Joseph E. Stiglitz: Many

Joseph E. Stiglitz is American economist and professor, born 1943.. Explore interesting quotes on many.
Joseph E. Stiglitz: 78   quotes 4   likes

“I, like many members of my generation, was concerned with segregation and the repeated violation of civil rights. We were impatient with those (like President Kennedy) who took a cautious approach. How could we continue to countenance these injustices that had gone on so long? (The fact that so many people in the establishment seemed to do so — as they had accepted colonialism, slavery, and other forms of oppression — left a life-long mark. It reinforced a distrust of authority which I had had from childhood).”

Joseph E. Stiglitz

Autobiographical Essay (2001)

Life , People , Childhood

“There was an incongruity between many of the models that we were taught and the policy positions that our teachers (and we) believed in. The models seemed more consonant with free market prescriptions, though they were presented more as benchmarks rather than full characterizations.”

Joseph E. Stiglitz

Autobiographical Essay (2001)

Teachers

“I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.”

Joseph E. Stiglitz

Autobiographical Essay (2001)

“There is little doubt that the observation that quality may depend on price (productivity on wages; default probability on interest rates) has provided a rich mine for economic theorists: A simple modification of the basic assumptions results in a profound alteration of many of the basic conclusions of the standard paradigm. The Law of Supply and Demand has been repealed. The Law of the Single Price has been repealed. The Fundamental Theorem of Welfare Economics has been shown not to be valid.
More than that, the theories that we describe here provide the basis of progress toward a unification of macroeconomics and microeconomics. They pro vide an explanation of unemployment and credit rationing, derived from basic microeconomic principles. It is a theory in which the extensive idleness that periodically confronts society's resources, human and capital, is seen as but the most obvious example of market failures that prevasively and persistently distort the allocation of resources.”

Joseph E. Stiglitz

"The Causes and Consequences of The Dependence of Quality on Price", Journal of Economic Literature, Vol. 25, No. 1 (Mar., 1987)

Law , Failure , Dependency

“Once I undertook the analysis of a problem, I often looked at it from a variety of perspectives. I approached the problem as a series of thought experiments — unlike many other sciences, we typically cannot do actual experiments.”

Joseph E. Stiglitz

Autobiographical Essay (2001)

Problem , Science

“Seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are.”

Joseph E. Stiglitz

Autobiographical Essay (2001)

Way , Help

“They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets — for instance, whenever information is imperfect, which is to say always.”

Joseph E. Stiglitz

"Bleakonomics" http://www.nytimes.com/2007/09/30/books/review/Stiglitz-t.html?_r=2&adxnnl=1&oref=slogin&ref=books&adxnnlx=1191080508-xgqHp+i170M7vW5X5Q4Yeg&oref=slogin The New York Times Sunday Book Review (2007-09-30).

“It's actually a tribute to the quality of economics teaching that they have persuaded so many generations of students to believe in so much that seems so counter to what the world is like. Many of the things that I'm going to describe make so much more common sense than these notions that seem counter to what ones eyes see every day.”

Joseph E. Stiglitz

"Nobel Prize Lecture" http://nobelprize.org/mediaplayer/index.php?id=507 Information and the Change in the Paradigm in Economics, at Aula Magna, Stockholm University, (2001-12-08).

World , Sense

“Growing up in Gary Indiana gave me, I think, a distinct advantage over many of my classmates who had grown up in affluent suburbs. They could read articles that argued that in competitive equilibrium, there could not be discrimination, so long as there are some non-discriminatory individuals or firms, since it would pay any such firm to hire the lower wage discriminated-against individuals, and take them seriously. I knew that discrimination existed, even though there were many individuals who were not prejudiced. To me, the theorem simply proved that one or more of the assumptions that went into the theory was wrong.”

Joseph E. Stiglitz

Autobiographical Essay (2001)

Thinking , Reading

“I, like many members of my generation, was concerned with segregation and the repeated violation of civil rights. We were impatient with those (like President Kennedy) who took a cautious approach. How could we continue to countenance these injustices that had gone on so long?”

Joseph E. Stiglitz

The fact that so many people in the establishment seemed to do so — as they had accepted colonialism, slavery, and other forms of oppression — left a life-long mark. It reinforced a distrust of authority which I had had from childhood
Autobiographical Essay (2001)