Joseph Stiglitz Quotes

26 Sourced Quotes

The fall of Wall Street is for market fundamentalism what the fall of the Berlin Wall was for communism.

Joseph Stiglitz
There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists... Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.

Joseph Stiglitz
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 Stiglitz
The reason that the invisible hand often seems invisible is that it is often not there.

Joseph Stiglitz
Economists often like startling theorems, results which seem to run counter to conventional wisdom.

Joseph Stiglitz
The life prospects of an American are more dependent on the income and education of his parents than in any of the other advanced industrial countries.

Joseph Stiglitz
The notion that every well educated person would have a mastery of at least the basic elements of the humanities, sciences, and social sciences is a far cry from the specialized education that most students today receive, particularly in the research universities.

Joseph Stiglitz
The Bush administration has been doing everything it can to hide the huge number of returning veterans who are severely wounded - - 17,000 so far including roughly 20 percent with serious brain and head injuries. Even the estimate of $500 billion ignores the lifetime disability and healthcare costs that taxpayers will have to spend for years to come.

Joseph Stiglitz
The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.

Joseph Stiglitz
There will come a moment when the most urgent threats posed by the credit crisis have eased and the larger task before us will be to chart a direction for the economic steps ahead. This will be a dangerous moment. Behind the debates over future policy is a debate over history-a debate over the causes of our current situation. The battle for the past will determine the battle for the present. So it's crucial to get the history straight.

Joseph Stiglitz
The protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. But increasingly, and especially in the US, it seems that the political system is more akin to "one dollar one vote" than to "one person one vote". Rather than correcting the market failures, the political system was reinforcing them.

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

Joseph Stiglitz
An early insight in my work on the economics of information concerned the problem of appropriability — the difficulty that those who pay for information have in getting returns.

Joseph Stiglitz
The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn't seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn. Too late.

Joseph Stiglitz
My teachers helped guide and motivate me; but the responsibility of learning was left with me.

Joseph Stiglitz
The best teachers still taught in a Socratic style, asking questions, responding to the answers with still another question. And in all of our courses, we were taught that what mattered most was asking the right question — having posed the question well, answering the question was often a relatively easy matter.

Joseph Stiglitz
Most poor people earn more than minimum wage when they are working; their problem is not low wages. The problem comes when they are not working.

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

Joseph Stiglitz
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 Stiglitz
In debate, one randomly was assigned to one side or the other. This had at least one virtue — it made one see that there was more than one side to these complex issues.

Joseph Stiglitz
The notion of the free market is a myth. All markets are shaped by laws and regulations, and unfortunately our laws and regulations are shaped in order to create more inequality and less opportunity.

Joseph Stiglitz
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 Stiglitz
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 Stiglitz
If stability and efficiency required that there existed markets that extended infinitely far into the future — and these markets clearly did not exist — what assurance do we have of the stability and efficiency of the capitalist system?

Joseph Stiglitz
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 Stiglitz