Книга: Joseph E Stiglitz «Freefall America, Free Markets, and the Sinking of the World Economy»
Производитель: "Неизвестный" Freefall America, Free Markets, and the Sinking of the World Economy ISBN:9780393338959 Издательство: "Неизвестный" (2010)
ISBN: 9780393338959 |
Joseph E. Stiglitz
Infobox Scientist
name = Joseph E. Stiglitz
image_size = 180px
birth_date = Birth date and age|1943|2|9|mf=y
birth_place =
nationality =
field =
work_places =
alma_mater = MIT
doctoral_advisor =
doctoral_students =
known_for = Screening
prizes =
Joseph Eugene Stiglitz (born Biography Stiglitz was born in Gary, In addition to making numerous influential contributions to Contributions to economics Information asymmetry Stiglitz's most famous research was on screening, a technique used by one economic agent to extract otherwise private information from another. It was for this contribution to the theory of Traditional ::Whenever there are “externalities”—where the actions of an individual have impacts on others for which they do not pay or for which they are not compensated—markets will not work well. But recent research has shown that these externalities are pervasive, whenever there is imperfect information or imperfect risk markets—that is always. ::The real debate today is about finding the right balance between the market and government. Both are needed. They can each complement each other. This balance will differ from time to time and place to place. [http://blogs.iht.com/tribtalk/business/globalization/?p=177 ALTMAN, Daniel. "Managing Globalization." In: "Q & Answers" with Joseph E. Stiglitz, Columbia University and "The International Herald Tribune", Oct 11, 2006 05:03AM.] ] In the opening remarks for his prize acceptance "Aula Magna", [http://nobelprize.org/nobel_prizes/economics/laureates/2001/stiglitz-lecture.html STIGLITZ, Joseph E. "Prize Lecture: Information and the Change in the Paradigm in Economics." Joseph E. Stiglitz held his Prize Lecture December 8, 2001, at "Aula Magna," Stockholm University. He was presented by Lars E.O. Svensson, Chairman of the Prize Committee.] ] Stiglitz said: ::"I hope to show that Information Economics represents a fundamental change in the prevailing paradigm within economics. Problems of information are central to understanding not only market economics but also political economy, and in the last section of this lecture, I explore some of the implications of information imperfections for political processes." Stiglitz, "Aula Magna" In an interview, Stiglitz explained further: ::"The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to the refutation of Adam Smith’s Efficiency wages: the Shapiro-Stiglitz model Stiglitz also did some research on # Unlike other forms of capital, humans can choose their level of effort. A full description of this model can be found at the [http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf links provided] . [http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf "Efficiency wages, the Shapiro-Stiglitz Model"] ] Some key implications of this model are: * 1. Wages don’t fall enough during recessions to prevent unemployment from rising. If labor demand shifts inward, this lowers wages. But because wages have fallen, the probability of 'shirking' (workers not exerting effort) has risen. If employment levels are to be maintained, through a sufficient lowering of wages, workers will be less productive than before through the shirking effect. As a consequence, in the model wages do not fall enough to maintain employment levels at the previous state, because firms want to avoid excessive shirking by their workers. So, unemployment must rise during recessions, because wages are kept 'too high'. * 2. Possible corollary: Wage sluggishness. Moving from one private cost of hiring The outcome is never Pareto efficient. * 1. Each firm employs too few workers because it faces private cost of hiring * 2. There are also negative externalities. Each firm increases the asset value of unemployment ome possible practical implications of Stiglitz theorems While the mathematical validity of Stiglitz "et al." theorems are not in question, their practical implications in ::Once incomplete and imperfect information are introduced, Chicago-school defenders of the market system cannot sustain descriptive claims of the ::The effect of Stiglitz's influence is to make economics even more presumptively interventionist than The objections to the wide adoption of these positions suggested by Stiglitz's discoveries do not come from Politics Clinton administration, 1992 - 2000 Stiglitz moved to Washington in March 1992 to join the Clinton Administration, first as a member, and then as Chairman of the Stiglitz's most important contribution in this period was helping define a new economic philosophy, a "third way", which recognized the important, but limited, role of government, that unfettered markets often did not work well, but that government was not always able to correct the limitations of markets. The academic research that he had been conducting over the preceding twenty-five years provided the intellectual foundations for this "third way". When President As the World Bank began its ten year review of the transition of the former Communist countries to the Stiglitz always had a poor relationship with Treasury Secretary Stiglitz resigned a month before his term expired at the :::"Joseph E. Stiglitz said today [Nov. 24, 1999] that he would resign as the World Bank's chief economist after using the position for nearly three years to raise pointed questions about the effectiveness of conventional approaches to helping poor countries." [http://query.nytimes.com/gst/fullpage.html?res=9801EFDB163FF936A15752C1A96F958260 Richard W. Stevenson, "Outspoken chief economist leaving World Bank," "New York Times" (November 25, 1999).] ] In this role, he continued criticism of the IMF, and, by implication, the US Treasury Department. In April 2000, in an article for " :"They’ll say the IMF is arrogant. They’ll say the IMF doesn’t really listen to the developing countries it is supposed to help. They’ll say the IMF is secretive and insulated from democratic accountability. They’ll say the IMF’s economic ‘remedies’ often make things worse – turning slowdowns into recessions and recessions into depressions. And they’ll have a point. I was chief economist at the World Bank from 1996 until last November, during the gravest global economic crisis in a half-century. I saw how the IMF, in tandem with the U.S. Treasury Department, responded. And I was appalled"." The article was published a week before the annual meetings of the World Bank and IMF and provoked a strong response. It proved too strong for Summers and, yet more lethally, Stiglitz's protector-of-sorts at the World Bank, Wolfensohn. Wolfensohn had privately empathised with Stiglitz's views, yet this time Wolfensohn was worried for his second term, which Summers had threatened to veto. Stanley Fisher, deputy managing director of the In a September 19, 2008 radio interview with Initiative for Policy Dialogue In July 2000 Stiglitz founded the Books Along with his technical economic publications (he has published over 300 technical articles), Stiglitz is the author of books on issues from patent law to abuses in international trade. "Stability with Growth: Macroeconomics, Liberalization and Development" In "Stability with Growth: Macroeconomics, Liberalization and Development" (2006), Stiglitz, José Antoni Ocampo (United Nations Under-Secretary-General for Economic and Social Affairs) Shari Spiegel (Managing Director, Initiative for Policy Dialogue - IPD ) Ricardo Ffrench-Davis (Main Adviser, Economic Commission for Latin America and the Caribbean - ECLAC ) and Deepak Nayyar (Vice Chancellor, University of Delhi) discuss the current debates on macroeconomics, capital market liberalization, and development, and develop a new framework within which one can assess alternative policies. They explain their belief that the "Making Globalization Work" " Stiglitz argues that economic opportunities are not widely enough available, that financial crises are too costly and too frequent, and that the rich countries have done too little to address these problems. "Making Globalization Work" [see Stiglitz discuss his book on [http://uk.youtube.com/watch?v=UzhD7KVs-R4 Youtube] ] had sold more than two million copies. "The Roaring Nineties" In 2003, Stiglitz published "The Roaring Nineties", his analysis of the boom and bust of the 1990s. In 2004 he published "New Paradigm for Monetary Economics" (Cambridge University Press) and in 2005, Oxford University Press published his book "Fair Trade for All". "Globalization and Its Discontents" In " Stiglitz bases his argument on the themes that his decades of theoretical work have emphasized: namely, what happens when people lack the key information that bears on the decisions they have to make, or when markets for important kinds of transactions are inadequate or don't exist, or when other institutions that standard economic thinking takes for granted are absent or flawed. Stiglitz stresses the point: "Recent advances in economic theory" (in part referring to his own work) "have shown that whenever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly." As a result, Stiglitz continues, governments can improve the outcome by well-chosen interventions. Stiglitz argues that when families and firms seek to buy too little compared to what the economy can produce, governments can fight recessions and depressions by using expansionary monetary and fiscal policies to spur the demand for goods and services. At the microeconomic level, governments can regulate banks and other financial institutions to keep them sound. They can also use tax policy to steer investment into more productive industries and trade policies to allow new industries to mature to the point at which they can survive foreign competition. And governments can use a variety of devices, ranging from job creation to manpower training to welfare assistance, to put unemployed labor back to work and cushion human hardship. Stiglitz complains bitterly that the IMF has done great damage through the economic policies it has prescribed that countries must follow in order to qualify for IMF loans, or for loans from banks and other private-sector lenders that look to the IMF to indicate whether a borrower is creditworthy. The organization and its officials, he argues, have ignored the implications of incomplete information, inadequate markets, and unworkable institutions—all of which are especially characteristic of newly developing countries. As a result, Stiglitz argues, the IMF has often called for policies that conform to textbook economics but do not make sense for the countries to which the IMF is recommending them. Stiglitz seeks to show that these policies have been disastrous for the countries that have followed them. "Whither Socialism?" " One of the reasons Stiglitz sees for the critical failing in the standard neoclassical model, on which ;Critique "Whither Socialism?" has been subject to various critiques such as those of the Yale professor John E. Roemer, [http://newleftreview.org/?view=2045 ROEMER, John E. "An Anti-Hayekian Manifesto.", New Left Review I/211, May-June 1995 ] ] Peter Boettke, the Deputy Director of the [http://www.gmu.edu/jbc/ James M. Buchanan Center for Political Economy] (1996), [ [http://links.jstor.org/sici?sici=0022-0515%28199603%2934%3A1%3C189%3AWS%3E2.0.CO%3B2-2&size=LARGE&origin=JSTOR-enlargePage "Whither Socialism? by Joseph E. Stiglitz, Author(s) of Review: Peter J. Boettke, Journal of Economic Literature, Vol. 34, No. 1 (Mar., 1996), pp. 189-191] ] as well as David L. Prychitko, a professor of economics at Papers and conferences Dr. Stiglitz wrote a series of papers and held a series of conferences explaining how such information uncertainties may have influence on everything from unemployment to lending shortages. As the chairman of the Council of Economic Advisers during the Clinton Administration and former chief economist at the Personal Information Stiglitz married for the third time on Publications ; Books: * 2008, " * 2006, " * 2006, "Stability with Growth: Macroeconomics, Liberalization, and Development" ISBN 0-19-928814-3 (Initiative for Policy Dialogue Series C); by Joseph E. Stiglitz, Jose Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar; Oxford University Press 2006 * 1996, [http://mitpress.mit.edu/catalog/item/default.asp?tid=5669&ttype=2"Whither Socialism ?" STIGLITZ, Joseph E., (Wicksell Lectures), MIT Press, January 1996.] * 2000, "Frontiers of Development Economics: The Future in Perspective", edited with Gerald M. Meier, World Bank, May 2000. * 2002, "Principles of Macroeconomics", third edition, with * 2002, "Economics", Third Edition, with * 2002, "Peasants Versus City-Dwellers: Taxation and the Burden of Economic Development", with Raaj K. Sah, Oxford University Press, April 2002. * 2002, " * "Towards a New Paradigm in Monetary Economics", with Bruce Greenwald, Cambridge University Press. * 2003, "The Roaring Nineties", W.W. Norton & Company, forthcoming in October 2003. * "Fair Trade for All: How Trade Can Promote Development" (Initiative for Policy Dialogue Series C)ndash by Joseph E. Stiglitz, Andrew Charlton; Hardcover * "Economics of the Public Sector." by Joseph E. Stiglitz * 2002, "The Rebel Within: Joseph Stiglitz and the World Bank" by Joseph E. Stiglitz (Editor), Ha-Joon Chang (Editor), ISBN 1-898855-91-9, Anthem Press, Wimbledon Publishing Company (Paperback - February 25, 2002) * 2005, "The Development Round Of Trade Negotiations In The Aftermath Of Cancun" by Joseph E. Stiglitz, Andrew Charlton (Paperback - January 30, 2005) * 2005, "A Chance For The World Bank" by Joseph P Stiglitz (Foreword), Jozef Ritzen, ISBN 1-84331-162-3, Anthem Press, Wimbledon Publishing Company (Paperback - May 30, 2005) *1986, 'Economics of the Public Sector' by J.E.Stiglitz ISBN 0-393-96651-8, W.W.Norton, New York. (Re-printed 1988, 2000) *1981, 'Theory of Commodity Price Stabilization' by David M.G. Newbery and Joseph E. Stiglitz ISBN-10: 0198284179 ISBN-13: 978-0198284178, Oxford University Press [Hardcover: 512 pages] * "Readings in the Modern Theory of Economic Growth" by Joseph E. Stiglitz (Editor), Hirofumi Uzawa (Editor) ; Articles, conferences, papers, videos: References External links * [http://www-1.gsb.columbia.edu/faculty/jstiglitz/index.cfm Joseph Stiglitz's homepage] ;"Video lectures" Persondata Источник: Joseph E. Stiglitz
# It is costly for firms to determine how much effort workers are exerting."Stiglitz's main insight is generally correctndash that the state cannot be ruled out or that it should be ruled in --, but leaves open the grand constitutional questions: How will the coercive institutions of the state be constrained? What is the relation between the state and civil society? His book fails on these political aspects because it has not addressed the broader constitutional concerns that [http://www.rjc.edu.sg/subjects/economics/Economists/james%20buchanen.htm James McGill Buchanan Jr.] BUCHANAN, James M. "Public Finance and Public Choice", National Tax Journal,1975.] (1975) and other economists have raised."
* 2007, The Economic Consequences of Mr. Bush, Vanity Fair, December 2007 Issue
* 2007, [http://stiglitzfilm.com Where is the World Going To, Mr. Stiglitz?] directed by Jacques Sarasin, First Run Features.
* 2001, New Ideas About Old Age Security: Toward Sustainable Pension Systems in the 21st Century , edited with Robert Holzmann, World Bank, January 2001.
* 1998 [http://www2.gsb.columbia.edu/faculty/jstiglitz/download/2001_World_Economics.pdf "Redefining the Role of the State - What should it do ? How should it do it ? And how should these decisions be made?"] Paper presented at the Tenth Anniversary of MITI Research Institute, Tokyo, March 1998.
* 1996, The World Bank Research Observer: No 2: August 1996 by Joseph Stiglitz
* 1993, “Post Walrasian and post Marxian economics,” Journal of Economic Perspectives, vol. 7, pp. 109-14
* 1993, “Market socialism and neoclassical economics,” in Bardhan, P. K. and Roemer, J. E. (eds.), Market Socialism. The Current Debate, New York: Oxford University Press
* 1989, “Principal and agent,” in J. Eatwell, M. Milgate and P. Newman (eds.), The New Palgrave. Allocation, Information and Markets. New York: W. W. Norton
* 1987, “The causes and consequences of the dependence of quality on prices,” Journal of Economic Literature, vol. 25, pp. 1-48
* 1981, Credit Rationing in Markets with Imperfect Information, The American Economic Review, Vol. 71, No.3 (June 1981),pp.393-410, by Joseph E. Stiglitz and Andrew Weiss
* 1974, Incentives and Risk Sharing in Sharecropping, The Review of Economic Studies, Vol. 41, No. 2, 219-255.
* [http://info.worldbank.org/etools/bspan/PresentationView.asp?PID=950&EID=492 World Bank Video presentation]
* [http://www2.gsb.columbia.edu/faculty/jstiglitz/papers.cfm Online access to Stiglitz published papers, at his own website]
* [http://uc.princeton.edu/main/index.php?option=com_content&task=view&id=2814&Itemid=1 The Three Trillion Dollar War] , a panel discussion with Joseph Stiglitz and Linda Bilmes regarding their new book, `"The Three Trillion Dollar War: The True Cost of the Iraq Conflict".` Feb 28, 2008 at Columbia University.
* [http://www.project-syndicate.org/series/11/description I Dissent: Uncommon Economic Wisdom.] A monthly column for [http://www.project-syndicate.org Project Syndicate] .
* [http://www.threetrilliondollarwar.org/ ThreeTrillionDollarWar.org]
* [http://nobelprize.org/nobel_prizes/economics/laureates/2001/stiglitz-lecture.html STIGLITZ, Joseph E. "Prize Lecture: Information and the Change in the Paradigm in Economics." Joseph E. Stiglitz held his Prize Lecture December 8, 2001, at "Aula Magna", Stockholm University. He was presented by Lars E.O. Svensson, Chairman of the Prize Committee.]
* [http://www.commondreams.org/views/101100-101.htm "Joseph Stiglitzndash A Dangerous Man, A World Bank Insider Who Defected.", HAGE, Dave, Minneapolis Star-Tribune, October 11, 2000]
* [http://www.hindu.com/thehindu/nic/stiglitz/index.htm Audio of Stglitz's lecture in The Hindu Public Lecture Series at Chennai]
* [http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf "Efficiency wages, the Shapiro-Stiglitz Model" a lecture by Leszek Wincenciak, Ph.D., Warsaw University, May 22, 2007]
* [http://www.policydialogue.org Initiative for Policy Dialogue (IPD) official website]
* [http://www.humanities.manchester.ac.uk/bwpi/ The Brooks World Poverty Institute at the University of Manchester]
* [http://www.alternet.org/story/12652 Stiglitz explains how the IMF destroys nations]
* [http://www.imf.org/external/np/vc/2002/070202.htm An Open Letter to Joseph Stiglitz, by Kenneth Rogoff, Economic Counsellor and Director of the Research Department, IMF]
* [http://www.bepress.com/ev "The Economists' Voice"]
* [http://www.nobel.se/economics/laureates/2001/stiglitz-autobio.html Autobiographical essay in acceptance of the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel]
* [http://www.project-syndicate.org/contributors/contributor_comm.php4?id=184 Joseph E. Stiglitz's syndicated monthly op/ed column for Project Syndicate]
* [http://www.wider.unu.edu/publications/annual-lectures/annual-lecture-1998.pdf "More instruments and broader goals: Moving toward the post-Washington Consensus" (PDF 287KB)] The (freely) published UNU-WIDER 1998 Annual Lecture
* [http://www.public.iastate.edu/~tonys/Stiglitz.html Critical review of Globalization and its Discontents by Tony Smith]
* [http://www.mises.org/story/2301 Critical View of Stiglitz's Externality Model, From A Free Market Perspective]
* [http://www.epsusa.org/events/aea2006papers/stiglitz.pdf "The Economic Costs of the Iraq War: An Appraisal Three Years After the Beginning of the Conflict"] - A paper that estimates the total cost to the U.S. of the second Iraq War to be $1-2 trillion. Co-authored with Linda Bilmes.
* [http://www.rollingstone.com/politics/story/12855294/national_affairs_the_2_trillion_dollar_war The 2 Trillion Dollar War] December-2006 @ Rolling Stone
* [http://progressive.org/playlists/stiglitz06_high.mp3 Download MP3 Joseph Stiglitz interview by The Progressive magazine on Nov. 1, 2006]
* [http://www.nybooks.com/articles/21259 Gloomy About Globalization]
* [http://ideas.repec.org/e/pst33.html IDEAS/RePEc]
* [http://www.humaniteinenglish.com/article449.html « The Free Market Does Not Work » Joseph E. Stiglitz (2006)]
* [http://video.google.com/videosearch?hl=en&rls=GGLD,GGLD:2005-07,GGLD:en&sa=N&resnum=0&q=joseph%20stiglitz&ie=UTF-8&oe=UTF-8&tab=wv Joseph Stiglitz on Google Video] , Google Video
* [http://info.worldbank.org/etools/bspan/PresentationView.asp?PID=950&EID=492 The Roaring Nineties by Joseph Stiglitz] , World Bank
* [http://info.worldbank.org/etools/bspan/PresentationView.asp?PID=325&EID=145 Joseph Stiglitz and Kenneth Rogoff discuss: Globalization and Its Discontents] , World Bank
* [http://nobelprize.org/economics/laureates/2001/stiglitz-lecture.html Information and the Change in the Paradigm in Economics - Nobel lecture] , Nobelprize.org
* [http://www.kellogg.northwestern.edu/news/whatsnew/Stiglitz.htm Rewriting history] , Kellogg School of Management, Northwestern University
* [http://www.duke.edu/web/grg/pages/videos.htm The Future of Globalization: Lessons from Cancun and Recent Financial Crises] , Globalization research group, Duke
* [http://media01.smartcom.no/Microsite/dss_01.aspx?eventid=3386 Social responsible investment] , Norwegian Ministry of Finance
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