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Showing posts with label Joseph Stiglitz. Show all posts
Showing posts with label Joseph Stiglitz. Show all posts
Mohamed El-Erian : He (Joseph Stiglitz) is right in the sense that the muddled middle which is where Europe has been is no longer sustainable. The crisis that started in the outer periphery - Greece - not only has shifted to the inner periphery and the outer core - Spain and Italy - but it has also impacted FRANCE. Which is the inner core. Europe has to make a choice if it wants to save the euro. One choice is full fiscal union and the other is a smaller Eurozone. That is a political decision Germany must take.
Mohamed El-Erian : Chairman Bernanke has said there are benefits and costs and risks. That balance is shifting from benefits to potential costs and risks. If they did QE3 there would get some benefits but also quite a few distortions and collateral damage put into the system that could take us years to overcome. You will see pressure on the currency and the functioning of the markets. More and more non-commercial forces will be determining market outcomes [Amazing]
Joseph Stiglitz : "Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret." Joseph Stiglitz wrote in an article in Vanity Fair , what's interesting is the timing of the piece, as the issue of Obama's complete incompetence on economic matters has driven his approval numbers to the lowest levels which could be a sign that Obama may not be re-elected for a second term
Economics Nobel Prize Joseph Stiglitzsays that the bailouts were bailouts for the lenders the big banks , a more political integration was needed in order to make the Euro work he said optimistically the Euro was an unfinished project and there will be ultimately a crisis , he claims that many America economists and commentators expected a crisis to occur in Europe with the Euro. He outlines the two conceptions about how the Euro failed. The only way to save the Euro is to create a real commitment to make sure the failing economies can re-pay their debts.
Joseph E. Stiglitz Bio : Joseph E. Stiglitz is University Professor at Columbia University, the winner of the 2001 Nobel Memorial Prize in Economics, and a lead author of the 1995 IPCC report, which shared the 2007 Nobel Peace Prize. He was chairman of the U.S. Council of Economic Advisors under President Clinton, and chief economist and senior vice president of the World Bank for 1997-2000.
Stiglitz received the John Bates Clark Medal, awarded biennially to the American economist under 40 who has made the most significant contribution to the subject. He was a Fulbright Scholar at Cambridge University, held the Drummond Professorship at All Souls College Oxford, and has also taught at M.I.T, Yale, Stanford, and Princeton. He is the author most recently of Freefall: America, Free Markets, and the Sinking of the Global Economy.
The European Nations need their Sovereignty back and to get away from the bankers .Excellent discussion. Pretty humorous responses,by Joseph Stiglitz, with anecdotes from Iceland’s response to the crisis. “We are out of money, but we can pay you in fish.”
“The only people I saw in Iceland who were concerned about the banking crisis were foreign bankers holed up in the local Hilton.”
hey want to be able to economically enslave the population. Its happening before our eyes
Joseph Stiglitz, the Nobel Prize-winning Economics Professor from Columbia and Joseph Gagnon of the Peterson Institute for International Economics and , debating about the topic of QE II quantitative easing.
Joseph Stiglitz is a Nobel Prize winning economist, Columbia University professor, and former Senior Vice President and Chief Economist of the World Bank. In this interview at INET's Bretton Woods conference in New Hampshire he explains why he thinks the US dollar as the reserve currency is hurting the entire world economy
Joseph Stiglitz : What I've argued for is a creation of a global reserve currency. Reserve currencies are, you might think of a store value and the dollar has been very unstable , understandable given the difficulties of the American economy, our performance was not a stellar. But the fact that in a modern globalized economy, 21st Century, it is an anachronism that a single currency would play the pivotal role that the dollar has played. What I argue in my book "Making Globalization Work" is that the dollar reserve currency system contributes to inequality ... and it actually contributes to the weakening of the global economy, because countries are setting aside literally hundreds of billions of dollars, you might say, of precautionary savings. That's money not spent.
Joseph Stiglitz is a Nobel Prize winning economist, Columbia University professor, and former Senior Vice President and Chief Economist of the World Bank he thinks equal per capita emission might just be the best idea of an equitable global solution for climate change.: ...first of all the notion that you need that prices are very important for giving the signals about scarcety , scarcity is limit of space you might see the carbon space out there and therefore you need to price that , you need to price in fact people use of that carbon space , I think most economists would agree with that , there is an issue here which is how you compensate people for either past damages to maintain their standard of living there is a set of issues about compensation that are really quite different , and I think it is quite important to try to separate out this issue of how do we got inefficient usage of an inefficient system of reducing carbon emissions and this other one of how do we compensate people for the changes that are going on ......
Joseph Stiglitz : Most Americans are worse off than say a decade ago
Joseph Stiglitz : The point I increased the increase of concentration of income and wealth in the United States has been enormous , it is like looking at the grass growing it happens very slowly but it happens over time and before you know it the lawn is over grown and things have changed , what happened in the last couple of decades is almost a quarter of all the income goes to the upper one percent around 40 percent depends how you measure it of the wealth goes to the upper one percent , Americans used to think of themselves as the land of opportunity , the data do not show that , the data shows that the chance of somebody moving from the lower class to the middle class or from the middle class to the upper class these chances are now much lower than they used to be 20 years ago and lower than in Europe , they start to realize that Most Americans are worse off than say a decade ago
Joseph Stiglitz : The GDP not a good measure of economic performance
Joseph Stiglitz : ...what we measure reflects what we do , if we measure the wrong things we'll do the wrong thing , if what we measure does not reflect our values what we think it is important we're doing the wrong things , so there've been a lot , a recognition that our system of GDP does not really reflect in many ways , is not a good measure of economic performance , let me just give you a couple of examples that were brought up by the crisis , GDP in the years before the crisis looked i the US like we are doing very well 46% of the profits were in the financial sector but those profits were just a made up number , a large fraction of the investment was in the real estate all based in public prices again not an accurate reflection what we were doing was not sustainable , that was not captured in the statistics while GDP per capita was going up most Americans were getting worse off , is that a good system ? if most people are worse off year after year even if GDP per capita was going up ? so what we thought it's important is at least to open up the discussion on say are our statistics really capturing what we think is important ....
Joseph Stiglitz on the Globalization and the problems facing the global economy..
American economist and a professor at Columbia University Nobel Prize-winning economist Joseph Stiglitz author of "Globalization and Its Discontents" Joseph Stiglitz was chief economist at the World Bank until January 2000. Before that he was the chairman of President Clinton's Council of Economic Advisers. He was awarded the Nobel Prize in economics in 2001. He is currently a finance and economics professor at Columbia University. He is the author of Globalization and Its Discontents and The Roaring Nineties.he talks about his new concept of economics, "The Economics of Information," and his latest book, "Making Globalization Work" Stiglitz is the greatest economists of the present day, and everyone should read his stuff, Making Globalization Work and Globalization and its discontents are both very good.Joseph Stiglitz simply and eloquently explains how the world's economy works. Drawing not only from his academic expertise but also from time spent on the ground in countries around the world .
Joseph Stiglitz : 1 Percent of the US takes the Income of 25 Percent " the point is that there has been this growing inequality not only in income but actually inequality of wealth is even much greater , there is a shrinking of opportunity it's not just that the people on the top are getting richer , if they were getting richer because they were contributing more to our society and everybody else was doing well that will be one thing but actually they are gaining and everybody else is decreasing in fact right now it is not just the bottom but even the middle , the median income half above half below are poorer today than they were half a decade ago , so all the growth that has occurred in our country in the last decade or more has gone to the upper 1 , 2 percent at the same time there is really shrinking opportunity ...."
Nobel Laureate Joseph Stiglitz is for a full employment as an "entitlement" and a government responsibility for the workers , :" ...we need social protection ,... workers eventually can't control the economic environment , you know in the old economy , agricultural economy you could work your field you're still buffeted by vagaries and the weather international prices but you can always get a job because you could always work your own field , but in a modern economy if firms are firing you have no choice there are very limited opportunities that the individual has , so it is the responsibility of the state the government to maintain the economy and ful employment and we recognize that ion the Full employment act of 1946 unfortunately we are not living up to the commitment we made in 1946 to maintain the economy and the full employment , we have one out of six workers that are unemployed and increasingly large number are unemployed right now for over six months ..."
Joseph Stiglitz : ".... in some states now we are spending as much on prisons as we do on universities , well that's good for GDP ..." "....it is not good to have so many people in prison and it is symptom of something dysfunctional , now we can have all discussions about what it is dysfunctional . but it is not positive ...another example is we spend more on healthcare than any other country as a percentage of GDP and our health outcomes are much lower than any other industrial countries and actually lower than many developing countries , well the extra money that we spend on healthcare shows up as a contribution to GDP if we got more efficient our GDP could go down ...
The visiting Nobel Laureate and global economist Joseph Stiglitz explains how a free market approach to the financial market has failed us, and how selective government intervention can prevent another worldwide crisis.
How the World can Rethink its Approach to Global Finance (Joseph Eugene Stiglitz)
About Joseph Eugene Stiglitz
He is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank.
Joseph Stiglitz and Rogoff - INVESTMENT MAGAZINE Davos The INVESTMENT - MAGAZINE - THE ORIGINAL- was founded in 1995. We publish three editions, one global, one for Asia and one germany, Austria and Szwiterland. Itappears with a German edition, a global issue and an Asian edition for more than 10 years as an independent magazine for investors and financial professionals.
About Joseph Eugene Stiglitz
He is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank.Nobel prize-winning economics professor Joseph Stiglitz speaks to Axel Threlfall of Reuters Insider about the major themes of this year's World Economic Forum gathering in Davos, Switzerland.
Nobel prize-winning economics professor Joseph Stiglitz speaks to Axel Threlfall of Reuters Insider about the major themes of this year's World Economic Forum gathering in Davos, Switzerland.
