Joseph Stiglitz - Market Quotes

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

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
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
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
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
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
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