Joseph Stiglitz: Difference between revisions - Wikipedia

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|name = Joseph Stiglitz

|image = Joseph E. Stiglitz, 2019 (cropped).jpg

|caption = Stiglitz in 2019

|office = [[Chief Economist of the World Bank]]

|president = [[James Wolfensohn]]

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| repec_id = pst33}}

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{{Infobox academic | child=yes

| thesis_title = Studies in the theory of growth and income distribution

| thesis_url = https://www.proquest.com/docview/302270117/

| thesis_year = 1967

}}

'''Joseph Eugene Stiglitz''' ({{IPAc-en|ˈ|s|t|ɪ|g|l|ɪ|t|s}}; born February 9, 1943) is an American [[New Keynesian economics|New Keynesian]] [[economist]],<ref>{{Cite book |last=Free |first=Rhona C. |url=https://books.google.com/books?id=nQBzAwAAQBAJ&pg=PA317 |title=21st Century Economics: A Reference Handbook |date=14 May 2010 |publisher=SAGE Publications |isbn=978-1-4522-6631-2 |pages=317 |language=en}}</ref> a [[public policy analyst]], political activist, and a ~~full~~ professor at [[Columbia University]]. He is a recipient of the [[Nobel Memorial Prize in Economic Sciences]] (2001)<ref name="NOBEL1">{{Cite web|date=2002|title=Joseph E. Stiglitz, Biographical. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001|url=https://www.nobelprize.org/prizes/economic-sciences/2001/stiglitz/biographical/|access-date=2021-05-05|website=NobelPrize.org|language=en-US}}</ref> and the [[John Bates Clark Medal]] (1979).<ref>{{Cite web|date=2021|title=Joseph Stiglitz, Clark Medalist 1979|url=https://www.aeaweb.org/about-aea/honors-awards/bates-clark/joseph-stiglitz|access-date=2021-05-05|website=[[American Economic Association]]}}</ref> He is a former senior vice president and [[World Bank Chief Economist|chief economist]] of the [[World Bank]]. He is also a former member and chairman of the (US ~~president's)~~ [[Council of Economic Advisers]].<ref>{{cite web |url=http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/0,,contentMDK:20437078~menuPK:4319683~pagePK:64165401~piPK:64165026~theSitePK:469372,00.html |title=Former Chief Economists |website=worldbank.org |publisher=World Bank |access-date=2012-11-27 |archive-url=https://web.archive.org/web/20171104225502/http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/0,,contentMDK:20437078~menuPK:4319683~pagePK:64165401~piPK:64165026~theSitePK:469372,00.html |archive-date=2017-11-04 |url-status=dead }}</ref><ref>{{cite web|url=https://obamawhitehouse.archives.gov/administration/eop/cea/about/Former-Members |title=Former Members of the Council |url-status=live |archive-url=https://web.archive.org/web/20170121012254/https://obamawhitehouse.archives.gov/administration/eop/cea/about/Former-Members |via=[[NARA|National Archives]] |work=[[whitehouse.gov]] |archive-date=2017-01-21 }}</ref> He is known for his support for the [[Georgist]] public finance theory<ref>Gochenour, Zachary, and Bryan Caplan. "An entrepreneurial critique of Georgism." The Review of Austrian Economics 26.4 (2013): 483–491.</ref><ref>{{cite news|last1=Orszag|first1=Peter|title=To Fight Inequality, Tax Land|url=https://www.bloomberg.com/view/articles/2015-03-03/to-fight-inequality-tax-land|access-date=12 November 2016|publisher=Bloomberg View|date=March 3, 2015}}</ref><ref>{{cite news|last1=Lucas|first1=Edward|title=Land-value tax: Why Henry George had a point|url=https://www.economist.com/blogs/freeexchange/2015/04/land-value-tax|newspaper=The Economist|access-date=12 November 2016}}</ref> and for his critical view of the management of [[globalization]], of ''[[laissez-faire]]'' economists (whom he calls "[[Market fundamentalism|free-market fundamentalists]]"), and of international institutions such as the [[International Monetary Fund]] and the [[World Bank]].

In 2000, Stiglitz founded the [[Initiative for Policy Dialogue]] (IPD), a [[think tank]] on international development based at [[Columbia University]]. He has been a member of the Columbia faculty since 2001, and received the university's highest academic rank ([[University Professor (Columbia)|university professor]]) in 2003. He was the founding chair of the university's Committee on Global Thought. He also chairs the [[University of Manchester]]'s [[Brooks World Poverty Institute]]. He was a member of the [[Pontifical Academy of Social Sciences]]. In 2009, the [[President of the United Nations General Assembly]] [[Miguel d'Escoto Brockmann]], appointed Stiglitz as the chairman of the U.N. Commission on Reforms of the International Monetary and Financial System, where he oversaw suggested proposals and commissioned a report on reforming the international monetary and financial system.<ref>{{cite web |url=https://www.un.org/ga/president/63/commission/members.shtml |title=The Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System |website=un.org | publisher = [[United Nations]] }}</ref> He served as the chair of the international [[Commission on the Measurement of Economic Performance and Social Progress]], appointed by the French President [[Nicolas Sarkozy|Sarkozy]], which issued its report in 2010, ''Mismeasuring our Lives: Why GDP doesn't add up,''<ref>{{Cite book|title = Mismeasuring Our Lives: Why GDP Doesn't Add Up|publisher = The New Press|date = 2010-05-18|isbn = 9781595585196|language = en|first1 = Joseph E.|last1 = Stiglitz|first2 = Amartya|last2 = Sen|first3 = Jean-Paul|last3 = Fitoussi}}</ref> and currently serves as co-chair of its successor, the High Level Expert Group on the Measurement of Economic Performance and Social Progress. From 2011 to 2014, Stiglitz was the president of the [[International Economic Association]] (IEA).<ref>{{cite web |url=http://www.iea-world.org/ |title=The International Economics Association |publisher=International Economics Association |date=October 14, 2013}}</ref> He presided over the organization of the IEA triennial world congress held near the [[Dead Sea]] in [[Jordan]] in June 2014.<ref>{{cite web |url=http://www.iea-world.org/JordanCongress_GeneralInfo.php |title=IEA World Congress 2014 |publisher=International Economics Association |date=October 14, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20131017182743/http://www.iea-world.org/JordanCongress_GeneralInfo.php |archive-date=October 17, 2013 }}</ref>

In 2011, Stiglitz was named as one of the [[Time 100|100 most influential people in the world]]<ref>{{cite news |url=http://www.time.com/time/specials/packages/article/0,28804,2066367_2066369_2066440,00.html |archive-url=https://web.archive.org/web/20110425093948/http://www.time.com/time/specials/packages/article/0,28804,2066367_2066369_2066440,00.html |url-status=dead |archive-date=April 25, 2011 |title=The 2011 TIME 100 |publisher=time.com |date=April 21, 2011 |first=Gordon |last=Brown}}</ref> by ~~the~~ ''[[Time (magazine)|Time]]'' magazine. Stiglitz's work focuses on income distribution from a Georgist perspective, asset risk management, corporate governance, and international trade. He is the author of several books, the latest being ''People, Power, and Profits'' (2019), ''The Euro: How a Common Currency Threatens the Future of Europe'' (2016), ''The Great Divide: Unequal Societies and What We Can Do About Them'' (2015), ''Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity'' (2015), and ''Creating a Learning Society: A New Approach to Growth Development and Social Progress'' (2014).<ref>{{cite news|last=Taylor |first=Ihsan |url=https://www.nytimes.com/best-sellers-books/2012-08-26/hardcover-nonfiction/list.html |title=Best Sellers – The New York Times |work=[[The New York Times]] |access-date=October 29, 2013}}</ref> He is also one of the 25 leading figures on the Information and Democracy Commission launched by [[Reporters Without Borders]].<ref>{{Cite web|date=2018-09-09|title=Joseph E. Stiglitz|url=https://rsf.org/en/joseph-e-stiglitz|access-date=2021-05-05|website=Information and Democracy Commission, Reporters Without Borders|language=en}}</ref> According to the [[Open Syllabus Project]], Stiglitz is the fifth most frequently cited author on college syllabi for economics courses.<ref>{{Cite web | url=https://opensyllabus.org/results-list/authors?size=50&fields=Economics |~~title~~ title= Open Syllabus Project | access-date=2021-02-12 | archive-date=2020-02-10 | archive-url=https://web.archive.org/web/20200210115528/https://opensyllabus.org/results-list/authors?size=50&fields=Economics | url-status=dead }}</ref>▼

Stiglitz has received more than 40 honorary degrees, including degrees from [[University of Cambridge|Cambridge]] and [[Harvard University|Harvard]], and he has been decorated by several governments including [[Bolivia]], [[South Korea]], [[Colombia]], [[Ecuador]], and most recently [[France]], where he was appointed as a member of the Legion of Honor, Officer.

▲In 2011, Stiglitz was named as one of the [[Time 100|100 most influential people in the world]]<ref>{{cite news |url=http://www.time.com/time/specials/packages/article/0,28804,2066367_2066369_2066440,00.html |archive-url=https://web.archive.org/web/20110425093948/http://www.time.com/time/specials/packages/article/0,28804,2066367_2066369_2066440,00.html |url-status=dead |archive-date=April 25, 2011 |title=The 2011 TIME 100 |publisher=time.com |date=April 21, 2011 |first=Gordon |last=Brown}}</ref> by the ''[[Time (magazine)|Time]]'' magazine. Stiglitz's work focuses on income distribution from a Georgist perspective, asset risk management, corporate governance, and international trade. He is the author of several books, the latest being ''People, Power, and Profits'' (2019), ''The Euro: How a Common Currency Threatens the Future of Europe'' (2016), ''The Great Divide: Unequal Societies and What We Can Do About Them'' (2015), ''Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity'' (2015), and ''Creating a Learning Society: A New Approach to Growth Development and Social Progress'' (2014).<ref>{{cite news|last=Taylor |first=Ihsan |url=https://www.nytimes.com/best-sellers-books/2012-08-26/hardcover-nonfiction/list.html |title=Best Sellers – The New York Times |work=[[The New York Times]] |access-date=October 29, 2013}}</ref> He is also one of the 25 leading figures on the Information and Democracy Commission launched by [[Reporters Without Borders]].<ref>{{Cite web|date=2018-09-09|title=Joseph E. Stiglitz|url=https://rsf.org/en/joseph-e-stiglitz|access-date=2021-05-05|website=Information and Democracy Commission, Reporters Without Borders|language=en}}</ref> According to the [[Open Syllabus Project]], Stiglitz is the fifth most frequently cited author on college syllabi for economics courses.<ref>{{Cite web | url=https://opensyllabus.org/results-list/authors?size=50&fields=Economics |title = Open Syllabus Project}}</ref>

==Life and career==

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Stiglitz was born in [[Gary, Indiana]]<ref>{{Cite web|title=Interview with Professor Joseph Stiglitz |last=Kern |first=Jamie |date=18 September 2003 |url=https://www8.gsb.columbia.edu/socialenterprise/newsn/423/interview-with-professor-joseph-stiglitz |website=Columbia Business School |publisher=The Tamer Center for Social Enterprise|language=en|archive-date=26 February 2022|archive-url=https://web.archive.org/web/20220226042447/https://www8.gsb.columbia.edu/socialenterprise/newsn/423/interview-with-professor-joseph-stiglitz|url-status=dead}}</ref> into a [[Jews|Jewish]]<ref>{{Cite web |title=Stiglitz's tweet about his heritage |url=https://twitter.com/josephestiglitz/status/854468488064364544 |access-date=2023-03-28 |website=Twitter |language=en}}</ref> family. His mother was Charlotte (née Fishman), a schoolteacher, and his father was Nathaniel David Stiglitz, an insurance salesman.<ref>{{Cite book | url = https://books.google.com/books?id=7bYRAQAAMAAJ&q=Charlotte+Nathaniel+Stiglitz | title = International Who's who of Authors and Writers | year = 2008| isbn = 9781857434286 | last1 = Publications | first1 = Europa Europa | publisher = Routledge }}</ref><ref>{{cite web | title = Stiglitz, Joseph E. 1943– (Joseph Eugene Stiglitz) | url = http://www.encyclopedia.com/article-1G2-3231900130/stiglitz-joseph-e-1943.html | website = encyclopedia.com | publisher = [[Cengage Learning]] }}</ref> Stiglitz attended [[Amherst College]], where he was a [[National Merit Scholarship Program|National Merit Scholar]], active on the debate team, and president of the student government.<ref name=":5">{{Cite web|title=Eight to receive honorary degrees|url=https://news.harvard.edu/gazette/story/2014/05/eight-to-receive-honorary-degrees/|date=2014-05-29|website=Harvard Gazette|language=en-US|access-date=2020-05-31}}</ref> During his senior year at Amherst College, he studied at the [[Massachusetts Institute of Technology]] (MIT), where he later pursued graduate work.<ref name=":5" /> In Summer 1965, he moved to the [[University of Chicago]] to do research under [[Hirofumi Uzawa]] who had received an [[National Science Foundation|NSF]] grant.<ref>{{cite book |last1=Aoki |first1=Masahiko |title=Transboundary Game of Life: Memoir of Masahiko Aoki |year=2018 |publisher=Springer |isbn=978-9811327575 |page=59}}</ref> He studied for his PhD from MIT from 1966 to 1967, during which time he also held an MIT assistant professorship.<ref name=":6">{{Cite book|last=Bowmaker|first=Simon W.|url=https://books.google.com/books?id=CFuxDwAAQBAJ&q=joseph+stiglitz+studied+for+his+PhD+from+MIT+from+1966+to+1967,+during+which+time+he+also+held+an+MIT+assistant+professorship&pg=PA281|title=When the President Calls: Conversations with Economic Policymakers|date=2019-09-20|publisher=MIT Press|isbn=978-0-262-35552-0|language=en}}</ref> Stiglitz stated that the particular style of MIT economics suited him well, describing it as "simple and concrete models, directed at answering important and relevant questions."<ref name="NOBEL1"/>

From 1966 to 1970 he was a research fellow at the [[University of Cambridge]].<ref name=":6" /> Stiglitz initially arrived at [[Fitzwilliam College, Cambridge]] as a [[Fulbright Scholar]] in 1965, and he later won a Tapp Junior Research Fellowship at [[Gonville and Caius College, Cambridge]] which was instrumental in shaping his understanding of [[Keynes]] and [[Macroeconomics|macroeconomic theory]].<ref name="Optima1">{{cite web|url=http://www.fitz.cam.ac.uk/mi-client/media/import/documents/Optima8.pdf |title=A shilling in the meter and a penny for your thoughts ... An Interview with Professor Joseph E Stiglitz |year=2005 |publisher=Optima |access-date=April 27, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20111014034802/http://www.fitz.cam.ac.uk/mi-client/media/import/documents/Optima8.pdf |archive-date=October 14, 2011 }}</ref> In subsequent years, he held academic positions at [[Yale]], [[Stanford University|Stanford]], [[Oxford University|Oxford]]—where he was [[Drummond Professor of Political Economy]]—and [[Princeton University|Princeton]].<ref>{{cite book|last=Stiglitz |first=Joseph |title=CV |url=http://www2.gsb.columbia.edu/faculty/jstiglitz/download/Stiglitz_CV.pdf |publisher=[[Columbia University]] |url-status=dead |archive-url=https://web.archive.org/web/20110513134138/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/Stiglitz_CV.pdf |archive-date=2011-05-13 }}</ref> Since 2001, Stiglitz has been a professor at [[Columbia University]], with appointments at the [[Columbia Business School|Business School]], the Department of Economics and the [[School of International and Public Affairs]] (SIPA), and is an editor of ''[[The Economists' Voice]]'' journal with [[J. Bradford DeLong]] and [[Aaron Edlin]].<ref>{{Cite news|last=Uchitelle|first=Louis|date=2001-07-21|title=Columbia University Hires Star Economist|language=en-US|work=The New York Times|url=https://www.nytimes.com/2001/07/21/business/columbia-university-hires-star-economist.html|access-date=2020-05-31|issn=0362-4331}}</ref>

He also takes classes for a double-degree program between [[Sciences Po Paris]] and [[École Polytechnique]] in 'Economics and Public Policy'. He has chaired The Brooks World Poverty Institute at the [[University of Manchester]] since 2005.<ref>{{cite web | title = Staff: Professor Joseph E Stiglitz | archive-url = https://web.archive.org/web/20070112171724/http://www.bwpi.manchester.ac.uk/aboutus/staff/index.html | archive-date = 12 January 2007 | url = http://www.bwpi.manchester.ac.uk/aboutus/staff/index.html | website = manchester.ac.uk | publisher = [[University of Manchester]] }}</ref><ref>{{cite web | title = Master Economics and Public Policy | url = http://www.sciences-po.fr/formation/master_scpo/mentions/economics/index.htm | archive-url = http://arquivo.pt/wayback/20091015173458/http://www.sciences-po.fr/formation/master_scpo/mentions/economics/index.htm | url-status = dead | archive-date = 2009-10-15 | website = sciences-po.fr | publisher = Edudier à Sciences Po }}</ref> Stiglitz is widely considered a [[New Keynesian economics|New-Keynesian]] economist,<ref>Bruce C. Greenwald & Joseph E. Stiglitz: ''Keynesian, New Keynesian and New Classical Economics.'' Oxford Economics Papers, 39, March 1987, pp. 119–33. ([http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1987_Keynesian_New_Keynesian_and_New_Classical_Economics.pdf PDF; 1,62 MB]) {{webarchive|url=https://web.archive.org/web/20110513135341/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1987_Keynesian_New_Keynesian_and_New_Classical_Economics.pdf |date=2011-05-13 }}</ref><ref>Bruce C. Greenwald & Joseph E. Stiglitz: ''Examining Alternative Macroeconomic Theories.'' Brookings Papers on Economic Activity, No. 1, 1988, pp. 201–70. ([http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1988_Examining_Alternative_Macroeconomic_Theories.pdf PDF; 5.50 MB]) {{webarchive|url=https://web.archive.org/web/20110513134227/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1988_Examining_Alternative_Macroeconomic_Theories.pdf |date=2011-05-13 }}</ref> although at least one economics journalist says his work cannot be so clearly categorised.<ref name='NoahSmith'>{{cite news |last=Smith |first=Noah |date=13 January 2017 |title=Tribal warfare in economics a thing of the past |newspaper=The Australian Financial Review |publisher=Fairfax Media |agency=[[Bloomberg L.P.|Bloomberg]] |quote=Look on the Wikipedia pages of economists Joseph Stiglitz and Greg Mankiw or any of a number of prominent economists. On the sidebar on the right, you'll see an entry for "school or tradition". Both Stiglitz and Mankiw are listed as "New Keynesian". That makes absolutely no sense whatsoever. Stiglitz and Mankiw's research is in totally different areas. Stiglitz did work on asymmetric information, efficiency wages, land taxes and a host of other microeconomic phenomena ... Nor are their policy positions even remotely similar – Stiglitz is a hero to the left, while Mankiw is a small-government conservative. In fact, Mankiw did important research on some models called "New Keynesian". Stiglitz did not.}}</ref>▼

▲He ~~also takes~~teaches classes for a double-degree program between [[Sciences Po Paris]] and [[École Polytechnique]] in 'Economics and Public Policy'.<ref>{{cite news |last1=Kattan |first1=Emmanuel |title=The Year of Joseph Stiglitz, From New York to Paris |url=https://news.columbia.edu/news/joseph-stiglitz-paris-economics-nobel |access-date=27 June 2024 |work=Columbia News |date=3 December 2019}}</ref> He has chaired ~~The~~the [[Brooks World Poverty Institute]] at the [[University of Manchester]] since 2005.<ref>{{cite web | title = Staff: Professor Joseph E Stiglitz | archive-url = https://web.archive.org/web/20070112171724/http://www.bwpi.manchester.ac.uk/aboutus/staff/index.html | archive-date = 12 January 2007 | url = http://www.bwpi.manchester.ac.uk/aboutus/staff/index.html | website = manchester.ac.uk | publisher = [[University of Manchester]] }}</ref><ref>{{cite web | title = Master Economics and Public Policy | url = http://www.sciences-po.fr/formation/master_scpo/mentions/economics/index.htm | archive-url = http://arquivo.pt/wayback/20091015173458/http://www.sciences-po.fr/formation/master_scpo/mentions/economics/index.htm | url-status = dead | archive-date = 2009-10-15 | website = sciences-po.fr | publisher = Edudier à Sciences Po }}</ref> Stiglitz is widely considered a [[New Keynesian economics|New-Keynesian]] economist,<ref>Bruce C. Greenwald & Joseph E. Stiglitz: ''Keynesian, New Keynesian and New Classical Economics.'' Oxford Economics Papers, 39, March 1987, pp. 119–33. ([http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1987_Keynesian_New_Keynesian_and_New_Classical_Economics.pdf PDF; 1,62 MB]) {{webarchive|url=https://web.archive.org/web/20110513135341/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1987_Keynesian_New_Keynesian_and_New_Classical_Economics.pdf |date=2011-05-13 }}</ref><ref>Bruce C. Greenwald & Joseph E. Stiglitz: ''Examining Alternative Macroeconomic Theories.'' Brookings Papers on Economic Activity, No. 1, 1988, pp. 201–70. ([http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1988_Examining_Alternative_Macroeconomic_Theories.pdf PDF; 5.50 MB]) {{webarchive|url=https://web.archive.org/web/20110513134227/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1988_Examining_Alternative_Macroeconomic_Theories.pdf |date=2011-05-13 }}</ref> although at least one economics journalist says his work cannot be so clearly ~~categorised~~categorized.<ref name='NoahSmith'>{{cite news |last=Smith |first=Noah |date=13 January 2017 |title=Tribal warfare in economics a thing of the past |newspaper=The Australian Financial Review |publisher=Fairfax Media |agency=[[Bloomberg L.P.|Bloomberg]] |quote=Look on the Wikipedia pages of economists Joseph Stiglitz and Greg Mankiw or any of a number of prominent economists. On the sidebar on the right, you'll see an entry for "school or tradition". Both Stiglitz and Mankiw are listed as "New Keynesian". That makes absolutely no sense whatsoever. Stiglitz and Mankiw's research is in totally different areas. Stiglitz did work on asymmetric information, efficiency wages, land taxes and a host of other microeconomic phenomena ... Nor are their policy positions even remotely similar – Stiglitz is a hero to the left, while Mankiw is a small-government conservative. In fact, Mankiw did important research on some models called "New Keynesian". Stiglitz did not.}}</ref>

Stiglitz has played a number of policy roles throughout his career. He served in the [[Bill Clinton|Clinton administration]] as the chair of the President's [[Council of Economic Advisers]] (1995–1997).<ref name=":6" /> At the [[World Bank]], he served as a senior vice-president and the chief economist from 1997 to 2000.<ref>{{Cite news|title=Joe Stiglitz and the IMF have warmed to each other|newspaper=The Economist|url=https://www.economist.com/finance-and-economics/2020/04/08/joe-stiglitz-and-the-imf-have-warmed-to-each-other|access-date=2020-05-31|issn=0013-0613}}</ref> He was fired by the World Bank for expressing dissent with its policies.<ref>{{cite web|author=Greg Palast |url=http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/ |title=multi-day interview with Greg Palast |publisher=Gregpalast.com |date=October 10, 2001 |access-date=October 29, 2013}}</ref> Stiglitz has advised American president [[Barack Obama]], but has criticized the [[Obama Administration]]'s financial-industry rescue plan.<ref>{{Cite news|last=Kakutani|first=Michiko|date=2010-01-18|title=Skepticism for Obama's Fiscal Policy (Published 2010)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2010/01/19/books/19book.html|access-date=2021-02-17|issn=0362-4331}}</ref> He said whoever designed the Obama administration's bank rescue plan is "either in the pocket of the banks or they're incompetent."<ref>{{Cite news |date=April 17, 2009 |title=Stiglitz Says Ties to Wall Street Doom Bank Rescue |url=https://www.bloomberg.com/apps/news?pid=20601087&sid=afYsmJyngAXQ&refer=home~~|work=Bloomberg~~ ~~News~~|~~date~~url-status=~~April~~dead ~~17, 2009~~|access-date=April 18, 2009 |work=Bloomberg News}}</ref>

In October 2008, he was asked by the President of the United Nations General Assembly to chair a commission drafting a report on the reasons for and solutions to the [[2007–2008 financial crisis]].<ref>{{cite web|title= Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System |url= https://www.un.org/ga/president/63/commission/background.shtml | website = un.org | publisher = United Nations }}</ref> In response, the commission produced the [[Stiglitz Report]].

On July 25, 2011, Stiglitz participated in the "I ~~Foro~~Forro Social del 15M" organized in [[Madrid]], expressing his support to the [[2011 Spanish protests|15M Movement]] protestors.<ref name="15M SPEECH" />

Stiglitz was the president of the International Economic Association from 2011 to 2014.<ref>{{cite web |url=http://www.iea-world.com/general_info.php |title=International Economic Association (IEA) |publisher=Iea-world.com |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130518131322/http://www.iea-world.com/general_info.php |archive-date=May 18, 2013 }}</ref>

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==Contributions to economics==

[[File:Joseph Stiglitz.jpg|thumb|upright=0.9|left|Stiglitz at a conference in Mexico in 2009]] After the 2018 mid-term elections in the United States, he wrote a statement about the importance of economic justice to the survival of democracy worldwide.<ref>{{cite news |last1=Stiglitz |first1=Joseph E. |title=Can American Democracy Come Back? {{!}} by Joseph E. Stiglitz |url=https://www.project-syndicate.org/commentary/american-democracy-under-attack-midterms-by-joseph-e-stiglitz-2018-11 |access-date=9 November 2018 |work=Project Syndicate |date=6 November 2018 }}</ref>

===Risk aversion===

After getting his Ph.D. from [[M.I.T.]] in 1967, Stiglitz co-authored one of his first papers with [[Michael Rothschild]] for the Journal of Economic Theory in 1970.<ref>{{cite journal | last1 = Rothschild | first1 = M. | last2 = Stiglitz | first2 = J.E. | year = 1970 | title = Increasing risk: I. A definition | url = | journal = Journal of Economic Theory | volume = 2 | issue = 3| pages = 225–243 | doi = 10.1016/0022-0531(70)90038-4 }}</ref> Stiglitz and Rothschild built upon works by economists such as [[Robert Solow]] on the concept of [[Risk aversion (psychology)|risk aversion]].{{Citation needed|date=May 2020}} Stiglitz and Rothschild showed three plausible definitions of a variable X being 'more variable' than a variable Y were all equivalent -– Y being equal to X plus noise, every risk-averse agent preferring Y to X, and Y having more weight in its tails, and that none of these were always consistent with X having a higher statistical variance than Y -– a commonly used definition at the time. In a second paper, they analyzed the theoretical consequences of risk aversion in various circumstances, such as an individual's savings decisions and a firm's production decisions.{{Citation needed|date=May 2020}}

===Henry George theorem===

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Stiglitz's most famous research was on [[Screening (economics)|screening]], a technique used by one economic agent to extract otherwise private information from another. It was for this contribution to the theory of [[information asymmetry]] that he shared the Nobel Memorial Prize in Economics<ref name=NOBEL1 /> with [[George A. Akerlof]] and [[A. Michael Spence]] in 2001 "for laying the foundations for [[information asymmetry|the theory of markets with asymmetric information]]".

Much of Stiglitz's work on [[information economics]] demonstrates situations in which incomplete information prevents markets from achieving social efficiency. His paper with [[Andrew Weiss (economist)|Andrew Weiss]] showed that if banks use interest rates to infer information about borrowers' types (adverse selection effect), or to encourage their actions following borrowing (incentive effect), then credit will be rationed below the optimal level, even in a competitive market.<ref>{{~~Cite~~cite report ~~journal~~|~~last1~~ last=Stiglitz |~~first1~~ first=Joseph | last2=Weiss | first2=Andrew~~|date=February~~ ~~1987~~| title=Macro-Economic Equilibrium and Credit Rationing (Working Paper No. 2164) |~~location~~ publisher = National Bureau of Economic Research | publication-place=Cambridge, MA | date=February 1987 | doi=10.3386/w2164~~|doi-access=free~~ }}</ref> Stiglitz and [[Michael Rothschild|Rothschild]] showed that in an insurance market, firms have an incentive to undermine a 'pooling equilibrium', where all agents are offered the same full-insurance policy, by offering cheaper partial insurance that would only be attractive to the low-risk types, meaning that a competitive market can only achieve partial coverage of agents.<ref>{{Citation|last1=Rothschild|first1=Michael|title=Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information|date=1976|work=Foundations of Insurance Economics|pages=355–375|publisher=Springer Netherlands|isbn=9789048157891|last2=Stiglitz|first2=Joseph|series=Huebner International Series on Risk, Insurance and Economic Security |volume=14 |doi=10.1007/978-94-015-7957-5_18}}</ref> Stiglitz and [[Sanford J. Grossman|Grossman]] showed that trivially small information acquisition costs prevent financial markets from achieving complete informational efficiency, since agents will have an incentive to free-ride on others' information acquisition, and acquire this information indirectly by observing market prices.<ref>{{cite web|url=http://terpconnect.umd.edu/~wermers/ftpsite/FAME/grossman_stiglitz_(1980).pdf|title=On the impossibility of informationally efficient markets}}</ref>

=== Monopolistic competition ===

Stiglitz, together with [[Avinash Dixit]], created a tractable model of [[Dixit–Stiglitz model|monopolistic competition]] that was an alternative to traditional [[Perfect competition|perfect-competition models]] of [[General equilibrium theory|general equilibrium]]. They showed that in the presence of increasing returns to scale, the entry of firms is socially too small.<ref>{{Citation|last1=Dixit|first1=Avinash K.|chapter=Monopolistic competition and optimum product diversity (May 1974)|pages=70–88|publisher=Cambridge University Press|isbn=9780511492273|last2=Stiglitz|first2=Joseph E.|doi=10.1017/cbo9780511492273.004|title=The Monopolistic Competition Revolution in Retrospect|year=2001}}</ref> The model was extended to show that when consumers have a preference for diversity, entry can be socially too large. The modeling approach ~~was also influential in the fields of trade theory, and industrial organization, and~~ was used by [[Paul Krugman]] in his analysis of the non-comparative advantage trading patterns.<ref>{{cite web|url=http://econ.sciences-po.fr/sites/default/files/file/krugman-79.pdf|title=Increasing returns, monopolistic competition and global trade|last=Krugman|first=Paul|access-date=2019-04-06|archive-date=2020-01-10|archive-url=https://web.archive.org/web/20200110063958/http://econ.sciences-po.fr/sites/default/files/file/krugman-79.pdf|url-status=dead}}</ref>

===Shapiro–Stiglitz efficiency wage model===

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# It is costly for firms to determine how much effort workers are exerting.

ASome ~~full~~key ~~description~~implications of this model ~~can be found at the links provided.~~are:<ref>{{cite web|url=http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf|title=Lecture 4|date=May 22, 2007|website=coin.wne.uw.edu.pl|access-date=March 16, 2008|archive-url=https://web.archive.org/web/20110715112948/http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf|archive-date=July 15, 2011|url-status=dead}}</ref><ref name=SHAPIROSTGLTZMATH>{{cite web |url=http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf |title=Efficiency wages, the Shapiro-Stiglitz Model |access-date=October 29, 2013 |archive-url=https://web.archive.org/web/20110715112948/http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf |archive-date=July 15, 2011 |url-status=dead }}</ref> ~~Some key implications of this model are:~~

# Wages do not fall enough during recessions to prevent unemployment from rising. If the demand for ~~labour~~labor falls, this lowers wages. But because wages have fallen, the probability of 'shirking' (workers not exerting effort) has risen. If employment levels are to be maintained, through a sufficient lowering of wages, workers will be less productive than before through the shirking effect. As a consequence, in the model, wages do not fall enough to maintain employment levels at the previous state, because firms want to avoid excessive shirking by their workers. So, unemployment must rise during recessions, because wages are kept 'too high'.

# Possible corollary: Wage sluggishness. Moving from one private cost of hiring (w∗) to another private cost of hiring (w∗∗) will require each firm to repeatedly re-optimize wages in response to shifting [[Unemployment|unemployment]] rate]]. Firms cannot cut wages until unemployment rises sufficiently (a coordination problem).

The outcome is never [[Pareto efficiency|Pareto efficient]].

# Each firm employs too few workers, because the cost of employing too many workers would be faced by the firm alone, while the cost of unemployment is shared by the firm and its competitors, indeed it is shared by all firms that pay taxes in the country. This means that firms do not "internalize" the "external" cost of unemployment{{snd}} they do not factor how large-scale unemployment harms society when assessing their own costs. This leads to a negative externality as marginal social cost exceeds the firm's marginal cost (MSC = Firm's Private Marginal Cost + Marginal External Cost of increased social unemployment){{Clarify|date=January 2010}}

# There are also [[Externality|positive externalities]]: each firm increases the asset value of unemployment for all other firms when they hire during recessions. By creating hypercompetitive labor markets, all firms (the winners when laborers compete) experience an increase in value. However, this effect of increased valuation is very unapparent, because the first problem (the negative externality of sub-optimal hiring) clearly dominates since the 'natural rate of unemployment' is always too high.

===Practical implications of Stiglitz's theories===

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{{blockquote|The effect of Stiglitz's influence is to make economics even more presumptively interventionist than Samuelson preferred. Samuelson treated market failure as an exception to the general rule of efficient markets. But the Greenwald-Stiglitz theorem posits market failure as the norm, establishing "that government could potentially almost always improve upon the market's resource allocation." And the Sappington-Stiglitz theorem "establishes that an ideal government could do better running an enterprise itself than it could through privatization"<ref name=SAPPINGTON>{{cite web|url=http://elsa.berkeley.edu/~yqian/econ260b/Sappington%20Privatization.pdf |title=Privatization, Information and Incentives |access-date=2007-05-15 |url-status=bot: unknown |archive-url=https://web.archive.org/web/20060518062152/http://elsa.berkeley.edu/~yqian/econ260b/Sappington%20Privatization.pdf |archive-date=2006-05-18 }}</ref>| Stiglitz 1994, p. 179.<ref name=BOETTKE>{{cite web|url=http://www.the-dissident.com/Boettke_CR.pdf |author=Boettke, Peter J. |title=What Went Wrong with Economics?, Critical Review Vol. 11, No. 1, pp. 35, 58 |access-date=October 29, 2013}}</ref>}}

As David L. Prychitko discusses in his "critique" to ''Whither Socialism?'', ~~(see~~he ~~below),~~thought ~~although~~that Stiglitz~~'s main economic insight~~ seems generally correct ,{{Citation needed|date=April 2019}}, though it still leaves ~~open great constitutional questions such as~~ how the coercive institutions of the government{{POV statement|date=October 2021}} should be constrained and what the relation is between the government and civil society.<ref name=CRITIQUE1>{{cite web|url=http://www.cato.org/pubs/journal/cj16n2-10.html |title=Whither Socialism? |access-date=2007-09-26 |url-status=bot: unknown |archive-url=https://web.archive.org/web/19970607112959/http://www.cato.org/pubs/journal/cj16n2-10.html |archive-date=1997-06-07 }}</ref>

==Government==

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Stiglitz joined the [[Presidency of Bill Clinton|Clinton Administration]] in 1993,<ref>{{cite web | title = Brief Biography of Joseph E. Stiglitz | url = http://www2.gsb.columbia.edu/faculty/jstiglitz/bio.cfm | website = columbia.edu | publisher = [[Columbia University]] | url-status = dead | archive-url = https://web.archive.org/web/20110829164327/http://www2.gsb.columbia.edu/faculty/jstiglitz/bio.cfm | archive-date = 2011-08-29 }}</ref> serving first as a member during 1993–1995, and was then appointed Chairman of the [[Council of Economic Advisers]] on June 28, 1995.<ref name="NOBEL1"/>

Stiglitz always had a poor relationship with Treasury Secretary [[Lawrence Summers]].<ref>{{cite news | last = Hirsh | first = Michael | title = Why Washington ignores an economic prophet | url = http://europe.newsweek.com/why-washington-ignores-economic-prophet-81985?rm=eu | work = [[Newsweek]] |publisher=Newsweek LLC |date = 18 July 2009 }}</ref> In 2000, Summers successfully petitioned for Stiglitz's removal, supposedly in exchange for World Bank President [[James Wolfensohn]]'s re-appointment{{snd}} an exchange that Wolfensohn denies took place. Whether Summers ever made such a blunt demand is questionable{{snd}} Wolfensohn claims he would "have told him to *** himself".<ref>Mallaby, ''The World's Banker'', p. 266.</ref>

Stiglitz resigned from the World Bank in January 2000, a month before his term expired.<ref name=DANGEROUS>{{cite web | last = Hage | first = Dave |url=http://www.commondreams.org/views/101100-101.htm |title=Joseph Stiglitz: A Dangerous Man, A World Bank Insider Who Defected | work = [[Star Tribune]] |publisher=Commondreams.org | location = Minneapolis |date=October 11, 2000 |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130814032443/http://www.commondreams.org/views/101100-101.htm |archive-date=August 14, 2013 }}</ref> The [[World Bank|Bank's president]], James Wolfensohn, announced Stiglitz's resignation in November 1999 and also announced that Stiglitz would stay on as Special Advisor to the President, and would chair the search committee for a successor.

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{{blockquote|They'll say the IMF is arrogant. They'll say the IMF doesn't really listen to the developing countries it is supposed to help. They'll say the IMF is secretive and insulated from democratic accountability. They'll say the IMF's economic 'remedies' often make things worse{{snd}} turning slowdowns into recessions and recessions into depressions. And they'll have a point. I was chief economist at the World Bank from 1996 until last November, during the gravest global economic crisis in a half-century. I saw how the IMF, in tandem with the U.S. Treasury Department, responded. And I was appalled.}}

~~The article was published a week before the annual meetings of the World Bank and IMF and provoked a strong response. It proved too strong for Summers and, yet more lethally,~~ Stiglitz's protector-of-sorts at the World Bank, Wolfensohn~~. Wolfensohn~~, had privately ~~empathised~~empathized with Stiglitz's views, but ~~this time~~ was worried for his second term, which Summers had threatened to veto.{{Citation needed|date=October 2008}} Stanley Fischer, deputy managing director of the IMF, called a special staff meeting and informed ~~at that~~the gathering that Wolfensohn had agreed to fire Stiglitz. Meanwhile, the ~~Bank~~bank's [[Foreign policy|External Affairs]] department told the press that Stiglitz had not been fired,; his post had merely been abolished.<ref name=WADE>{{cite book | last = Wade | first = Robert | title = US hegemony and the World Bank: Stiglitz's firing and Kanbur's resignation | archive-url = https://web.archive.org/web/20080529110008/http://sociology.berkeley.edu/faculty/evans/evans_pdf/Wade.pdf | archive-date = 29 May 2008 | url = http://sociology.berkeley.edu/faculty/evans/evans_pdf/Wade.pdf | publisher = [[University of California, Berkeley|UC Berkeley]] }}</ref>

In a September 19, 2008 radio interview, with [[Aimee Allison]] and Philip Maldari on [[Pacifica Foundation|Pacifica Radio]]'s [[KPFA]] 94.1 FM in [[Berkeley, California|Berkeley]], USUnited States, Stiglitz implied that President Clinton and his economic advisors would not have backed the [[North American Free Trade Agreement]] (NAFTA) had they been aware of stealth provisions, inserted by lobbyists, that they overlooked.

===Initiative for Policy Dialogue===

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===Greek debt crisis===

In 2010, Stiglitz acted as an advisor to the [[Government of Greece|Greek government]] during the [[Greek debt crisis]]. He appeared on [[Bloomberg Television|Bloomberg TV]] for an interview on the risks of Greece defaulting, in which he stated that he was very confident that Greece would not default. He went on to say that Greece was under "speculative attack" and though it had "short-term liquidity problems ... and would benefit from Solidarity Bonds", the country was "on track to meet its obligations".<ref>{{Cite news|date=2010-06-01|title=Euro Likely to Survive Debt Crisis, Stiglitz Says|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2010-06-01/euro-likely-to-survive-continent-s-debt-crisis-nobel-winner-stiglitz-says|access-date=2021-02-17}}</ref>

The next day, during a BBC interview, Stiglitz stated that "there's no problem of Greece or Spain meeting their interest payments". He argued nonetheless, that it would be desirable and needed for all of Europe to make a clear statement of belief in social solidarity and that they "stand behind Greece". Confronted with the statement: "Greece's difficulty is that the magnitude of debt is far greater than the capacity of the economy to service", Stiglitz replied, "That's rather absurd".{{Citation needed|date=June 2015}}

In 2012, Stiglitz described the European austerity plans as a "suicide-pact".<ref name=Moore1>{{cite news|last=Moore|first=Malcolm|title=Stiglitz says European austerity plans are a 'suicide pact'|url=https://www.telegraph.co.uk/finance/financialcrisis/9019819/Stiglitz-says-European-austerity-plans-are-a-suicide-pact.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/financialcrisis/9019819/Stiglitz-says-European-austerity-plans-are-a-suicide-pact.html |archive-date=2022-01-12 |url-access=subscription |url-status=live|access-date=April 26, 2012|newspaper=Telegraph|date=Jan 17, 2012|location=London}}{{cbignore}}</ref> In 2015, he said that the ~~programme~~programmer of austerity in Greece had been "an enormous mistake", that the International Monetary Fund, [[European Central Bank]] and the [[European Commission]] had "criminal responsibility for causing a major recession".<ref name="Time_2015">{{cite magazine |last1=Shuster |first1=Simon |title=Joseph Stiglitz to Greece's Creditors: Abandon Austerity Or Face Global Fallout |url=https://time.com/3939621/stiglitz-greece |access-date=24 April 2023 |magazine=Time |date=29 June 2015}}</ref> He argued that Greek debt should be written off.<ref name="Time_2015"/>

===Scotland===

Since March 2012, Stiglitz has been a member of the [[Scottish Government]]'s Fiscal Commission Working Group, which oversees the work to establish a fiscal and macroeconomic framework for an [[Scottish independence|independent Scotland]] on behalf of the Scottish [[Council of Economic Advisers (Scotland)|Council of Economic Advisers]]. Together with Professors [[Andrew Hughes Hallett]], Sir [[James Mirrlees]] and [[Frances Ruane]], Stiglitz will "advise on the establishment of a credible Fiscal Commission which entrenches financial responsibility and ensures market confidence".<ref>{{cite web | last = Staff writer | title = Fiscal Commission Working Group | archive-url = https://wayback.archive-it.org/3011/20130201194612/http://www.scotland.gov.uk/News/Releases/2012/03/fiscal-commission25032012 | archive-date = 1 February 2013 | url = http://www.scotland.gov.uk/News/Releases/2012/03/fiscal-commission25032012 | publisher = The Scottish Government | date = 25 March 2012 }}</ref>

Together with Professors [[Andrew Hughes Hallett]], Sir [[James Mirrlees]] and [[Frances Ruane]], Stiglitz will "advise on the establishment of a credible Fiscal Commission which entrenches financial responsibility and ensures market confidence".<ref>{{cite web | last = Staff writer | title = Fiscal Commission Working Group | archive-url = https://wayback.archive-it.org/3011/20130201194612/http://www.scotland.gov.uk/News/Releases/2012/03/fiscal-commission25032012 | archive-date = 1 February 2013 | url = http://www.scotland.gov.uk/News/Releases/2012/03/fiscal-commission25032012 | publisher = The Scottish Government | date = 25 March 2012 }}</ref>

===Labour Party===

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===Support for anti-austerity movement in Spain===

On July 25, 2011, Stiglitz participated in the "I ~~Foro~~Forro Social del 15M" organized in [[Madrid]] (Spain) expressing his support for the [[anti-austerity movement in Spain]].<ref name="15M SPEECH">{{cite web|url=https://www.youtube.com/watch?v=z2iKj-1v2Cc| archive-url=https://web.archive.org/web/20111123222535/http://www.youtube.com/watch?v=z2iKj-1v2Cc| archive-date=2011-11-23 | url-status=dead|title=Joseph Stiglitz apoya el movimiento 15-M|website = [[YouTube]]|access-date=July 26, 2011}}</ref> During an informal speech, he made a brief review of some of the problems in Europe and in the United States, the serious unemployment rate and the situation in Greece. "This is an opportunity for economic contribution social measures", argued Stiglitz, who made a ~~critical~~ speech about the way authorities are handling the political exit to the crisis. He encouraged those present to respond to the ~~bad~~ ideas~~, not with indifference, but~~ with good ideas. "This does not work, you have to change it", he said.

===Criticism of rating agencies===

Stiglitz has been critical of [[Big Three (credit rating agencies)|rating agencies]], describing them as the "key culprit" in the [[2007–2008 financial crisis]], noting "they were the party that performed the alchemy that converted the securities from F-rated to A-rated. The banks could not have done what they did without the complicity of the rating agencies."<ref name=Neate1>{{cite news|last=Neate|first=Rupert|title=Ratings agencies suffer 'conflict of interest', says former Moody's boss|url=https://www.theguardian.com/business/2011/aug/22/ratings-agencies-conflict-of-interest|access-date=April 21, 2012|newspaper=The Guardian|date=August 22, 2011|location=London}}</ref>

Stiglitz co-authored a paper with [[Peter Orszag]] in 2002 titled "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" where they stated "on the basis of historical experience, the risk to the government from a potential default on GSE debt is effectively zero." However, "the risk-based capital standard ... may fail to reflect the probability of another Great Depression-like scenario."<ref name=fanniemae>{{cite web|url=http://www.pierrelemieux.org/stiglitzrisk.pdf|title=Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard|publisher=[[Fannie Mae]]|access-date=February 10, 2010|url-status=dead|archive-url=https://web.archive.org/web/20091122094851/http://www.pierrelemieux.org/stiglitzrisk.pdf|archive-date=November 22, 2009}}</ref>

===Views on risks associated with government-sponsored enterprises===

In a 2002 paper coauthored with [[Jonathan Orszag]], and [[Peter R. Orszag]], Stiglitz asserted "the probability of default by the GSEs [Government-Sponsored Enterprises] is extremely small".<ref name=GSErisk>{{cite web|url=http://www.pierrelemieux.org/stiglitzrisk.pdf|title=Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard|publisher=[[Fannie Mae]]|access-date=February 10, 2010|url-status=dead|archive-url=https://web.archive.org/web/20091122094851/http://www.pierrelemieux.org/stiglitzrisk.pdf|archive-date=November 22, 2009}}</ref>

===Criticism of Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership===

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===Regulation===

Stiglitz argues that relying solely on business self-interest as the means of achieving the well-being of society and [[economic efficiency]] is misleading, and that instead "What is needed is stronger norms, clearer understandings of what is acceptable{{snd}} and what is not{{snd}} and stronger laws and regulations to ensure that those that do not behave in ways that are consistent with these norms are held accountable".<ref>{{cite web|url=http://allafrica.com/stories/201312240257.html?page=3|title=Ethiopia: Do Human Rights Make Economic Sense?|first=Joseph|last=Stiglitz|date=24 December 2013|via=AllAfrica}}</ref>

===Land value tax (Georgism)===

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====Advice for the eurozone countries====

In the 1990s, he wrote that ''"countries in North America and Europe should eliminate all tariffs and quotas'' (protectionist measures)".<ref>{{cite web|url=http://www.commondreams.org/views/101100-101.htm|title=Joseph Stiglitz -- A Dangerous Man, A World Bank Insider Who Defected|date=14 August 2013|url-status=dead|archive-url=https://web.archive.org/web/20130814032443/http://www.commondreams.org/views/101100-101.htm|archive-date=14 August 2013}}</ref> He now advises the [[Eurozone|eurozone countries]] to control their trade balance with Germany by means of export/[[import certificates]] or "trade chits" (a protectionist measure).<ref>{{cite web|last=Collier|first=Paul|date=September 30, 2016|title=Euro septic: Paul Collier on the problems with the European single currency and the unlikelihood of a solution|url=https://www.the-tls.co.uk/articles/public/euro-septic/|access-date=2021-05-05|website=The TLS}}</ref><ref>{{cite book|url=https://books.google.com/books?id=rBycCgAAQBAJ&q=trade+chits&pg=PT205|title=The Euro: How a Common Currency Threatens the Future of Europe|first=Joseph E.|last=Stiglitz|date=16 August 2016|publisher=W. W. Norton & Company|via=Google Books|isbn=9780393254037}}</ref><ref>{{cite web|url=https://lahcenbounadereconomics.blogspot.com.ar/2016/12/a-critical-issue-adressed-to-joseph.html|title=Lahcen Bounader's weblog: A Critical Issue Addressed to Joseph Stiglitz|first=Lahcen|last=Bounader|date=31 December 2016}}</ref>

Citing Keynesian theory, he explains that trade surpluses are harmful: ''"[[John Maynard Keynes]] pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a "negative externality" on trading partners. Indeed, Keynes believed it was surplus countries, far more than those in deficit, that posed a threat to global prosperity; he went so far as to advocate a tax on surplus countries"''.<ref name=":0">{{cite web|url=https://www.theguardian.com/commentisfree/2010/may/05/reform-euro-or-bin-it-greece-germany|title=Reform the euro or bin it - Joseph Stiglitz|first=Joseph|last=Stiglitz|date=5 May 2010|website=The Guardian}}</ref> ~~Indeed, from~~From the beginning of 1930, Keynes stopped believing in free trade, denounced the theory of [[comparative advantage]] (the basis of free trade) and ~~definitively~~ adhered to protectionism.<ref name="J.M. Keynes, free trade and protectionism">{{Cite journal|url = https://www.erudit.org/fr/revues/ae/2010-v86-n1-ae3990/045556ar/|doi = 10.7202/045556ar|title = J.M. Keynes, le libre-échange et le protectionnisme|year = 2011|last1 = Maurin|first1 = Max|journal = L'Actualité Économique|volume = 86|pages = 109–129|doi-access = free|access-date = 14 May 2021|archive-date = 6 May 2021|archive-url = https://web.archive.org/web/20210506024936/https://www.erudit.org/fr/revues/ae/2010-v86-n1-ae3990/045556ar/|url-status = live}}</ref><ref name="National Self-Sufficiency">{{cite journal|url=http://www.mtholyoke.edu/acad/intrel/interwar/keynes.htm|author=John Maynard Keynes|title=National Self-Sufficiency|journal=The Yale Review |volume= 22 |number= 4 |date=June 1933 |pages=755–769|access-date=14 May 2021|archive-date=15 May 2011|archive-url=https://web.archive.org/web/20110515044928/http://www.mtholyoke.edu/acad/intrel/interwar/keynes.htm|url-status=live}}</ref>

Stiglitz writes: ''"Germany's surplus means that the rest of Europe is in deficit. And the fact that these countries import more than they export contributes to the weakness of their economies"''. He thinks that surplus countries are getting richer at the expense of deficit countries. He notes that the euro is the cause of this deficit and that as the trade deficit declines GDP would rise and unemployment would fall: ''"The euro system means that Germany's exchange rate cannot increase compared to other euro area members. If the exchange rate were to rise, Germany would have more difficulty exporting and its economic model, based on strong exports, would cease. At the same time, the rest of Europe would export more, GDP would rise, and unemployment would fall"''.<ref name=":0" />

He also thinks that the rest of the world should impose a carbon-adjustment tax (a protectionist measure) on American exports that do not comply with global standard.<ref>{{cite web|url=https://www.theguardian.com/business/2017/jun/02/paris-climate-deal-to-trumps-rogue-america|title=How to respond to Trump's America - Joseph Stiglitz|first=Joseph|last=Stiglitz|date=2 June 2017|website=The Guardian}}</ref>

====Advice for the United States====

[[File:Empfang Joseph E. Stiglitz im Rathaus Köln-1473.jpg|thumb|Joseph Stiglitz]]

Contrary to Keynesian theory and these analyses on the ~~Eurozone~~eurozone, he argues that the United States should not rebalance the trade account, and that the country can no longer apply protectionist measures to protect or recreate the well-paying manufacturing jobs, saying: "The very Americans who have been among the losers of globalization stand to be among the losers of a reversal of globalization. History cannot be put into reverse".<ref name=":1">{{cite web|url=https://www.vanityfair.com/news/2017/02/donald-trump-china-economics-trade|title=Trump's Most Chilling Economic Lie|first=Joseph E.|last=Stiglitz|website=[[Vanity Fair (magazine)|Vanity Fair]]|date=17 February 2017}}</ref>

On the other hand, he admits that as trade deficit declines, "GDP would rise and unemployment would fall", further stating: "...the fact that these countries are importing more than they are exporting contributes to their weak economies."<ref name=":0" /> He also notes that trade deficit is correlated with loss of manufacturing jobs: the increase in the "value of the dollar will lead to larger trade deficits and fewer manufacturing jobs".<ref name=":4">{{cite web|url=https://www.project-syndicate.org/commentary/globalization-of-discontent-by-joseph-e--stiglitz-2017-12|title=The Globalization of Our Discontent by Joseph E. Stiglitz|first=Joseph E.|last=Stiglitz|date=5 December 2017}}</ref>

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Stiglitz does not want the United States to stop free trade. According to him, if China limits globalization, it will not hurt them, but if the United States stops with the process of free trade, it will be harmful. About China, according to him, if China depends less on [[economic globalization]], it will not be negative for the country.<ref name=":1" /> He writes that the decline in exports from China to the U.S. may not "hurt them more than it hurt us" because "China's government has far more control over the country's economy than our government has over ours; and it is moving from export dependence to a model of growth driven by domestic demand." Regarding the United States, he writes the opposite and advice to apply the opposite of the Keynesian theory of trade deficits seen earlier:<ref name=":0" /> "Walking away from globalization may reduce our imports, but it will also reduce exports in tandem. And, almost surely, jobs will be destroyed faster than they will be created: there may even be fewer net manufacturing jobs". "[The] erection of barriers to trade and the movement of people and ideas more likely than not will be one in which the U.S. almost surely will lose."<ref name=":1" />

In early 2017, he wrote that "the American middle class is indeed the loser of [[globalization]]" (the diminution of international trade regulations as well as tariffs, taxes) and "China, with its large emerging middle class, is among the big beneficiaries of globalization". "Thanks to ~~globalisation~~globalization, in terms of purchasing-power parity, China actually has already become the largest economy in the world in September 2015".<ref name=":1" /> However, contrary to what he wrote earlier, he later argued in February 2017 that the fall in wages and the disappearance of well-paid jobs in the United States, are not due to free trade or ~~globalisation~~globalization, but rather are inevitable collateral damage to the march of economic progress and technological innovation: "The United States can only push for advanced manufacturing, which requires higher skill sets and employs fewer people. Rising inequality, meanwhile, will continue ...".<ref name=":2"/> In addition, on December 5, 2017, contrary to what he wrote earlier, he wrote that the drop in wages in the United States is due to the actions of multinational companies rather than the ~~globalisation~~globalization and the trade account imbalances between countries caused by free trade: "It was an agenda written by and for large multinational companies, at the expense of workers".<ref name=":4" />

In 2016, he said he believes that the economic situation of the United States is critical: "As the economists Anne Case and [[Angus Deaton]] showed in their study published in December 2015, life expectancy among middle-age white Americans is declining, as rates of suicides, drug use, and alcoholism increase. A year later, the National Center for Health Statistics reported that life expectancy for the country as a whole has declined for the first time in more than 20 years."<ref name=":2"/> ... With the incomes of the bottom 90% having stagnated for close to a third of a century (and declining for a significant proportion), the health data simply confirmed that things were not going well for swaths of the country".<ref name=":3" />

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=== Views on taxation ===

Stiglitz maintained the super-rich should pay taxes up to 70% to help deal with increasing inequality. Stiglitz stated a worldwide income tax rate of 70% on biggest earners "would clearly make sense". Stiglitz maintained society would become more egalitarian and cohesive. Stiglitz said a wealth taxes on fortunes acquired during many generations would have a larger influence. Stiglitz maintains most billionaires acquired much of their wealth through luck. He maintains [[Elizabeth Warren]] proposing a 2% tax for people with assets of over $~~50m~~50 million and 3% on those with over $~~1bn~~1 billion was "very reasonable" and would raise significant revenues that could improve some United States problems.<ref>[https://www.theguardian.com/news/2023/jan/22/joseph-stiglitz-economist-income-tax-high-earners-70-per-cent-inequality Joseph Stiglitz: tax high earners at 70% to tackle widening inequality] ''[[The Guardian]]''</ref>

==Books==

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''[[Whither Socialism?]]'' is based on Stiglitz's Wicksell Lectures, presented at the [[Stockholm School of Economics]] in 1990 and presents a summary of [[information economics]] and the theory of markets with imperfect information and imperfect competition, as well as being a critique of both free market and market socialist approaches (see Roemer critique, op. cit.). Stiglitz explains how the [[neoclassical economics|neoclassical]], or [[Walrasian model]] ("Walrasian economics" refers to the result of the process which has given birth to a formal representation of [[Adam Smith]]'s notion of the "invisible hand", along the lines put forward by [[Léon Walras]] and encapsulated in the general equilibrium model of [[Arrow–Debreu model|Arrow–Debreu]]), may have wrongly encouraged the belief that [[market socialism]] could work. Stiglitz proposes an alternative model, based on the [[information economics]] established by the Greenwald–Stiglitz theorems.

One of the reasons Stiglitz sees for the critical failing in the standard [[neoclassical economics|neoclassical model]], on which [[market socialism]] was built, is its failure to consider the problems that arise from lack of [[perfect information]] and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness.<ref name=ZAPIA>{{cite web|url=http://www.econ-pol.unisi.it/pubdocenti/HEI99.pdf |author=Zapia, Carlo |title=The economics of information, market socialism and Hayek's legacy |publisher=Dipartimento di Economia Politica, Università di Siena |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20070614110711/http://www.econ-pol.unisi.it/pubdocenti/HEI99.pdf |archive-date=June 14, 2007 }}</ref>

===''Globalization and Its Discontents'' (2002)===

In ''[[Globalization and Its Discontents]]'', Stiglitz argues that what are often called "developing economies" are, in fact, not developing at all, and puts much of the blame on the IMF.

Stiglitz bases his argument on the themes that his decades of theoretical work have emphasized: namely, what happens when people lack the key information that bears on the decisions they have to make, or when markets for important kinds of transactions are inadequate or don't exist, or when other institutions that standard economic thinking takes for granted are absent or flawed. Stiglitz stresses ~~the point~~: "Recent advances in economic theory" (in part referring to his own work) "have shown that whenever information is imperfect and markets are incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly." As a result, Stiglitz continues, governments can improve the outcome by well-chosen interventions. Stiglitz argues that when families and firms seek to buy too little compared to what the economy can produce, governments can fight recessions and depressions by using expansionary monetary and fiscal policies to spur the demand for goods and services. At the microeconomic level, governments can regulate banks and other financial institutions to keep them sound. They can also use tax policy to steer investment into more productive industries and trade policies to allow new industries to mature to the point at which they can survive foreign competition. And governments can use a variety of devices, ranging from job creation to manpower training to welfare assistance, to put unemployed labor back to work and cushion human hardship.

Stiglitz argues that the IMF has done great damage through the economic policies it has prescribed that countries must follow in order to qualify for IMF loans, or for loans from banks and other private-sector lenders that look to the IMF to indicate whether a borrower is creditworthy. The organization and its officials, he argues, have ignored the implications of incomplete information, inadequate markets, and unworkable institutions{{snd}} all of which are especially characteristic of newly developing countries. As a result, Stiglitz argues, the IMF has often called for policies that conform to textbook economics but do not make sense for the countries to which the IMF is recommending them. Stiglitz seeks to show that these policies have been disastrous for the countries that have followed them.

===''The Roaring Nineties'' (2003)===

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===''Fair Trade for All'' (2005)===

In ''Fair Trade for All'', authors Stiglitz and [[Andrew Charlton (politician)|Andrew Charlton]] argue that it is important to make the trading world more development friendly.<ref>{{cite journal | last = Blandford | first = David | title = Review of ''Fair Trade for All'', by J.E. Stiglitz and Andrew Charlton | journal = American Journal of Agricultural Economics | volume = 90 | issue = 2| year = 2008 | pages=571–572| doi=10.1111/j.1467-8276.2008.01160_1.x}}</ref> The idea is put forth that the present regime of tariffs and agricultural subsidies is dominated by the interests of former colonial powers and needs to change. The removal of the bias toward the developed world will be beneficial to both developing and developed nations. The developing world is in need of assistance, and this can only be achieved when developed nations abandon mercantilist -based priorities and work towards a more liberal world trade regime.<ref>{{cite journal | last = Northcott | first = Michael S. | title = Review of ''Fair Trade For All'' by J.E. Stiglitz and Andrew Charlton | journal = Studies in World Christianity | volume = 12 | issue = 3| year = 2006 | pages = 282–284 | doi = 10.1353/swc.2006.0025| s2cid = 144250262 }}</ref>

===''Making Globalization Work'' (2006)===

''[[Making Globalization Work]]'' surveys the inequities of the global economy, and the mechanisms by which developed countries exert an excessive influence over developing nations. Dr. Stiglitz argues that through tariffs, subsidies, an over-complex patent system and pollution, the world is being both economically and politically ~~destabilised~~destabilized. Stiglitz argues that strong, transparent institutions are needed to address these problems. He shows how an examination of incomplete markets can make corrective government policies desirable.

Stiglitz is an exception to the general pro-~~globalisation~~globalization view of professional economists, according to economist [[Martin Wolf]].<ref name=preface>"Why Globalization Works" (Yale University Press 2004) {{ISBN|978-0-300-10252-9}}, p. 8. Also Wolf criticizes World Bank heavily (pp. xiii–xv).</ref> Stiglitz argues that economic opportunities are not widely enough available, that financial crises are too costly and too frequent, and that the rich countries have done too little to address these problems. ''Making Globalization Work''<ref>see {{YouTube|UzhD7KVs-R4|Stiglitz discuss his book}}</ref> has sold more than two million copies.

===''Stability with Growth'' (2006)===

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{{Main|Freefall: America, Free Markets, and the Sinking of the World Economy}}

In ''Freefall: America, Free Markets, and the Sinking of the World Economy'', Stiglitz discusses the causes of the 2008 recession/depression and goes on to propose reforms needed to avoid a repetition of a similar crisis, advocating government intervention and regulation in a number of areas. Among the ~~policy-makers~~policymakers he ~~criticises~~criticizes are George W. Bush, Larry Summers, and Barack Obama.<ref>{{cite news |first=Joel|last=Krupa |title=Guiding the Invisible Hand |url=http://www.oxonianreview.org/wp/guiding-the-invisible-hand/ |archive-url=https://web.archive.org/web/20110516145756/http://www.oxonianreview.org/wp/guiding-the-invisible-hand/ |url-status=usurped |archive-date=May 16, 2011 |date=June 7, 2010 |access-date=December 28, 2010}}</ref>

===''The Price of Inequality'' (2012)===

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===''People, Power and Profits: Progressive Capitalism for an Age of Discontent'' (2019)===

From the jacket: Stiglitz shows how a middle-class life can once again be attainable by all. An authorities account of the predictable dangers of free market fundamentalism and the foundations of progressive capitalism, ''People, Power, and Profits'' shows us an America in crisis, but also lights a path through this challenging time.

~~{{Empty section|date=September 2023}}~~[[File:Joseph Stiglitz and Kamal Nath (3181943232).jpg|thumb|Joseph Stiglitz and Kamal Nath]]

===''Measuring What Counts: The Global Movement for Well-Being'' (2019)===

Stiglitz and his co-authors point out that the interrelated crises of environmental degradation and human suffering of our current age demonstrate that "something is fundamentally wrong with the way we assess economic performance and social progress." They argue that using GDP as the chief measure of our economic health does not provide an accurate assessment of the economy or the state of the world and the people living in it.<ref>{{cite web |last1=Queally |first1=Jon |title='Everything Is Not Fine': Nobel Economist Calls on Humanity to End Obsession With GDP |url=https://www.commondreams.org/news/2019/11/25/everything-not-fine-nobel-economist-calls-humanity-end-obsession-gdp |website=Common Dreams |access-date=10 December 2019 |date=25 November 2019}}</ref><ref>{{cite news |last1=Stiglitz |first1=Joseph |title=It's time to retire metrics like GDP. They don't measure everything that matters |url=https://www.theguardian.com/commentisfree/2019/nov/24/metrics-gdp-economic-performance-social-progress |access-date=10 December 2019 |work=The Guardian |date=24 November 2019 |format=Opinion}}</ref>

=== The Road to Freedom (2024) ===

In The Road to Freedom Stiglitz challenges the claim that neoliberalism is morally superior to its alternatives. The book's subtitle is Economics and the Good Society.

==Papers and conferences==

Stiglitz wrote a series of papers and held a series of conferences explaining how such information uncertainties may have influence on everything from unemployment to lending shortages. As the chairman of the Council of Economic Advisers during the first term of the Clinton Administration and former chief economist at the [[World Bank]], Stiglitz was able to put some of his views into action. For example, he was an outspoken critic of quickly opening up financial markets in developing countries. These markets rely on access to good financial data and sound bankruptcy laws, but he argued that many of these countries ~~didn't~~did not have the regulatory institutions needed to ensure that the markets would operate soundly.

In July 2020, Stiglitz alongside Hamid Rashid, the chief of Global Economic Monitoring at the UN Department of Economic and Social Affairs, published a report, pointing out that the [[quantitative easing]] policy implemented by the US after the [[~~2008 Financial Crisis|2008~~2007–2008 financial crisis]], had "basically exported a debt bubble to developing countries".<ref>{{Cite web |title=New CEPR Policy Insight - Averting Catastrophic Debt Crises in Developing Countries {{!}} Centre for Economic Policy Research |url=https://cepr.org/content/new-cepr-policy-insight-averting-catastrophic-debt-crises-developing-countries |access-date=2022-08-01 |website=cepr.org |archive-date=2022-05-27 |archive-url=https://web.archive.org/web/20220527044516/https://cepr.org/content/new-cepr-policy-insight-averting-catastrophic-debt-crises-developing-countries |url-status=dead }}</ref><ref>{{Cite web |title=Hamid Rashid {{!}} VOX, CEPR Policy Portal |url=https://voxeu.org/users/hamidrashid |access-date=2022-08-01 |website=voxeu.org}}</ref>

==Awards and honors==

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* {{cite book | last1 = Stiglitz | first1 = Joseph E. | title = People, Power and Profits: Progressive Capitalism for an Age of Discontent | publisher = Allen Lane | year = 2019 | isbn = 9780241399231 }}

* {{cite book |last1=Stiglitz |first1=Joseph |last2=Fitoussi |first2=Jean-Paul |last3=Durand |first3=Martine |title=Measuring What Counts; The Global Movement for Well-Being |date=19 November 2019 |publisher=The New Press |location=New York |isbn=978-1-62097-569-5 |edition=Paper |url=https://thenewpress.com/books/measuring-what-counts |access-date=10 December 2019}}

* {{cite book |last1=Stiglitz |first1=Joseph E. |title=The Road to Freedom: Economics and the Good Society |publisher=W. W. Norton & Company |year=2024 |isbn=9781324074373}}

===Book chapters===

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* {{Cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Rothschild | first2 = Michael | author-link2 = Michael Rothschild | title = Increasing risk: II. Its economic consequences | journal = Journal of Economic Theory | volume = 3 | issue = 1 | pages = 66–84 | publisher = Elsevier | doi = 10.1016/0022-0531(71)90034-2 | date = March 1971 }}

* {{Cite journal | last = Stiglitz | first = Joseph E. | title = Alternative theories of wage determination and unemployment in LDC's: the labor turnover model | journal = The Quarterly Journal of Economics | volume = 88 | issue = 2 | pages = 194–227 | publisher = Oxford Journals | doi = 10.2307/1883069 | date = May 1974 | jstor = 1883069 }}

* {{Cite journal | last = Stiglitz | first = Joseph E. | title = Incentives and risk sharing in sharecropping | journal = Review of Economic Studies | volume = 41 | issue = 2 | pages = 219–55 | publisher = Oxford Journals | doi = 10.2307/2296714 | date = April 1974 | jstor = 2296714 | url = http://cowles.yale.edu/sites/default/files/files/pub/d03/d0353.pdf | access-date = 2019-07-08 | archive-date = 2019-04-27 | archive-url = https://web.archive.org/web/20190427183920/http://cowles.yale.edu/sites/default/files/files/pub/d03/d0353.pdf | url-status = dead }}

* {{Cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Rothschild | first2 = Michael | author-link2 = Michael Rothschild | title = Equilibrium in competitive insurance markets: an essay on the economics of imperfect information | journal = The Quarterly Journal of Economics | volume = 90 | issue = 4 | pages = 629–49 | publisher = Oxford Journals | doi = 10.2307/1885326 | date = November 1976 | jstor = 1885326 }}

* {{Cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Dixit | first2 = Avinash K. | author-link2 = Avinash Dixit | title = Monopolistic competition and optimum product diversity | journal = The American Economic Review | volume = 67 | issue = 3 | pages = 297–308 | publisher = American Economic Association via JSTOR | date = June 1977 | jstor = 1831401 }}

* {{Cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Newbery | first2 = David M.G. | author-link2 = David Newbery | title = The theory of commodity price stabilisation rules: welfare impacts and supply responses | journal = The Economic Journal | volume = 89 | issue = 356 | pages = 799–817 | publisher = Royal Economic Society via JSTOR | doi = 10.2307/2231500 | date = December 1979 | jstor = 2231500 }}

* [[Sanford J. Grossman|Grossman, Sanford J.]]; Stiglitz, Joseph E. (June 1980). "On the Impossibility of Informationally Efficient Markets." The American Economic Review 70 (3). https://www.jstor.org/stable/1805228

* {{Cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Weiss | first2 = Andrew | author-link2 = Andrew Weiss (economist) | title = Credit rationing in markets with imperfect information | journal = The American Economic Review | volume = 71 | issue = 3 | pages = 393–410 | publisher = American Economic Association via JSTOR | date = June 1981 | jstor = 1802787 }} [https://web.archive.org/web/20110410094350/http://qed.econ.queensu.ca/pub/faculty/lloyd-ellis/econ835/readings/stiglitz.pdf Pdf version.]

* {{Cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Weiss | first2 = Andrew | author-link2 = Andrew Weiss (economist) | title = Incentive Effects of Terminations: Applications to the Credit and Labor Markets | journal = American Economic Review | volume = 73 | issue = 5 | pages = 912–927 | date = 1983 | url = https://econpapers.repec.org/article/aeaaecrev/v_3a73_3ay_3a1983_3ai_3a5_3ap_3a912-27.htm }}

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* {{Cite journal | last = Stiglitz | first = Joseph E. | title = Information and the change in the paradigm in economics, part 2 | journal = The American Economist | volume = 48 | issue = 1 | pages = 17–49 | publisher = [[Omicron Delta Epsilon]] | jstor = 25604291 | date = Spring 2004 | url = http://www.americaneconomist.org/abstracts/2004spring.html#3 | archive-url = https://archive.today/20150407181434/http://www.americaneconomist.org/abstracts/2004spring.html%233 | archive-date = April 7, 2015 | url-status = dead| doi = 10.1177/056943450404800103 | s2cid = 154596039 }}

* {{Cite journal | last = Stiglitz | first = Joseph E. | title = The economic consequences of Mr. Bush | journal = [[Vanity Fair (magazine)|Vanity Fair]] | publisher = [[Condé Nast]] | date = December 2007 | url = https://www.vanityfair.com/politics/features/2007/12/bush200712 }}

* {{Cite ~~journal~~magazine | last1 = Stiglitz | first1 = Joseph E. | last2 = Bilmes | first2 = Linda J. | author-link2 = Linda Bilmes | title = Report: the $10 trillion hangover: paying the price for eight years of Bush | ~~journal~~magazine = [[Harper's Magazine]] | volume = 318 | issue = 1904 | publisher = Harper's Magazine Foundation | date = January 2009 | url = http://harpers.org/archive/2009/01/the-10-trillion-hangover/ }} ''[http://www.democracynow.org/2008/12/22/linda_bilmes_the_10_trillion_hangover Non-subscription version.]''

* {{Cite journal | last = Stiglitz | first = Joseph E. | title = Capitalist fools | journal = [[Vanity Fair (magazine)|Vanity Fair]] | publisher = [[Condé Nast]] | date = January 2009 | url = https://www.vanityfair.com/magazine/2009/01/stiglitz200901 | access-date = 2020-02-20 | archive-date = 2015-01-29 | archive-url = https://web.archive.org/web/20150129172732/http://www.vanityfair.com/magazine/2009/01/stiglitz200901 | url-status = dead }}

* {{cite news|last=Stiglitz | first= Joseph | title= America's socialism for the rich |url= https://www.theguardian.com/commentisfree/2009/jun/12/america-corporate-banking-welfare |work= [[The Guardian]] |date= June 12, 2009 |location=London}}

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[[Category:Amherst College alumni]]

[[Category:American Ashkenazi Jews]]

[[Category:American people of Russian-Jewish descent]]

[[Category:Columbia University faculty]]

[[Category:American development economists]]

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[[Category:Fellows of the British Academy]]

[[Category:Fellows of the Econometric Society]]

[[Category:Foreign ~~Members~~members of the Royal Society]]

[[Category:Foreign ~~Members~~members of the Russian Academy of Sciences]]

[[Category:Georgist economists]]

[[Category:Gerald Loeb Award winners for Columns, Commentary, and Editorials]]

[[Category:Information economists]]

[[Category:Intergovernmental Panel on Climate Change lead authors]]

[[Category:Jewish American ~~social~~non-fiction ~~scientists~~writers]]

~~[[Category:Jewish American writers]]~~

[[Category:Jewish American economists]]

[[Category:Academic staff of Keio University]]

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[[Category:Chairs of the United States Council of Economic Advisers]]

[[Category:Members of the American Philosophical Society]]

[[Category:~~Fulbright~~Jews ~~alumni~~from Indiana]]