Source: Public Finance - International Edition - Sixth Edition, Chapter 5, Externalities, p. 79
“Faith in natural order and market efficiency forecloses a full normative assessment of market outcomes. … It effectively depoliticizes the market itself and its outcomes. It is only when the illusion of natural order is lifted that a real problem arises: that of the justice of the organizational rules and their distributional consequences.”
Source: The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), p. 32
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Bernard Harcourt 7
American academic 1963Related quotes

Source: The Illusion of Free Markets: Punishment and the Myth of Natural Order (2011), pp. 31-32

“[Market outcomes] depends on the cumulation of random events.”
Source: Competing Technologies, Increasing Returns and Lock-in by Historical Events, (1989), p. 124; as cited in: Tobias Georg Meyer (2012) Path Dependence in Two-sided Markets. p. 244

Source: Economics Of The Welfare State (Fourth Edition), Chapter 13, School Education, p. 318
Source: The transformation of corporate control, 1993, p. 300

Source: The Economic Illusion (1984), Chapter 1, Equality and Efficiency, p. 16

Interview on Bebbe Grillo's Blog http://www.beppegrillo.it/eng/2007/01/stiglitz.html, January 2007.
“Even in financial markets, the concept of market efficiency does not hold.”
Part II, Chapter 8, The Dynamics of Unemployment, p. 176
The Death of Economics (1994)