Joseph Stiglitz

Joseph E. Stiglitz is an American economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. A recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president's) Council of Economic Advisers. In 2000, Stiglitz founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. He has been a member of the Columbia faculty since 2001 and received that university's highest academic rank (university professor) in 2003. Based on academic citations, Stiglitz is the 4th most influential economist in the world today, and in 2011 he was named by Time magazine as one of the 100 most influential people in the world. Known for his pioneering work on assymetric information, Stiglitz's work focuses on income distribution, asset risk management, corporate governance, and international trade. He is the author of numerous books, and several bestsellers. His most recent title is The Great Divide: Unequal Societies and What We Can Do About Them (2015).

The State of U.S. Antitrust Law

On Friday, September 21, Roosevelt Chief Economist Joseph E. Stiglitz provided opening remarks at the ongoing Federal Trade Commission (FTC) hearings regarding competition and consumer protection in the 21st century. Professor Stiglitz called for a new antitrust standard, as outlined in an upcoming report co-authored by Roosevelt Research Director and Fellow Marshall Steinbaum. Watch the keynote here and

It has been ten years since the financial crisis dealt the biggest blow to the world economy since the Great Depression. While growth has returned, and the jobmarket  has by now tightened—especially in the United States, where the crisis originated—the reverberations of the crisis continue to affect us in ways both large and small, both obvious

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For a full analysis of why stock buybacks artificially boost share prices and reward shareholders and executives to the real detriment of workers and our economy at large, see Stock Buybacks: Driving a High-Profit, Low-Wage Economy. Monday’s bold speech by Robert Jackson Jr., Commissioner at the Securities and Exchange Commission (SEC), will hopefully mark the

The rules that shape corporate America incentivize behavior that has led to the economic puzzle we see today: high corporate profits coupled with low and stagnant wages. “Shareholder primacy” is the practice in which corporations prioritize shareholder payouts over productive investment and employee compensation. This way of operating dominates corporate decision-making today, so employees have

Inequality and Economic Growth

In the middle of the 20th century, it came to be believed that “a rising tide lifts all boats”: economic growth would bring increasing wealth and higher living standards to all sections of society. At the time, there was some evidence behind that claim. In the ensuing economic and political debate, this “rising-tide hypothesis” evolved

There is much to be concerned about in America today: a growing political and economic divide, slowing growth, decreasing life expectancy, an epidemic of diseases of despair. The unhappiness that is apparent has taken an ugly turn, with an increase in protectionism and nativism. Trump’s diagnosis, which blames outsiders, is wrong, as are the prescriptions

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President Trump ran on a platform of “Make America Great Again.” A familiar retort was that America was still great. But it was not as great as it could be. Its greatness arises not so much from its military power, but from its soft power and its economic power. In today’s world, America’s continued racism

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The Overselling of Globalization

Globalization was oversold. Politicians and some economists wrongly argued for trade agreements on the basis of job creation. The gains to GDP or growth were overestimated, and the costs, including adverse distributional effects, were underestimated. There have been important political consequences of this overselling, including the undermining of confidence in the elites that advocated globalization.

This is an edited version of his talk delivered at “Does America Have a Monopoly Problem,” co-hosted by the Roosevelt Institute and the George Washington Institute of Public Policy on September 25, 2017, in Washington, DC. The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the

The global economic and political order that was created in the aftermath of World War II is under attack by President Trump. That order has been of enormous benefit to the entire world. The international institutions and arrangements that have been created the last seventy years have, I believe, played an important role in these

“Markets, States, and Institutions” highlights how our thinking about this subject has changed over the past third of a century; and to provide an overarching framework into which these changes can be placed—a framework that both helps explain why the approaches taken in the past have been less successful than was hoped in promoting development,

It is apparent that not only are there high levels of inequalities within most countries, but those inequalities have been growing over time. They are much larger today than they were a third of a century ago. It is also clear that there is far from equal opportunity: the life prospects of children of rich and

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Designing the twenty-first-century welfare state is part of a broader debate redefining the role of the market, the state, and “civil society”—non-state forms of collective action. One of the tenets of the Reagan-Thatcher revolution was questioning the welfare state. Some worried that the financial burdens of the welfare state would drag down growth. Some worried

For over a hundred years, competition policy has been a central part of a market economy’s legal framework. Over the past third of a century, however, the scope and effectiveness of competition policy has been narrowed, under the influence of certain ideas about the functioning of the market economy—ideas which have subsequently been widely discredited

This brief is part 6 in a series on the Trans-Pacific Partnership. Click here to view the rest of the briefs. From the rhetoric of proponents of the Trans-Pacific Partnership (TPP), a sweeping trade and investment pact between the U.S. and 11 Asia-Pacific countries, it would be easy to conclude that the agreement is an

This brief is part 5 in a series on the Trans-Pacific Partnership. Click here to view the rest of the series. Despite protests from industry lobbyists who are upset that they did not get everything they wanted, big pharmaceutical companies are some of the biggest winners in the Trans-Pacific Partnership (TPP). This supposed “free trade”

This brief is part 4 in a series on the Trans-Pacific Partnership. Click here to view the rest of the briefs. With few people buying the argument that the Trans-Pacific Partnership (TPP), a sweeping trade and investment agreement between the United States and 11 Pacific Rim countries, will bring more jobs and higher wages, proponents

This brief is part 3 in a series on the Trans-Pacific Partnership. Click here to view the rest of the briefs. President Obama has said that “no challenge poses a greater threat to future generations than climate change.” Yet the word “climate” is conspicuously missing from the Trans-Pacific Partnership (TPP). Worse, many provisions of the

This brief is part 2 of a series on the Trans-Pacific Partnership. Click here to view the rest of the briefs. If the Trans-Pacific Partnership (TPP) is enacted, multinational investors will be able to sue the United States and other host country governments in private international arbitration (investor–state dispute settlement, or ISDS) when they feel

This brief is part 1 of a series on the Trans-Pacific Partnership. Click here to view the rest of the briefs. While advocates promote the Trans-Pacific Partnership (TPP) as a “free trade” agreement between the United States and 11 Pacific Rim countries, the most economically significant provisions are not cuts to trade barriers. Instead, the

Over the last 40 years, corporate influence and trickle-down ideology have pervaded the tax code, resulting in large tax breaks for corporations and the wealthy. These low rates have failed to deliver the widespread growth that was promised, and the results for the typical American have been disastrous: Wealth at the top skyrocketed with no

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In this report, Roosevelt Chief Economist Joseph Stiglitz explains how Federal Reserve policy affects and contributes to inequality in America. The Fed’s near singular focus on interest rates at the expense of full employment or effective regulation on the financial industry has hurt the economy and workers. America has not been doing well in either

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Inequality is a choice—one that we make with the rules we create to structure our society and economy. In this report, Roosevelt Chief Economist and Nobel laureate Joseph Stiglitz, joined by co-authors Nell Abernathy, Adam Hersh, Susan Holmberg, and Mike Konczal, exposes the link between the rapidly rising fortunes of America’s wealthiest citizens and increasing economic

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This white paper by Roosevelt Chief Economist Joseph Stiglitz outlines concrete policy measures that can restore equitable and sustainable economic growth in the United States, in the context of the country’s recurring budgetary crises. Effective policies are within our grasp because these budgetary crises are the result of political and not economic failings. Tax reform

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Download the paper (PDF) by Joseph E. Stiglitz

This paper outlines proposals which should reduce the deficit by more than the goal of $4 trillion, increase growth, reduce the deficit/GDP ratio, and put the country on a more sustainable path. It offers an enunciated set of criteria against which we can judge the framework of shared sacrifice proposed by the Fiscal Commission.

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