Joseph Stiglitz Quotes - Page 4

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• The attempt to minimize cost and maximize profits often interfered with our true mission in Iraq. We should have been working to get jobs for Iraqis, but the contractors found it cheaper to import Nepalese and others. This increased resentment, contributed to unemployment, and to our losing the hearts and minds of the Iraqis.

  Joseph Stiglitz

  Heart, Mind, Losing

  Source: www.washingtonpost.com

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• It is unlikely that others would even demand their money back overnight, for doing so would lead to the value of the dollar plummeting; what they would get back with be worth little. But what we are already seeing is an erosion of confidence of the dollar, which is seeing the dollar fall in value.

  Joseph Stiglitz

  Fall, Values

  Source: www.washingtonpost.com

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• They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.

  Joseph Stiglitz

  Leader, Political, Would Be

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• Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist.

  Joseph Stiglitz

  Intellectual, Mit, Development

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• I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.

  Joseph Stiglitz

  Country, Thinking, World

  Interview with Amitabh Pal, www.sharedhost.progressive.org. May 27, 2011.

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• Most people think the Iraq war has increased the probability of an attack. However, it's difficult to put this aspect into financial terms.

  Joseph Stiglitz

  War, Thinking, Iraq

  Source: www.spiegel.de

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• I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"

  Joseph Stiglitz

  Thinking, Banking, Levels

  Interview with Amitabh Pal, www.sharedhost.progressive.org. May 27, 2011.

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• The decision-making process in the White House does not let most issues get up to the President. The Council thought opening up global markets to derivatives that would destabilize other countries wasn't likely to create a lot of jobs in the U.S. and might adversely affect U.S. interests by causing global economic instability.

  Joseph Stiglitz

  Country, House, President

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• In the midst of the East Asian crisis, there were choices. One choice would have been to encourage countries to implement a bankruptcy law that could have threatened the interests of the lenders. Workers' rights should be a central focus of development. But nowhere did issues of workers' rights, including the right to participate in the decisions which would affect their lives in so many ways, get raised.

  Joseph Stiglitz

  Country, Choices, Focus

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• For instance, one of the costs of the war is that soldiers today get very seriously injured but stay alive, and we can keep them alive but at an enormous price.

  Joseph Stiglitz

  War, Soldier, Cost

  Source: www.spiegel.de

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• I often felt myself the lone voice in discussions suggesting that basic democratic principles be followed. I recommended that not only should workers' voices be heard, but they should actually have a seat at the table. You have the old boys' club discussing how the old boys' club should be reformed.

  Joseph Stiglitz

  Democratic, Lone, Discussion

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• Poverty is what we call the extremes at the bottom.

  Joseph Stiglitz

  Poverty, Bottom, Extremes

  Source: www.pbs.org

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• 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

  Issues, Sides, Debate

  Biographical, www.nobelprize.org. 2001.

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• Amherst is a liberal arts college, committed to providing students with a broad education.

  Joseph Stiglitz

  Education, Art, College

  "Joseph E. Stiglitz - Biographical". "Les Prix Nobel" ("The Nobel Prizes 2001") edited by Tore Frängsmyr, Nobel Foundation, Stockholm, www.nobelprize.org. 2002.

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• The national debt will have increased by approximately 50% in just eight years! We will have created a new unfunded entitlement - disability and health care benefits for the huge number of disabled veterans returning from the Iraq war.

  Joseph Stiglitz

  War, Care, Veteran

  Source: www.washingtonpost.com

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• The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.

  Joseph Stiglitz

  Engagement, Shapes, Interest

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• 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

  Education, Humanity, Mastery

  "Biographical" by Joseph Stiglitz for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, www.nobelprize.org. 2001.

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• 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 one's eyes see every day.

  Joseph Stiglitz

  Believe, Teaching, Eye

  "Information and the Change in the Paradigm in Economics". Nobel Prize Lecture, www.nobelprize.org. December 08, 2001.

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• 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

  Unemployment, Poverty, Inquiring

  Biographical, www.nobelprize.org. 2001.

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• People at the top spend less money than those at the bottom so when you have redistribution toward the top, aggregate demand goes down. Unless you intervene, you're going to have a weak economy unless something else happens. That something else could be a bubble. The United States tried a tech bubble and a housing bubble, but those were not sustainable answers. So I view inequality as a fundamental part of our macroeconomic weakness.

  Joseph Stiglitz

  People, Weakness, Economy

  Source: www.macleans.ca

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• The proposal for a new global reserve currency - or Special Drawing Rights - is a good idea for many reasons. Yes, for the Chinese it would cushion any fall in the value of the dollar per se because it would only be part of a basket of other currencies, including the yen and the euro.

  Joseph Stiglitz

  Fall, Chinese, Special

  Source: www.huffingtonpost.com

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• For the United States, our political system is clearly distorted. We have gerrymandering so that there is a situation where a million more voters who vote for Democrats, yet the House is controlled by the Republicans. So clearly, the way our Congress operates is important. The other big issue is the influence of money in politics. It's not only campaign contributions. People like Trump - either you become very dependent on your benefactors or you are very rich.

  Joseph Stiglitz

  People, House, Political

  Source: www.macleans.ca

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• We could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation.

  Joseph Stiglitz

  People, Giving, Promise

  Source: www.washingtonpost.com

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• In a globally integrated economy, the biggest challenge is to make sure there is adequate global aggregate demand, achieved through spending, when countries like China feel they must save high levels of dollar reserves to protect against international currency volatility.

  Joseph Stiglitz

  Country, Challenges, Economy

  Source: www.huffingtonpost.com

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• But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.

  Joseph Stiglitz

  Information, Belief, Action

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