Home / Quotes / Quote by Joseph Stiglitz

Quote by Joseph Stiglitz

“Anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.”

Quote by Joseph Stiglitz

Author

Joseph Stiglitz

Joseph Stiglitz is a renowned economist born on February 9, 1943, in the United States. He has made extensive contributions to the field of economics, particularly in the areas of development economics, globalization, and financial policy. Stiglitz served as Chief Economist and Senior Vice President at the World Bank and was awarded the Nobel Prize in Economics in 1998. more

You May Also Like

“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.”

Country Choices Interest Decision Focus Crisis Bankruptcy

Author:Joseph Stiglitz

“You should not quarrel with your neighbour, for he will remain where he is, but your high handedness will become the talk of the people.”

People Should Quarrels Neighbour Caliphs

Author:Abu Bakr

“Science has yet to isolate the Godiva Chocolate or Prada gene, but that doesn't mean your weakness for pricey swag isn't woven into your DNA. According to a new study of identical twins, it's less TV ads or Labor Day sales that make you buy the things you do than the tastes and temperaments that are already part of you at birth.”

Mean Study Tvs Birth Taste Weakness Labor Chocolate Ads Genes Twins Dna Temperament Identical Woven Swag Labor Day Prada Identical Twin

Author:Jeffrey Kluger

“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.”

Democratic Discussion Lone

Author:Joseph Stiglitz

“During my three years as chief economist of the World Bank, labor market issues were looked at through the lens of neoclassical economics. A standard message was to increase labor market flexibility. The not-so-subtle subtext was to lower wages and lay off unneeded workers.”

World Labor Economist Flexibility

Author:Joseph Stiglitz

“In the U.S., you couldn't have job creation with interest rates of 30 or 40 percent. They had a philosophy that said job creation was automatic. I wish it were true. Just a short while after hearing, from the same preachers, sermons about how globalization and opening up capital markets would bring them unprecedented growth, workers were asked to listen to sermons about "bearing pain." Wages began falling 20 to 30 percent, and unemployment went up by a factor of two, three, four, or ten.”

Philosophy Pain Fall Wish Growth Interest Creation Rate Preacher Globalization Interest Rate

Author:Joseph Stiglitz

“It is a set of policies formulated between 15th and 19th streets by the U.S. Treasury, and World Bank. Countries should focus on stabilization, liberalization, privatization.”

World Country Focus Policy Treasury

Author:Joseph Stiglitz

“The analysis in the era of Ronald Reagan and Margaret Thatcher was that government was interfering with the efficiency of the economy through protectionism, government subsidies, and government ownership. Once the government "got out of the way," private markets would allocate resources efficiently and generate robust growth. Development would simply come.”

Growth Economy Ownership Efficiency Interfere

Author:Joseph Stiglitz

“Countries were told they had no incentives because of social ownership. The solution was privatization and profit, profit, profit. Privatization would replace inefficient state ownership, and the profit system plus the huge defense cutbacks would let them take existing resources and an increase in consumption. Worries about distribution and competition or even concerns about democratic processes being undermined by excessive concentration of wealth could be addressed later.”

Country Wealth Worry Solutions Concern Competition Democratic Concentration Ownership

Author:Joseph Stiglitz

“In the early 1990s, there was a debate among economists over shock therapy versus a gradualism strategy for Russia. The people in Russia who believed in shock therapy were Bolsheviks a few people at the top that rammed it down everybody's throat. They viewed the democratic process as a real impediment to reform.”

People Real Strategy Democratic Debate Therapy Economist

Author:Joseph Stiglitz