Council of Economic Advisers
Agency overview
Formed	1946
Headquarters	Eisenhower Executive Office Building
Employees	About 27
Agency executives	Alan Krueger, Chairman Katharine Abraham, Member Carl Shapiro, Member
Parent agency	Executive Office of the President of the United States
Website
Council of Economic Advisers

The Council of Economic Advisers (CEA) is an agency within the Executive Office of the President that advises the President of the United States on economic policy.^[1] The CEA provides much of the objective empirical research for the White House and prepares the annual Economic Report of the President.

Organization[link]

The current Chairman of the CEA is Alan Krueger, who was appointed by President Obama on August 29, 2011 is a former professor at Princeton University.^[2] The two other current Members of the CEA are Katharine Abraham and Carl Shapiro, who were confirmed on April 14, 2011.^[3] The previous two Chairs, Austan Goolsbee and Christina Romer, resigned their posts in August 2011 and September 2010, respectively to return to positions in academia.^[4]

The council's three members are nominated by the president and approved by the United States Senate. The staff of the council includes about 20 academic economists, plus three permanent economic statisticians.

Current staff[link]

• Chair: Alan Krueger
• Members: Katharine Abraham, Carl Shapiro
• Chief Economist: Judy Hellerstein
• Director of Macroeconomic Forecasting: Steven N. Braun
• Senior Economists:^[5]
  • Gene Amromin: Housing, Tax, and Budget
  • Lee Branstetter: International Trade
  • Tom Buchmueller: Health
  • Lisa D. Cook: International Finance, Entrepreneurship, and Innovation
  • Benjamin Harris: Tax, Budget, and Retirement
  • Rob Johansson: Environment, Energy, and Agriculture
  • Craig Peters: Innovation, Regulation, and Industry
  • Chuck Pierret: Labor
  • Daniel Vine: Macroeconomics
• Staff Economists:
  • Jeff Borowitz
  • Colleen Carey
  • David Cho
  • Judd Cramer
  • Reid Stevens
• Research Economists:
  • Julia Yoo
  • Pedro Spivakovsky-Gonzalez
• Research Assistants
  • Matt Aks
  • Sandra Levy
  • Carter Mundell
  • Seth Werfel

• Statistical Office
  • Adrienne T. Pilot, Director
  • Statistical Office Analysts: Brian Amorosi & Lindsay Kuberka

History[link]

The council was established by the Employment Act of 1946 to provide presidents with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. In its first seven years the CEA made five technical advances in policy making, including the replacement of a "cyclical model" of the economy by a "growth model," the setting of quantitative targets for the economy, use of the theories of fiscal drag and full-employment budget, recognition of the need for greater flexibility in taxation, and replacement of the notion of unemployment as a structural problem by a realization of a low aggregate demand.^[6]

In 1949 a dispute broke out between Chairman Edwin Nourse and member Leon Keyserling. Nourse believed a choice had to be made between "guns or butter" but Keyserling argued that an expanding economy permitted large defense expenditures without sacrificing an increased standard of living. In 1949 Keyserling gained support from powerful Truman advisors Dean Acheson and Clark Clifford. Nourse resigned as chairman, warning about the dangers of budget deficits and increased funding of "wasteful" defense costs. Keyserling succeeded to the chairmanship and influenced Truman's Fair Deal proposals and the economic sections of National Security Council Resolution 68 that, in April 1950, asserted that the larger armed forces America needed would not affect living standards or risk the "transformation of the free character of our economy."^[7]

During the 1953-54 recession, the CEA, headed by Arthur Burns deployed non-traditional neo-keynesian interventions, which provided results later called the "steady fifties" wherein many families stayed in the economic "middleclass" with just one family wage-earner. The Eisenhower Administration supported an activist contracyclical approach that helped to establish Keynesianism as a possible bipartisan economic policy for the nation. Especially important in formulating the CEA response to the recession—accelerating public works programs, easing credit, and reducing taxes—were Arthur F. Burns and Neil H. Jacoby.^[8]

The 1978 Humphrey-Hawkins Act required each administration to move toward full employment and reasonable price stability within a specific time period. It has had the effect of making the CEA's annual economic report highly political in nature, as well as highly unreliable and inaccurate over the standard two or five year projection periods.^[9]

Past chairs and members[link]

Past chairs include:

Other influential past staff members include:^{[list membership disputed]}

• Karl M. Arndt^[10]
• John D. Clark 1946-1953
• Otto Eckstein 1964-1966
• Hendrik S. Houthakker 1969-1971
• Robert Z. Lawrence 1999-2001
• Catherine L. Mann 1991-1992
• Michael Mussa 1986–1988
• William D. Nordhaus 1977-1979
• James Tobin 1961-1962
• Paul Krugman Early 1980s
• Cecilia Rouse (2009-2011)

References[link]

Sources[link]

External links[link]

• Council of Economic Advisers home page
• Records of the Office of the Council of Economic Advisors, 1953-61, Dwight D. Eisenhower Presidential Library
• Papers of Arthur F. Burns, Dwight D. Eisenhower Presidential Library
• Papers of Raymond J. Saulnier, Dwight D. Eisenhower Presidential Library

v t e Executive Office of the President of the United States Council of Economic Advisers Council on Environmental Quality National Security Council Homeland Security Council Office of Administration Office of Management and Budget Office of National Drug Control Policy Office of Science and Technology Policy Office of the United States Trade Representative President's Economic Recovery Advisory Board President's Intelligence Advisory Board White House Office Office of the Vice President

Edward Paul Lazear
24th Chairman of the Council of Economic Advisers
In office 2006–2009
President	George W. Bush
Preceded by	Ben Bernanke
Succeeded by	Christina Romer
Personal details
Born	1948
Alma mater	University of California, Los Angeles Harvard University

Edward Paul "Ed" Lazear (born 1948) is an award-winning American economist, considered the founder of personnel economics, and was the chief economic advisor to President George W. Bush.

Career[link]

Lazear graduated from the University of California, Los Angeles with a bachelor's degree and master's degree in economics in 1971. He received his doctorate in economics from Harvard University in 1974.

From 1985 to 1992, he was a professor of Urban and Labor Economics at the University of Chicago. Since 1992, he has been an economics professor at Stanford Graduate School of Business. Lazear has served as a research assistant at the National Bureau of Economic Research, as well as a research fellow at the Centre for Economic Policy Research and the Institute for the Study of Labor. He is a Morris Arnold Cox Senior Fellow at Stanford University's Hoover Institution. In 1996, he founded the Society of Labor Economists. Prior to his nomination and confirmation as chief economic advisor to the President, Lazear was a member of Bush's tax reform advisory panel in 2005.

Research[link]

Lazear is the founding editor of the Journal of Labor Economics. He has published over 100 scholarly articles,[1]

Most of his work has to do with motivating and compensating workers. One of his most famous papers, "Rank-Order Tournaments as Optimum Labor Contracts," argues that in certain circumstances, it is in a firm's best interest to rank its employees and pay particularly high wages to the top-ranked employees. This helps explain why the highest jobs, like chief executive officer, often draw paychecks that are much higher than the next-highest jobs, even though the skill differences between those employees are not very high. It also helps explain the partnership structure of law firms, in which associate lawyers compete to become partners and earn a much higher salary. He has also analyzed how peer pressure and mandatory retirement can help reduce principal–agent problems in companies.

Patents[link]

Edward Lazear is listed as a coinventor on 5 pending US patent applications.^[1] Some of these pending patent applications are considered to be tax patents.^[2] This has led to criticism of Lazear by organizations opposed to tax patents, such as Citizens for Tax Justice. Lazear, however, no longer has any ownership rights in these pending applications and cannot receive any royalties from them should they ever issue as valid patents. The full ownership rights to these applications are owned by Liquid Engines.

Awards[link]

Lazear has won a number of awards over his career. Among those that he has won are:

• 1998 Leo Melamed Biennial Prize.
• 2003 Adam Smith Prize, European Association of Labor Economists.
• 2004 IZA Prize in Labor Economics, Institute for the Study of Labor.

Publications[link]

Books

• Lazear, Edward P. (1995). Personnel Economics. MIT Press. ISBN 0-262-12188-3.  Chapter-preview links.
• Edward Lazear, ed. (1996). Culture Wars in America. Hoover Institution Press. ISBN 0-8179-5762-6. 
• Lazear, Edward (1995). Economic Transition in Eastern Europe and Russia: Realities of Reform. Hoover Institution Press. ISBN 0-8179-9332-0. 
• Lazear, Edward (2002). Education in the Twenty-first Century. Hoover Institution Press. ISBN 0-8179-2892-8. 
• Lazear, Edward and Michael Gibbs (2009). Personnel Economics in Practice. 4th ed.,Wiley. ISBN [[Special:BookSources/0-471-67592-1|0-471-67592-1]].  Description and preview.
• Lazear, Edward et al., ed. (2004). Personnel Economics, Elgar, with 43 articles dating from 1962 to 2000 (link to contents link here).

Articles

• Lazear, Edward P. (1979). "Why Is There Mandatory Retirement?" Journal of Political Economy, 87(6), pp. 1261-1284.
• Lazear, Edward P., and Sherwin Rosen (1981). "Rank-Order Tournaments as Optimum Labor Contracts," Journal of Political Economy, 89(5), pp. 841-864.
• Lazear, Edward P. (1986). "Salaries and Piece Rates," Journal of Business, 59(3), pp. 405-431.
• _____ (1999). "Personnel Economics: Past Lessons and Future Directions," Journal of Labor Economics, 17(2), p. 233 [pp. 199-236]. (Presidential address to the Society of Labor Economists.)
• _____ (2000a). "Economic Imperialism," Quarterly Journal of Economics, 115(1), pp. 99-146.
• _____ (2000b). "The Future of Personnel Economics," Economic Journal, 110(467), pp. F611-F639.</ref>
• _____ (2000c). "Performance Pay and Productivity," American Economic Review, 90(5), pp. 1346-1361.
• Lazear, Edward P., and Kathryn L. Shaw (2007). "Personnel Economics: The Economist's View of Human Resources," Journal of Economic Perspectives, 21(4), pp. 91-114.
• Lazear, Edward, 2008. "personnel economics," The New Palgrave Dictionary of Economics, 2nd Edition, v. 6, pp. 380-84]. Abstract.

See also[link]

• Tournament theory

Notes[link]

References[link]

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External links[link]

• Edward Lazear's personal homepage.
• Lazear's Hoover Institute bio.

Christina Romer
25th Chairperson of the Council of Economic Advisers
In office January 28, 2009 – September 3, 2010
President	Barack Obama
Preceded by	Edward Lazear
Succeeded by	Austan Goolsbee
Personal details
Born	(1958-12-25) December 25, 1958 (age 53) Alton, Illinois
Political party	Democratic Party
Spouse(s)	David Romer
Children	3
Alma mater	College of William and Mary Massachusetts Institute of Technology

Christina D. Romer (née Duckworth; born December 25, 1958) is the Class of 1957 Garff B. Wilson Professor of Economics at the University of California, Berkeley and a former Chair of the Council of Economic Advisers in the Obama administration.^[1][2] She resigned from her role on the Council of Economic Advisers on September 3, 2010.^[3]

After her nomination and before the Obama administration took office, Romer worked with economist Jared Bernstein to co-author the administration's plan for recovery from the 2008 recession.^[4] In a January 2009 video presentation,^[5] she discussed details of the job-creation package that the Obama administration submitted to Congress.

Early life[link]

Romer was born in Alton, Illinois. She graduated from Glen Oak High School in Canton, Ohio, in June 1977. She obtained her bachelor's degree in economics from The College of William & Mary in 1981, and her Ph.D. from the Massachusetts Institute of Technology in 1985. Upon completion of her doctorate, she started working as an assistant professor at Princeton University. In 1988 she moved to the University of California, Berkeley and was promoted to full professor in 1993.

Research[link]

Romer's early work focused on a comparison of macroeconomic volatility before and after World War II. Romer showed that much of what had appeared to be a decrease in volatility was due to better economic data collection, although recessions have become less frequent over time.^[6]

She has also researched the causes of the Great Depression in the United States and how the US recovered from the depression. Her work showed that the Great Depression occurred more severely in the US than in Europe, and had somewhat different causes than the Great Depression in Europe. Romer showed that fiscal policy played a relatively small role in the recovery from the depression in the US, because taxes were raised in the US almost as quickly as government spending increased during the New Deal. However, accidental monetary policy played a large role in the US recovery from depression. This monetary policy came first from the devaluation of the dollar in terms of gold in 1933-1934, and later from the flight of European capital to the relatively stable US as war in Europe became more likely.^[7]

She has done extensive work on fiscal and monetary policy from the Great Depression to the present, using notes from the meetings of the Federal Open Market Committee (FOMC) and the materials prepared by Fed staff to study how the Federal Reserve makes its decisions. Her work suggests that some of the credit for the relatively stable economic growth in the 1950s should lie with good policy made by the Federal Reserve,^[8] and that the members of the FOMC could at times have made better decisions by relying more closely on forecasts made by the Fed professional staff.^[9]

Her recent work (with David Romer) has focused on the impact of tax policy on government and general economic growth. This work looks at the historical record of US tax changes from 1945-2007, excluding "endogenous" tax changes made to fight recessions or offset the cost of new government spending. It finds that such "exogenous" tax increases, made for example to reduce inherited budget deficits, reduce economic growth (though by smaller amounts after 1980 than before).^[10] Romer and Romer also find "no support for the hypothesis that tax cuts restrain government spending; indeed ... tax cuts may increase spending. The results also indicate that the main effect of tax cuts on the government budget is to induce subsequent legislated tax increases."^[11] However, she notes that "Our baseline specification suggests that an exogenous tax increase of one percent of GDP lowers real GDP by roughly three percent." ^[12]

Career[link]

Romer meeting with President Obama and Vice President Biden.

She is a former vice president of the American Economic Association, a John Simon Guggenheim Memorial Foundation Fellowship recipient, a fellow of the American Academy of Arts and Sciences, and a winner of the Berkeley Distinguished Teaching Award. Professor Romer is co-director of the Program in Monetary Economics at the National Bureau of Economic Research,^[13] and was a member of the NBER Business Cycle Dating Committee until she resigned from this position on November 25, 2008.^[14]

In 2008 Romer was set to join the Harvard faculty of economics, while her husband was offered a position at the university's Kennedy School of Government. However, the Romers remained at Berkeley after Drew Gilpin Faust, Harvard's president, vetoed her appointment.^[15] Her decision resulted in substantial discussion within the discipline and in the mass media. The motivations for Faust's decision to block Romer's appointment remain unclear, though speculation has focused on an opposition among "New Classical" economists to her "New Keynesian" tendencies, or a reluctance to appoint MIT-trained faculty at Harvard.^[16]

In late 2008, Romer along with fellow economic advisors Larry Summers and Peter R. Orszag presented then-President-elect Barack Obama with recommendations for a stimulus package.^[17] Romer calculated that a $1.8-trillion package was necessary to fill the output gap, but Summers rejected the proposal and opted not to include it in the memo fearing that a trillion-dollar package would not pass through Congress.^[18] The Obama administration ultimately passed an $800-billion package.

Family[link]

She is married to David Romer, her classmate at MIT and her colleague in the Economics Department at University of California, Berkeley. They have adjoining offices in the department,^[19] and collaborate on much of their research.^[20] The couple have three children together. She is not related to Paul Romer, the economist famous for his work on economic growth, although she has a son with the same name.

References[link]

External links[link]

Wikimedia Commons has media related to: Christina Romer

• Christina Romer's page at UC Berkeley
• Official CEA member profile
• Minneapolis Fed Magazine profile on Christina and David Romer
• Christina Romer at WhoRunsGov at The Washington Post
• Appearances on C-SPAN
• Christina Romer on Charlie Rose
• Christina Romer collected news and commentary at The New York Times
• Works by or about Christina Romer in libraries (WorldCat catalog)

v t e Cabinet of President Barack Obama (since 2009)   Cabinet Secretary of State Hillary Clinton (2009–present) Secretary of the Treasury Timothy Geithner (2009–present) Secretary of Defense Robert Gates (2009–2011) Leon Panetta (2011–present) Attorney General Eric Holder (2009–present) Secretary of the Interior Ken Salazar (2009–present) Secretary of Agriculture Tom Vilsack (2009–present) Secretary of Commerce Gary Locke (2009–2011) John Bryson (2011–present) Secretary of Labor Hilda Solis (2009–present) Secretary of Health and Human Services Kathleen Sebelius (2009–present) Secretary of Education Arne Duncan (2009–present) Secretary of Housing and Urban Development Shaun Donovan (2009–present) Secretary of Transportation Ray LaHood (2009–present) Secretary of Energy Steven Chu (2009–present) Secretary of Veterans Affairs Eric Shinseki (2009–present) Secretary of Homeland Security Janet Napolitano (2009–present)   Cabinet-level Vice President Joe Biden (2009–present) White House Chief of Staff Rahm Emanuel (2009–2010) William Daley (2011–2012) Jacob Lew (2012–present) Administrator of the Environmental Protection Agency Lisa Jackson (2009–present) Director of the Office of Management and Budget Peter Orszag (2009–2010) Jacob Lew (2010–2012) Trade Representative Ron Kirk (2009–present) Ambassador to the United Nations Susan Rice (2009–present) Chair of the Council of Economic Advisers Christina Romer (2009–2010) Austan Goolsbee (2010–2011) Alan Krueger (2011–present) Director of the Central Intelligence Agency Leon Panetta (2009–2011) David Petraeus (2011–present) Administrator of the Small Business Administration Karen Mills (2012–present)* * took office in 2009, raised to cabinet-rank in 2012 See also: Confirmations of Barack Obama's Cabinet

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Keith Hennessey
7th Director of the National Economic Council
In office November 2007 – January 20, 2009
Preceded by	Allan Hubbard
Succeeded by	Lawrence Summers
Personal details
Political party	Republican
Alma mater	Stanford University Harvard University
Profession	Political Aide

Keith Hennessey is the former Assistant to the U.S. President for Economic Policy and Director of the U.S. National Economic Council. He was appointed to the position in November 2007 by President George W. Bush, and served until the end of Bush's second term in office. Mr. Hennessey served in the White House since August 2002, when he was appointed to his previous position of Deputy Assistant to the U.S. President for Economic Policy and Deputy Director of the U.S. National Economic Council. He is currently a research fellow at Stanford University's Hoover Institution.

Prior to joining the White House staff, Hennessey worked for Senate Majority Leader Trent Lott from February 1997 to August 2002. While in Senator Lott's office, he was involved in the Balanced Budget Act of 1997 and all budget resolutions since 1997, the Economic Growth and Tax Relief Reconciliation Act of 2001 and all tax legislation since 1998, Trade Promotion Authority, all health legislation, the Transportation Equity Act, FAA authorization bills and many other smaller bills. Prior to joining Senator Lott, Hennessey worked as a health economist for the Senate Budget Committee, from January 1995 to February 1997. Hennessey was a research assistant for the Bipartisan Commission on Entitlement and Tax Reform from June 1994 to January 1995. From 1990 and 1992 he tested the database program Q&A for Symantec Corporation in Cupertino, California.

Hennessey holds a B.S. in Mathematics and Political Science from Stanford University as well as a Master of Public Policy from the John F. Kennedy School of Government at Harvard.^[1] The title of his Harvard public policy thesis was Unintended Consequences: Critical Assumptions in the Clinton Health Plan.

Since leaving the White House, Hennessey has been a television commentator and started a blog called "KeithHennessey.com",^[1] which was named in an article reported by the Wall Street Journal economics bureau as one of the "Top 25 Economics Blogs" (limited to free blogs and excluding blogs about markets). The Journal writers gave Hennessey's blog "3 light bulbs" for originality, "3 calculators" for "geekiness" and "4 reading glasses" for readability (on scales of 1 to 5, with "5" the best in each category).^[2]

References[link]

External links[link]

• KeithHennessey.com

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Joseph Stiglitz ForMemRS FBA
17th Chair of the Council of Economic Advisors
In office June 28, 1995 – February 13, 1997
President	Bill Clinton
Preceded by	Laura Tyson
Succeeded by	Janet Yellen
World Bank Chief Economist
In office 1997–2000
Preceded by	Michael Bruno
Succeeded by	Nicholas Stern
Personal details
Born	(1943-02-09) February 9, 1943 (age 69) Gary, Indiana
Political party	Democratic
Spouse(s)	Anya Schiffrin
Alma mater	Amherst College Massachusetts Institute of Technology
Profession	Economist

Joseph Eugene Stiglitz, ForMemRS, FBA, (born February 9, 1943) 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. He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.

In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, and has been a University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. Stiglitz is an honorary doctor of Durham Business School,^[1] an honorary doctor at the Charles University, an honorary professor at Tsinghua University School of Public Policy and Management and a member of the Executive and Supervisory Committee (ESC)^[2] of CERGE-EI in Prague. Stiglitz is one of the most frequently cited economists in the world.^[3]

Biography[link]

Stiglitz was born in Gary, Indiana, to Jewish parents, Charlotte and Nathaniel Stiglitz. From 1960 to 1963, he studied at Amherst College, where he was a highly active member of the debate team and President of the Student Government. He went to the Massachusetts Institute of Technology (MIT) for his fourth year as an undergraduate, where he later pursued graduate work. His undergraduate degree was awarded from Amherst College. From 1965 to 1966, he moved to the University of Chicago to do research under Hirofumi Uzawa who had received an NSF grant. He studied for his PhD from MIT from 1966 to 1967, during which time he also held an MIT assistant professorship. Stiglitz stated that the particular style of MIT economics suited him well - simple and concrete models, directed at answering important and relevant questions.^[4] From 1966 to 1970 he was a research fellow at the University of Cambridge: he arrived at Fitzwilliam House as a Fulbright Scholar in 1965 and then won a Tapp Junior Research Fellowship at Gonville and Caius College.^[5] In subsequent years, he held academic positions at Yale, Stanford, Duke, Oxford, and Princeton.^[6] Stiglitz is now a Professor at Columbia University, with appointments at the Business School, the Department of Economics and the School of International and Public Affairs (SIPA), and is editor of The Economists' Voice journal with J. Bradford DeLong and Aaron Edlin. He also gives classes for a double-degree program between Sciences Po Paris and École Polytechnique in 'Economics and Public Policy'. As of 2005 he chairs The Brooks World Poverty Institute at the University of Manchester.^[7][8] Stiglitz is a New-Keynesian economist.^[9][10]

In addition to making numerous influential contributions to microeconomics, Stiglitz has played a number of policy roles. He served in the Clinton Administration as the chair of the President's Council of Economic Advisors (1995 – 1997). At the World Bank, he served as Senior Vice President and Chief Economist (1997 – 2000), in the time when unprecedented protest against international economic organizations started, most prominently with the Seattle WTO meeting of 1999. He was fired by the World Bank for expressing dissent with its policies.^[11] He was a lead author for the Intergovernmental Panel on Climate Change.

He is a member of Collegium International, an organization of leaders with political, scientific, and ethical expertise whose goal is to provide new approaches in overcoming the obstacles in the way of a peaceful, socially just and an economically sustainable world. He is also a member of the scientific committee of the Fundacion IDEAS, a Spanish think tank.^[12]

Stiglitz has advised American President Barack Obama, but has also been sharply critical of the Obama Administration's financial-industry rescue plan.^[13] Stiglitz said that whoever designed the Obama administration's bank rescue plan is "either in the pocket of the banks or they’re incompetent."^[14]

In October 2008 he was asked by the President of UN's General Assembly to chair a commission entrusted with drafting a report on the reasons for and solutions to the financial crisis.^[15] In response, the commission produced the Stiglitz Report.

On July 25, 2011, Stiglitz participated to the "I Foro Social del 15M" organized in Madrid (Spain) expressing his support to the 2011 Spanish protests.^[16]

In 2011, he was named by Foreign Policy magazine on its list of top global thinkers.^[17]

Contributions to economics[link]

Stiglitz at a conference in Mexico in 2009.

Information asymmetry[link]

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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 information asymmetry that he shared the Nobel Memorial Prize in Economics^[4] in 2001 "for laying the foundations for the theory of markets with asymmetric information" with George A. Akerlof and A. Michael Spence.

Before the advent of models of imperfect and asymmetric information, the traditional neoclassical economics literature had assumed that markets are efficient except for some limited and well defined market failures. More recent work by Stiglitz and others reversed that presumption, to assert that it is only under exceptional circumstances that markets are efficient. Stiglitz has shown (together with Bruce Greenwald) that "whenever markets are incomplete and/or information is imperfect (which are true in virtually all economies), even competitive market allocation is not constrained Pareto efficient". In other words, they addressed "the problem of determining when tax interventions are Pareto-improving. The approach indicates that such tax interventions almost always exist and that equilibria in situations of imperfect information are rarely constrained Pareto optima."^{[18]:229, abstract} Although these conclusions and the pervasiveness of market failures do not necessarily warrant the state intervening broadly in the economy, it makes clear that the "optimal" range of government recommendable interventions is definitely much larger than the traditional "market failure" school recognizes.^[19] For Stiglitz, there is no such thing as an invisible hand.^[20] According to Stiglitz:^[21]

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.

In the opening remarks for his prize acceptance "Aula Magna",^[22] Stiglitz said:^[23]

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.

In an interview in 2007, Stiglitz explained further:^[24]

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 invisible hand: individuals and firms, in the pursuit of their self-interest, are not necessarily, or in general, led as if by an invisible hand, to economic efficiency.

Efficiency wages: the Shapiro-Stiglitz model[link]

In the Shapiro-Stiglitz model of efficiency wages, workers are paid at a level that dissuades shirking. This prevents wages from dropping to market clearing levels. Full employment cannot be achieved because workers would shirk if they were not threatened with the possibility of unemployment. Because of this, the curve for the no-shirking condition (labeled NSC) goes to infinity at full employment.

Stiglitz also did research on efficiency wages, and helped create what became known as the "Shapiro-Stiglitz model" to explain why there is unemployment even in equilibrium, why wages are not bid down sufficiently by job seekers (in the absence of minimum wages) so that everyone who wants a job finds one, and to question whether the neoclassical paradigm could explain involuntary unemployment.^[25] The answer to these puzzles was proposed by Shapiro and Stiglitz in 1984: "Unemployment is driven by the information structure of employment".^[25] Two basic observations undergird their analysis:

1. Unlike other forms of capital, humans can choose their level of effort.
2. It is costly for firms to determine how much effort workers are exerting.

A full description of this model can be found at the links provided.^[26] Some key implications of this model are:

1. Wages do not fall enough during recessions to prevent unemployment from rising. If the demand for labour falls, 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 <w∗> to another private cost of hiring <w∗∗> will require each firm to repeatedly re-optimize wages in response to shifting unemployment rate. Firms cannot cut wages until unemployment rises sufficiently (a coordination problem).

The outcome is never Pareto efficient.

1. Each firm employs too few workers because it faces private cost of hiring rather than the social cost — which is equal to and in all cases. This means that firms do not "internalize" the "external" cost of unemployment - they do not factor how large-scale unemployment harms society when assessing their own costs. This leads to a negative externality as marginal social cost exceeds the firm's marginal cost (MSC = Firm's Private Marginal Cost + Marginal External Cost of increased social unemployment)^{[clarification needed]}
2. There are also negative externalities. Each firm increases the asset value of unemployment <Vu> for all other firms by hiring.^{[clarification needed]} But the first problem clearly dominates since the 'natural rate of unemployment' is always too high.

Some possible practical implications of Stiglitz theorems[link]

While the mathematical validity of Stiglitz et al. theorems are not in question, their practical implications in political economy and their application in real life economic policies have been subject to considerable disagreement and debate.^[27] Stiglitz himself seems to be continuously adapting his own political-economic discourse,^[28] as we can see from the evolution in his positions as initially stated in Whither Socialism? (1994) to his own new positions held on his most recent publications.

Once incomplete and imperfect information are introduced, Chicago-school defenders of the market system cannot sustain descriptive claims of the Pareto efficiency of the real world. Thus, Stiglitz's use of rational-expectations equilibrium assumptions to achieve a more realistic understanding of capitalism than is usual among rational-expectations theorists leads, paradoxically, to the conclusion that capitalism deviates from the model in a way that justifies state action—socialism—as a remedy.^[29]

The effect of Stiglitz's influence is to make economics even more presumptively interventionist than Samuelson preferred. Samuelson treated market failure as the exception to the general rule of efficient markets. But the Greenwald-Stiglitz theorem posits market failure as the norm, establishing "that government could potentially almost always improve upon the market's resource allocation." And the Sappington-Stiglitz theorem "establishes that an ideal government could do better running an enterprise itself than it could through privatization"^[30] (Stiglitz 1994, 179).^[29]

The objections to the wide adoption of these positions suggested by Stiglitz's discoveries do not come from economics itself but mostly from political scientists and are in the fields of sociology. As David L. Prychitko discusses in his "critique" to Whither Socialism? (see below), although Stiglitz's main economic insight seems generally correct, it still leaves open great constitutional questions such as how the coercive institutions of the government should be constrained and what the relation is between the government and civil society.^[31]

Government[link]

Clinton administration, 1993–1997[link]

Stiglitz joined the Clinton Administration in 1993,^[32] serving first as a member during 1993-1995, and then appointed Chairman of the Council of Economic Advisers on June 28, 1995, in which capacity he also served as a member of the cabinet. He became deeply involved in environmental issues, which included serving on the Intergovernmental Panel on Climate Change, and helping draft a new law for toxic wastes (which was never passed).

Stiglitz's most important contribution in this period was helping define a new economic philosophy, a "third way", which postulated 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 25 years provided the intellectual foundations for this "third way".

When President Bill Clinton was re-elected, he asked Stiglitz to continue to serve as Chairman of the Council of Economic Advisers for another term. But he had already been approached by the World Bank to be its senior vice president for development policy and its chief economist, and he assumed that position after his CEA successor was confirmed on February 13, 1997.

As the World Bank began its ten-year review of the transition of the former Communist countries to the market economy it unveiled failures of the countries that had followed the International Monetary Fund (IMF) shock therapy policies - both in terms of the declines in GDP and increases in poverty - that were even worse than the worst that most of its critics had envisioned at the onset of the transition. Clear links existed between the dismal performances and the policies that the IMF had advocated, such as the voucher privatization schemes and excessive monetary stringency. Meanwhile, the success of a few countries that had followed quite different strategies suggested that there were alternatives that could have been followed. The U.S. Treasury had put enormous pressure on the World Bank to silence his criticisms of the policies which they and the IMF had pursued.^[33][34]

Stiglitz always had a poor relationship with Treasury Secretary Lawrence Summers.^[35] In 2000, Summers successfully petitioned for Stiglitz's removal, supposedly in exchange for World Bank President James Wolfensohn's re-appointment – an exchange that Wolfensohn denies took place. Whether Summers ever made such a blunt demand is questionable – Wolfensohn claims he would "have told him to fuck himself".^[36]

Stiglitz resigned from the World Bank in January 2000, a month before his term expired.^[34] The Bank's president, James Wolfensohn, announced Stiglitz's resignation in November 1999 and also announced that Stiglitz would stay on as "special advisor to the president", and would chair the search committee for a successor.

"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."^[37]

In this role, he continued criticism of the IMF, and, by implication, the US Treasury Department. In April 2000, in an article for The New Republic, he wrote:

"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, but this time was worried for his second term, which Summers had threatened to veto.^{[citation needed]} Stanley Fisher, deputy managing director of the IMF, called a special staff meeting and informed at that gathering that Wolfensohn had agreed to fire Stiglitz. Meanwhile, the Bank's External Affairs department told the press that Stiglitz had not been fired, his post had merely been abolished.^[38]

In a September 19, 2008 radio interview with Aimee Allison and Philip Maldari on Pacifica Radio's KPFA 94.1 FM in Berkeley, California, Stiglitz implied that President Clinton and his economic advisors would not have backed the North American Free Trade Agreement (NAFTA) had they been aware of stealth provisions, inserted by lobbyists, that they overlooked.

Initiative for Policy Dialogue[link]

In July 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), with support of the Ford, Rockefeller, McArthur, and Mott Foundations and the Canadian and Swedish governments, to enhance democratic processes for decision-making in developing countries and to ensure that a broader range of alternatives are on the table and more stakeholders are at the table.

Commission on the Measurement of Economic Performance and Social Progress[link]

At the beginning of 2008, Stiglitz chaired the Commission on the Measurement of Economic Performance and Social Progress, also known as the Stiglitz-Sen-Fitoussi Commission, initiated by President Sarkozy of France. The Commission held its first plenary meeting on 22–23 April 2008 in Paris. Its final report was made public on 14 September 2009.^[39]

Commission of Experts on Reforms of the International Monetary and Financial System[link]

Stiglitz at the World Economic Forum Annual Meeting in Davos, 2009.

In 2009, Stiglitz chaired the Commission of Experts on Reforms of the International Monetary and Financial System which was convened by the President of the United Nations General Assembly "to review the workings of the global financial system, including major bodies such as the World Bank and the IMF, and to suggest steps to be taken by Member States to secure a more sustainable and just global economic order".^[40] Its final report was released on 21 September 2009.^[41][42]

Eurozone crisis[link]

During a 2010 BBC interview, Stiglitz argued that Europe should make a clear statement of belief in social solidarity and that they should 'stand behind Greece'.^{[citation needed]}

In 2012, Stiglitz described the European austerity plans as a "suicide-pact."^[43]

Support to the 2011 Spanish Protests[link]

On July 25, 2011, Stiglitz participated to the "I Foro Social del 15M" organized in Madrid (Spain) expressing his support to the 2011 Spanish protests.^[16] During an informal speech, he made a brief review of some of the problems in Europe and in the United States, the serious unemployment rate and the situation in Greece. "This is an opportunity for economic contribution social measures", argued Stiglitz, who made a critical speech about the way authorities are handling the political exit to the crisis. He encouraged those present to respond to the "bad ideas", not with indifference, but with "good ideas". "This does not work, you have to change it", he said.

Criticism of rating agencies[link]

Stiglitz has been critical of rating agencies describing them as the "key culprit" in the financial crisis noting "they were the party that performed the alchemy that converted the securities from F-rated to A-rated. The banks could not have done what they did without the complicity of the rating agencies."^[44]

Books[link]

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.

[edit] Freefall: America, Free Markets, and the Sinking of the World Economy (2010)

In Freefall: America, Free Markets, and the Sinking of the World Economy, Stiglitz discusses the causes of the 2008 recession/depression and goes on to propose reforms needed to avoid a repetition of a similar crisis, advocating government intervention and regulation in a number of areas. Among the policy-makers he criticises are George W. Bush, Larry Summers, and Barack Obama.^[45]

This book does not require an economics background in order to be of value to the reader. Rather it explains Stiglitz's views on the recent economic crisis in terms which make it relevant to the average homeowner, retirement investor, and voter in the United States. He explains how without fundamental changes in economic policy and regulation the position of the US in the world political and economic arena may deteriorate significantly.

[edit] The Three Trillion Dollar War: The True Cost of the Iraq Conflict (2008)

The Three Trillion Dollar War (co-authored with Linda Bilmes) examines the full cost of the Iraq War, including many hidden costs. The book also discusses the extent to which these costs will be imposed for many years to come, paying special attention to the enormous expenditures that will be required to care for very large numbers of wounded veterans. Stiglitz was openly critical of George W. Bush at the time the book was released.^[46]

[edit] Stability with Growth: Macroeconomics, Liberalization and Development (2006)

In Stability with Growth: Macroeconomics, Liberalization and Development, Stiglitz, José Antonio Ocampo (United Nations Under-Secretary-General for Economic and Social Affairs, until 2007), 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 Washington Consensus has advocated narrow goals for development (with a focus on price stability) and prescribed too few policy instruments (emphasizing monetary and fiscal policies), and places unwarranted faith in the role of markets. The new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions. Policy-makers have pursued stabilization goals with little concern for growth consequences, while trying to increase growth through structural reforms focused on improving economic efficiency. Moreover, structural policies, such as capital market liberalization, have had major consequences for economic stability. This book challenges these policies by arguing that stabilization policy has important consequences for long-term growth and has often been implemented with adverse consequences. The first part of the book introduces the key questions and looks at the objectives of economic policy from different perspectives. The third part presents a similar analysis for capital market liberalization.

[edit] Making Globalization Work (2006)

Making Globalization Work surveys the inequities of the global economy, and the mechanisms by which developed countries exert an excessive influence over developing nations. Dr. Stiglitz argues that through tariffs, subsidies, an over-complex patent system and pollution, the world is being both economically and politically destabilised. Stiglitz argues that strong, transparent institutions are needed to address these problems. He shows how an examination of incomplete markets can make corrective government policies desirable.

Stiglitz is an exception to the general pro-globalization view of professional economists, according to economist Martin Wolf.^[47] 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^[48] has sold more than two million copies.

[edit] Fair Trade for All (2005)

In Fair Trade for All, authors Stiglitz and Andrew Charlton argue that it is important to make the trading world more development friendly.^[49] The idea is put forth that the present regime of tariffs and agricultural subsidies is dominated by the interests of former colonial powers and needs to change. The removal of the bias toward the developed world will be beneficial to both developing and developed nations. The developing world is in needs of assistance, and this can only be achieved when developed nations abandon mercantilist based priorities and work towards a more liberal world trade regime.^[50]

[edit] New Paradigm for Monetary Economics (2004)

[edit] The Roaring Nineties: A New History of the World's Most Prosperous Decade (2003)

The Roaring Nineties" is Stiglitz' analysis of the boom and bust of the 1990s. Presented from an insider's point of view, firstly as chair of President Clinton's Council of Economic Advisors, and later as chief economist of the World Bank, it continues his argument on how misplaced faith in free-market ideology led to the global economic issues of today, with a perceptive focus on US policies.

[edit] Globalization and Its Discontents (2002)

In Globalization and Its Discontents, Stiglitz argues that what are often called "developing economies" are, in fact, not developing at all, and puts much of the blame on the IMF.

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.

[edit] Whither Socialism?

Whither Socialism? is based on Stiglitz's Wicksell Lectures, presented at the Stockholm School of Economics in 1990 and presents a summary of information economics and the theory of markets with imperfect information and imperfect competition, as well as being a critique of both free market and market socialist approaches (see Roemer critique, op. cit.). Stiglitz explains how the neoclassical, or Walrasian model ("Walrasian economics" refers to the result of the process which has given birth to a formal representation of Adam Smith's notion of the "invisible hand", along the lines put forward by Léon Walras and encapsulated in the general equilibrium model of Arrow-Debreu), may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the information economics established by the Greenwald-Stiglitz theorems.

One of the reasons Stiglitz sees for the critical failing in the standard neoclassical model, on which market socialism was built, is its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness.^[51]

Papers and conferences[link]

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 first term of the Clinton Administration and former chief economist at the World Bank, Stiglitz was able to put some of his views into action. For example, he was an outspoken critic of quickly opening up financial markets in developing countries. These markets rely on access to good financial data and sound bankruptcy laws, but he argued that many of these countries didn't have the regulatory institutions needed to ensure that the markets would operate soundly.

He co-authored a paper titled "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" with Peter Orszag in 2002 in which they concluded "on the basis of historical experience, the risk to the government from a potential default on GSE debt is effectively zero."^[52]

Private life[link]

Stiglitz married for the third time on October 28, 2004, to Anya Schiffrin, who works at the School of International and Public Affairs at Columbia University.^{[citation needed]}

Publications[link]

Books

• 2010, Freefall: America, Free Markets, and the Sinking of the World Economy, Stiglitz, J.E., W.W. Norton & Company.
• 2010, Mismeasuring Our Lives: Why GDP Doesn't Add Up, Fitoussi, J-P., Sen, A. & Stiglitz, J.E., The New Press.
• 2010, The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis, Stiglitz, J.E., The New Press.
• 2010, Time for a Visible Hand: Lessons from the 2008 World Financial Crisis, Jones, S.G., Ocampo, J.A. & Stiglitz, J.E. (Ed.), Oxford University Press.
• 2008, The Three Trillion Dollar War, Bilmes, L. Stiglitz, J.E., W.W. Norton & Company.
• 2006, Making Globalization Work, Stiglitz, J.E., Penguin Books.
• 2006, Stability with Growth: Macroeconomics, Liberalization, and Development, Ffrench-Davis, R., Nayyar, D., Ocampo, J.A., Spiegel, S. & Stiglitz, J.E., Oxford University Press.
• 2005, Fair Trade for All: How Trade Can Promote Development, Charlton, A.H.G. & Stiglitz, J.E., Oxford University Press.
• 2004, The Development Round of Trade Negotiations in the Aftermath of Cancún, Charlton, A.H.G. & Stiglitz, J.E., Commonwealth Secretariat.
• 2003, The Roaring Nineties, Stiglitz, J.E, W.W. Norton & Company.
• 2003, Towards a New Paradigm in Monetary Economics, Greenwald, B. & Stiglitz, J.E., Cambridge University Press.
• 2002, Economics, Stiglitz, J.E. & Walsh, C.E., W.W. Norton & Company.
• 2002, Globalization and Its Discontents, Stiglitz, J.E., W.W. Norton & Company.
• 2002, Peasants Versus City-Dwellers: Taxation and the Burden of Economic Development, Sah, R.K. & Stiglitz, J.E., Oxford University Press.
• 2002, Principles of Macroeconomics, Stiglitz, J.E. & Walsh, C.E., W.W. Norton & Company.
• 2002, The Rebel Within: Joseph Stiglitz and the World Bank, The Rebel Within: Joseph Stiglitz and the World Bank, Stiglitz, J.E., Anthem Press.
• 2001, Rethinking the East Asian Miracle, Stiglitz, J.E. & Yusuf, S. (Ed.), Oxford University Press.
• 2000, Frontiers of Development Economics: The Future in Perspective, Meier, G.M. & Stiglitz, J.E. (Ed.), World Bank.
• 1996, Whither Socialism?, Stiglitz, J.E., MIT Press.
• 1989, The Economic Role of the State, Stiglitz, J.E., Wiley-Blackwell.
• 1986, Economics of the Public Sector, Stiglitz, J.E., W.W. Norton & Company.
• 1981, Theory of Commodity Price Stabalization, Newberry, D.M.G. & Stiglitz, J.E., Oxford University Press.
• 1969, Readings in the Modern Theory of Economic Growth, Stiglitz, J.E. & Uzawa, H., MIT Press.

Book chapters

• 2009. "Regulation and Failure", in David Moss and John Cisternino (eds.), New Perspectives on Regulation, ch. 1, pp. 11-23. Cambridge: The Tobin Project.
• 2001, New Ideas About Old Age Security: Toward Sustainable Pension Systems in the 21st Century, edited with Robert Holzmann, World Bank, January 2001.

Selected scholarly articles

• 2007, "Prizes, Not Patents" post-autistic economics review, issue no. 42
• 1998, Distinguished lecture on economics in government: The private uses of public interests: Incentives and institutions. Journal of Economic Perspectives, 12, 3–22.
• 1998, 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 (with A. Weiss), "Credit Rationing in Markets with Imperfect Information", American Economic Review, vol. 71, pp. 393–410
• 1977 (with A.K. Dixit), "Monopolistic Competition and Optimum Product Diversity", American Economic Review, vol. 67, pp. 297–308
• 1976 (with M. Rothschild), "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information", Quarterly Journal of Economics, vol. 90, pp.  629–650.
• 1974, "Incentives and Risk Sharing in Sharecropping", Review of Economic Studies, Vol. 41, No. 2, 219-255.
• 1974, "Alternative Theories of Wage Determination and Unemployment in LDCs: The Labour Turnover Model", Quarterly Journal of Economics, vol. 81, pp. 194–227
• 1971 (with M. Rothschild), "Increasing Risk: II. Its Economic Consequences", Journal of Economic Theory, Vol. 3, pp. 66–84
• 1970 (with M. Rothschild), "Increasing Risk: I. A Definition", Journal of Economic Theory, Vol. 2, pp. 225–243

Articles in popular press

• 2011, "Of the 1%, by the 1%, for the 1%", Vanity Fair, May 2011
• 2010, "The Non-Existent Hand". London Review of Books 32 (8): 17–18. 22 April 2010. http://www.lrb.co.uk/v32/n08/joseph-stiglitz/the-non-existent-hand. Retrieved 14 February 2011.  Review of Skidelsky, Robert (2009). Keynes: the Return of the Master. Allen Lane. ISBN 978-1-84614-258-1. 
• 2009, "Wall Street’s Toxic Message", Vanity Fair, July 2009
• 2009, "America's socialism for the rich", The Guardian, June 2009
• 2009, "Capitalist Fools", Vanity Fair, January 2009
• 2009, "Report: The $10 Trillion Hangover: Paying the Price for Eight Years of Bush", with Linda Bilmes, Harper's Magazine, 318/1904, January 2009
• 2007, "The Economic Consequences of Mr. Bush", Vanity Fair, December 2007 Issue
• 2007, Where is the World Going To, Mr. Stiglitz? directed by Jacques Sarasin, First Run Features.
• 2002, "Implications of the New Fannie Mae and Freddie Mac Risk-based Capital Standard", for FannieMae Volume I, Issue 2 March 2002

Video and online sources

• 2010, What should Europe do about Greece?, BBC Newsnight February 10, 2010.
• 2010, Freefall: Joseph Stiglitz at the Commonwealth Club
• 2008, 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.
• 2007, Where is the World Going To, Mr. Stiglitz? directed by Jacques Sarasin, First Run Features.
• World Bank Video presentation
• Online access to Stiglitz published papers, at his own website

This list is incomplete; you can help by expanding it.

See also[link]

• List of economists
• List of Jewish Nobel laureates

References[link]

External links[link]

Wikiquote has a collection of quotations related to: Joseph Stiglitz

• josephstiglitz.com
• Joseph E. Stiglitz at Columbia University
  • Joseph Stiglitz committee chair profile at Committee on Global Thought at Columbia University
• Information and the Change in the Paradigm in Economics 2001 lecture at NobelPrize.org
• Profile and Papers at Research Papers in Economics/RePEc
• Publications at the National Bureau of Economic Research
• Joseph Stiglitz at Econlib
• Column archives at Project Syndicate
• Appearances on C-SPAN
• Joseph Stiglitz on Charlie Rose
• Joseph Stiglitz at the Internet Movie Database
• Works by or about Joseph Stiglitz in libraries (WorldCat catalog)
• Joseph Stiglitz collected news and commentary at The New York Times
• Joseph Stiglitz with Matthew Bishop at the 92nd Street Y, January 2010
• Interview at The Commonwealth Club, February 2010
• Free Markets and the World Economy with the Australian Broadcasting Corporation, July 2010
• Of the 1%, by the 1%, for the 1%, Joseph E. Stiglitz, Vanity Fair, May 2011