor Price Equalization in a Dynamic Economy
The purpose of this paper is to investigate in detail the long-run supply responses of capital and their implications for the classical propositions. We focus on the behavior of a two-country model in which the long-run rate of interest in each country is fixed, for example, by the pure rate of time preference in the case of "rational" savings behavior, or by the savings behavior of capitalists if workers save nothing. After setting up the basic …
Eliminating Extreme Inequality
At the United Nations Millennium Summit in September 2000, UN member states took a dramatic step by putting people rather than states at the center of the UN's agenda. In their Millennium Declaration, the assembled world leaders agreed to a set of breathtakingly broad goals touching on peace through development, the environment, human rights, the protection of the vulnerable, the special needs of Africa, and reforms of UN institutions. Particular…
Moneylenders and bankers
In many areas of the world, a significant part of the cost of obtaining a good or service is the cost of enforcing the contracts entailed in its provision. We present models of markets with endogenous enforcement costs, motivated by studies of rural credit markets. We show that subsidies may have perverse effects under monopolistic competition, increasing prices or inducing exit. Higher prices (interest rates) result from the loss of scale econom…
Más instrumentos y metas más amplias para el desarrollo. Hacia el consenso post-Washington
Introduction to Macroeconomic Models. Training Seminar Series, 5
Journal Article Introduction to Macroeconomic Models. Training Seminar Series, 5 Get access Introduction to Macroeconomic Models. Training Seminar Series, 5. By A. G. Papandreou. (Athens: Center of Planning and Economic Research, 1965. Pp. 200.) J. E. Stiglitz J. E. Stiglitz Gonville and Caius College, Cambridge, and M.I. T. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 76, Issue 304, 1 Dece…
A Note on Technical Choice under Full Employment in a Socialist Economy
Journal Article A Note on Technical Choice under Full Employment in a Socialist Economy Get access Joseph E. Stiglitz Joseph E. Stiglitz Cowles Foundation, Yale University. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 78, Issue 311, 1 September 1968, Pages 603–609, https://doi.org/10.2307/2229385 Published: 01 September 1968
Distribution of Income and Wealth Among Individuals
We begin by considering a simple model of accumulation, with a linear savings function, a constant reproduction rate, homogeneous labor, and equal division of wealth among one's heirs. In such an economy, if the balanced growth path is stable, all wealth and income is asymptotically evenly distributed, with the possible exception, in the case of negative savings at zero income, of a group with zero wealth. In the process of accumulation, there ma…
The Implications of Alternative Saving and Expectations Hypotheses for Choices of Technique and Patterns of Growth
The purpose of this paper is to investigate in detail the dynamics of a simple model with heterogeneous capital goods under alternative assumptions about expectations formation and saving. Before investment takes place, the entrepreneur has a choice over a large number (to be precise, a continuum) of types of machines; those which require more resources today require less labor per unit of output in the future. But once the machine has been const…
A New View of Technological Change
Journal Article A New View of Technological Change Get access Anthony B. Atkinson, Anthony B. Atkinson St. John's College, Cambridge. Search for other works by this author on: Oxford Academic Google Scholar Joseph E. Stiglitz Joseph E. Stiglitz Cowles Foundation for Research in Economics, Yale University. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 79, Issue 315, 1 September 1969, Pages 57…
Capital, Wages and Structural Unemployment
Journal Article Capital, Wages and Structural Unemployment Get access George A. Akerlof, George A. Akerlof University of California, Berkeley. Search for other works by this author on: Oxford Academic Google Scholar Joseph E. Stiglitz Joseph E. Stiglitz Cowles Foundation, Yale University. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 79, Issue 314, 1 June 1969, Pages 269–281, https://doi.org…
Increasing risk
Factor Price Equalization in a Dynamic Economy
The purpose of this paper is to investigate in detail the long-run supply responses of capital and their implications for the classical propositions. We focus on the behavior of a two-country model in which the long-run rate of interest in each country is fixed, for example, by the pure rate of time preference in the case of "rational" savings behavior, or by the savings behavior of capitalists if workers save nothing. After setting up the basic …
Reply to Mrs. Robinson on the Choice of Technique
Journal Article Reply to Mrs. Robinson on the Choice of Technique Get access J . E. Stiglitz J . E. Stiglitz Gonville and Caius College, Cambridge. Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 80, Issue 318, 1 June 1970, Pages 420–422, https://doi.org/10.2307/2230158 Published: 01 June 1970
Education and Inequality
In this essay, I propose first to describe and out line the links between the educational system and the genera tion of income inequality. The educational system has been criticized as one of the major institutions by which inequality has been perpetuated, especially in less developed countries. In response to this criticism, there have been a number of alternative proposals for modification of our present structure. I shall examine a few of the …
Alternative Theories of Wage Determination and Unemployment in LDC's
I. Introduction, 194. — II. The model, 196. — III. The market equilibrium, 205. — IV. Optimal allocation of labor and determination of urban wage level, 207. — V. Wage subsidies, 214. — VI. Wages and shadow price of labor in the public sector, 218. — VII. Urban income taxes, 220. — VIII. Concluding comments and summary, 222. — Appendix: “nominal” and “expected” urban wages and the unemployment rate, 223.
Incentives and Risk Sharing in Sharecropping
Joseph E. Stiglitz; Incentives and Risk Sharing in Sharecropping12, The Review of Economic Studies, Volume 41, Issue 2, 1 April 1974, Pages 219–255, https://doi
Growth with Exhaustible Natural Resources
Joseph Stiglitz; Growth with Exhaustible Natural Resources: Efficient and Optimal Growth Paths12, The Review of Economic Studies, Volume 41, Issue 5, 1 December
Increases in risk and in risk aversion
The Cambridge-Cambridge Controversy in the Theory of Capital; A View from New Haven
Economics has long been plagued with controversies: the Keynesian-monetarist controversy, the investment function controversy (is the elasticity of substitution unity?), the liquidity preference-loanable funds controversy. Geoffrey Harcourt has extended his survey article from the Journal of Economic Literature (1969) into a book dealing with one of the latest of these so-called controversies, that between Cambridge, England, and Cambridge, Massa…
Benefit-Cost Analysis and Trade Policies
This paper extends the theory of optimal taxation and government production to open economies. Appropriate rules for project evaluation and the determination of consumption, production, and trade taxes under a variety of restrictions (e.g., less than 100 percent profit taxes, government budget constraint, foreign exchange constraint) are derived. Among the results are (a) international prices should be used for evaluating public projects, unless …
Equilibrium in Competitive Insurance Markets
Introduction, 629.—I. The basic model, 630.—II. Robustness, 638—III. Conclusion, 648.
The Efficiency Wage Hypothesis, Surplus Labour, and the Distribution of Income in l.d.c.s 1
ONE of the 'paradoxes' of developing economies is the coexistence of unemployment with a positive (although low) wage for hired labourers. Two resolutions of the paradox are commonly offered: (a) There really is no unemployment. (b) Markets are not in equilibrium, possibly because of institutional constraints on the level of wages offered. In the rural sector, these 'institutional constraints' take the form of 'communal pressure' rather than mini…
The design of tax structure
Increasing Risk
Equilibrium in Competitive Insurance Markets
Conference on Research in Taxation
Notes on Estate Taxes, Redistribution, and the Concept of Balanced Growth Path Incidence
Stiglitz takes notes on estate taxes, redistribution, and the concept of balanced growth path incidence
The Theory of Commodity Price Stabilisation Rules
Journal Article The Theory of Commodity Price Stabilisation Rules: Welfare Impacts and Supply Responses Get access D. M. G Newbery, D. M. G Newbery Churchill College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar J. E. Stiglitz J. E. Stiglitz All Souls College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 89, Issue 356, 1 December 1979, Pages 799–…
Industrial Structure and the Nature of Innovative Activity
In this paper we attempt to provide an analytical framework relating market structure to the nature of inventive activity. In doing so we have come to modify this neo-Schumpeterian view in a fundamental way. We shall argue that except in the short run both market structure and the nature of inventive activity are endogenous; that the degree of concentration in an industry ought not to be treated as given, as it recently has been in the industrial…
Economics (114 works) · Political science (69 works) · Law (41 works) · Economic theories and models (33 works) · Economic Theory and Policy (33 works) · Sociology (33 works) · Computer Science (29 works) · Law and economics (27 works) · Macroeconomics (20 works) · Microeconomics (20 works)