Joseph Stiglitz#Shapiro-Stiglitz model

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Stiglitz was born in Gary, Indiana{{Cite web|title=Interview with Professor Joseph Stiglitz |last=Kern |first=Jamie |date=18 September 2003 |url=https://www8.gsb.columbia.edu/socialenterprise/newsn/423/interview-with-professor-joseph-stiglitz |website=Columbia Business School |publisher=The Tamer Center for Social Enterprise|language=en|archive-date=26 February 2022|archive-url=https://web.archive.org/web/20220226042447/https://www8.gsb.columbia.edu/socialenterprise/newsn/423/interview-with-professor-joseph-stiglitz|url-status=dead}} into a Jewish{{Cite web |title=Stiglitz's tweet about his heritage |url=https://twitter.com/josephestiglitz/status/854468488064364544 |access-date=2023-03-28 |website=Twitter |language=en}} family. His mother was Charlotte (née Fishman), a schoolteacher, and his father was Nathaniel David Stiglitz, an insurance salesman.{{Cite book | url = https://books.google.com/books?id=7bYRAQAAMAAJ&q=Charlotte+Nathaniel+Stiglitz | title = International Who's who of Authors and Writers | year = 2008| isbn = 9781857434286 | last1 = Publications | first1 = Europa Europa | publisher = Routledge }}{{cite web | title = Stiglitz, Joseph E. 1943– (Joseph Eugene Stiglitz) | url = http://www.encyclopedia.com/article-1G2-3231900130/stiglitz-joseph-e-1943.html | website = encyclopedia.com | publisher = Cengage Learning }} Stiglitz attended Amherst College, where he was a National Merit Scholar, active on the debate team, and president of the student government.{{Cite web|title=Eight to receive honorary degrees|url=https://news.harvard.edu/gazette/story/2014/05/eight-to-receive-honorary-degrees/|date=2014-05-29|website=Harvard Gazette|language=en-US|access-date=2020-05-31}} During his senior year at Amherst College, he studied at the Massachusetts Institute of Technology (MIT), where he later pursued graduate work. In Summer 1965, he moved to the University of Chicago to do research under Hirofumi Uzawa who had received an NSF grant.{{cite book |last1=Aoki |first1=Masahiko |title=Transboundary Game of Life: Memoir of Masahiko Aoki |year=2018 |publisher=Springer |isbn=978-9811327575 |page=59}} He studied for his PhD from MIT from 1966 to 1967, during which time he also held an MIT assistant professorship.{{Cite book|last=Bowmaker|first=Simon W.|url=https://books.google.com/books?id=CFuxDwAAQBAJ&q=joseph+stiglitz+studied+for+his+PhD+from+MIT+from+1966+to+1967,+during+which+time+he+also+held+an+MIT+assistant+professorship&pg=PA281|title=When the President Calls: Conversations with Economic Policymakers|date=2019-09-20|publisher=MIT Press|isbn=978-0-262-35552-0|language=en}} Stiglitz stated that the particular style of MIT economics suited him well, describing it as "simple and concrete models, directed at answering important and relevant questions."

From 1966 to 1970 he was a research fellow at the University of Cambridge. Stiglitz initially arrived at Fitzwilliam College, Cambridge as a Fulbright Scholar in 1965, and he later won a Tapp Junior Research Fellowship at Gonville and Caius College, Cambridge which was instrumental in shaping his understanding of Keynes and macroeconomic theory.{{cite web|url=http://www.fitz.cam.ac.uk/mi-client/media/import/documents/Optima8.pdf |title=A shilling in the meter and a penny for your thoughts ... An Interview with Professor Joseph E Stiglitz |year=2005 |publisher=Optima |access-date=April 27, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20111014034802/http://www.fitz.cam.ac.uk/mi-client/media/import/documents/Optima8.pdf |archive-date=October 14, 2011 }} In subsequent years, he held academic positions at Yale, Stanford, Oxford—where he was Drummond Professor of Political Economy—and Princeton.{{cite book|last=Stiglitz |first=Joseph |title=CV |url=http://www2.gsb.columbia.edu/faculty/jstiglitz/download/Stiglitz_CV.pdf |publisher=Columbia University |url-status=dead |archive-url=https://web.archive.org/web/20110513134138/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/Stiglitz_CV.pdf |archive-date=2011-05-13 }} Since 2001, Stiglitz has been 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 an editor of The Economists' Voice journal with J. Bradford DeLong and Aaron Edlin.{{Cite news|last=Uchitelle|first=Louis|date=2001-07-21|title=Columbia University Hires Star Economist|language=en-US|work=The New York Times|url=https://www.nytimes.com/2001/07/21/business/columbia-university-hires-star-economist.html|access-date=2020-05-31|issn=0362-4331}}

He teaches classes for a double-degree program between Sciences Po Paris and École Polytechnique in Economics and Public Policy.{{cite news |last1=Kattan |first1=Emmanuel |title=The Year of Joseph Stiglitz, From New York to Paris |url=https://news.columbia.edu/news/joseph-stiglitz-paris-economics-nobel |access-date=27 June 2024 |work=Columbia News |date=3 December 2019}} He has chaired the Brooks World Poverty Institute at the University of Manchester since 2005.{{cite web | title = Staff: Professor Joseph E Stiglitz | archive-url = https://web.archive.org/web/20070112171724/http://www.bwpi.manchester.ac.uk/aboutus/staff/index.html | archive-date = 12 January 2007 | url = http://www.bwpi.manchester.ac.uk/aboutus/staff/index.html | website = manchester.ac.uk | publisher = University of Manchester }}{{cite web | title = Master Economics and Public Policy | url = http://www.sciences-po.fr/formation/master_scpo/mentions/economics/index.htm | archive-url = http://arquivo.pt/wayback/20091015173458/http://www.sciences-po.fr/formation/master_scpo/mentions/economics/index.htm | url-status = dead | archive-date = 2009-10-15 | website = sciences-po.fr | publisher = Edudier à Sciences Po }} Stiglitz is widely considered a New-Keynesian economist,Bruce C. Greenwald & Joseph E. Stiglitz: Keynesian, New Keynesian and New Classical Economics. Oxford Economics Papers, 39, March 1987, pp. 119–33. ([http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1987_Keynesian_New_Keynesian_and_New_Classical_Economics.pdf PDF; 1,62 MB]) {{webarchive|url=https://web.archive.org/web/20110513135341/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1987_Keynesian_New_Keynesian_and_New_Classical_Economics.pdf |date=2011-05-13 }}Bruce C. Greenwald & Joseph E. Stiglitz: Examining Alternative Macroeconomic Theories. Brookings Papers on Economic Activity, No. 1, 1988, pp. 201–70. ([http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1988_Examining_Alternative_Macroeconomic_Theories.pdf PDF; 5.50 MB]) {{webarchive|url=https://web.archive.org/web/20110513134227/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1988_Examining_Alternative_Macroeconomic_Theories.pdf |date=2011-05-13 }} although at least one economics journalist says his work cannot be so clearly categorized.{{cite news |last=Smith |first=Noah |date=13 January 2017 |title=Tribal warfare in economics a thing of the past |newspaper=The Australian Financial Review |publisher=Fairfax Media |agency=Bloomberg |quote=Look on the Wikipedia pages of economists Joseph Stiglitz and Greg Mankiw or any of a number of prominent economists. On the sidebar on the right, you'll see an entry for "school or tradition". Both Stiglitz and Mankiw are listed as "New Keynesian". That makes absolutely no sense whatsoever. Stiglitz and Mankiw's research is in totally different areas. Stiglitz did work on asymmetric information, efficiency wages, land taxes and a host of other microeconomic phenomena ... Nor are their policy positions even remotely similar – Stiglitz is a hero to the left, while Mankiw is a small-government conservative. In fact, Mankiw did important research on some models called "New Keynesian". Stiglitz did not.}}

Stiglitz has played a number of policy roles throughout his career. He served in the Clinton administration as the chair of the President's Council of Economic Advisers (1995–1997). At the World Bank, he served as a senior vice-president and the chief economist from 1997 to 2000.{{Cite news|title=Joe Stiglitz and the IMF have warmed to each other|newspaper=The Economist|url=https://www.economist.com/finance-and-economics/2020/04/08/joe-stiglitz-and-the-imf-have-warmed-to-each-other|access-date=2020-05-31|issn=0013-0613}} He was fired by the World Bank for expressing dissent with its policies.{{cite web|author=Greg Palast |url=http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/ |title=multi-day interview with Greg Palast |publisher=Gregpalast.com |date=October 10, 2001 |access-date=October 29, 2013}} Stiglitz has advised American president Barack Obama, but has criticized the Obama Administration's financial-industry rescue plan.{{Cite news|last=Kakutani|first=Michiko|date=2010-01-18|title=Skepticism for Obama's Fiscal Policy (Published 2010)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2010/01/19/books/19book.html|access-date=2021-02-17|issn=0362-4331}} He said whoever designed the Obama administration's bank rescue plan is "either in the pocket of the banks or they're incompetent."{{Cite news |date=April 17, 2009 |title=Stiglitz Says Ties to Wall Street Doom Bank Rescue |url=https://www.bloomberg.com/apps/news?pid=20601087&sid=afYsmJyngAXQ&refer=home |archive-url=https://web.archive.org/web/20090501005430/http://www.bloomberg.com/apps/news?pid=20601087&sid=afYsmJyngAXQ&refer=home |url-status=dead |archive-date=May 1, 2009 |access-date=April 18, 2009 |work=Bloomberg News}}

In October 2008, he was asked by the President of the United Nations General Assembly to chair a commission drafting a report on the reasons for and solutions to the 2008 financial crisis.{{cite web|title= Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System |url= https://www.un.org/ga/president/63/commission/background.shtml | website = un.org | publisher = United Nations }} In response, the commission produced the Stiglitz Report.

On July 25, 2011, Stiglitz participated in the "I Forro Social del 15M" organized in Madrid, expressing his support to the 15M Movement protestors.

Stiglitz was the president of the International Economic Association from 2011 to 2014.{{cite web |url=http://www.iea-world.com/general_info.php |title=International Economic Association (IEA) |publisher=Iea-world.com |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130518131322/http://www.iea-world.com/general_info.php |archive-date=May 18, 2013 }}

On September 27, 2015, the United Kingdom Labour Party announced that Stiglitz was to sit on its Economic Advisory Committee along with five other world-leading economists.{{Cite news|date=2015-09-27|title=U.K. Labour Names Stiglitz, Piketty to Economic Advisory Panel|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2015-09-27/u-k-labour-names-stiglitz-piketty-to-economic-advisory-panel|access-date=2021-10-04}}

Stiglitz serves on the Executive Advisory Board of the World.Minds Foundation, contributing to global ethical discussions on science, society, and responsibility.{{Cite web |title=Team – WORLD.MINDS |url=https://www.worldminds.org/team/ |access-date=2025-05-15 |language=en}}

File:Joseph Stiglitz.jpg After the 2018 mid-term elections in the United States, he wrote a statement about the importance of economic justice to the survival of democracy worldwide.{{cite news |last1=Stiglitz |first1=Joseph E. |title=Can American Democracy Come Back? {{!}} by Joseph E. Stiglitz |url=https://www.project-syndicate.org/commentary/american-democracy-under-attack-midterms-by-joseph-e-stiglitz-2018-11 |access-date=9 November 2018 |work=Project Syndicate |date=6 November 2018 }}

After getting his Ph.D. from M.I.T. in 1967, Stiglitz co-authored one of his first papers with Michael Rothschild for the Journal of Economic Theory in 1970.{{cite journal | last1 = Rothschild | first1 = M. | last2 = Stiglitz | first2 = J.E. | year = 1970 | title = Increasing risk: I. A definition | url = | journal = Journal of Economic Theory | volume = 2 | issue = 3| pages = 225–243 | doi = 10.1016/0022-0531(70)90038-4 }} Stiglitz and Rothschild built upon works by economists such as Robert Solow on the concept of risk aversion.{{Citation needed|date=May 2020}} Stiglitz and Rothschild showed three plausible definitions of a variable X being 'more variable' than a variable Y were all equivalent – Y being equal to X plus noise, every risk-averse agent preferring Y to X, and Y having more weight in its tails, and that none of these were always consistent with X having a higher statistical variance than Y – a commonly used definition at the time. In a second paper, they analyzed the theoretical consequences of risk aversion in various circumstances, such as an individual's savings decisions and a firm's production decisions.{{Citation needed|date=May 2020}}

Stiglitz made early contributions to a theory of public finance stating that an optimal supply of local public goods can be funded entirely through capture of the land rents generated by those goods (when population distributions are optimal). Stiglitz dubbed this the 'Henry George theorem' in reference to the radical classical economist Henry George who famously advocated for land value taxation. The explanation behind Stiglitz's finding is that rivalry for public goods takes place geographically, so competition for access to any beneficial public good will increase land values by at least as much as its outlay cost. Furthermore, Stiglitz shows that a single tax on land rents is necessary to provide the optimal supply of local public investment. Stiglitz also shows how the theorem could be used to find the optimal size of a city or firm.Richard J. Arnott & Joseph E. Stiglitz, 1979. "Aggregate Land Rents, Expenditure on Public Goods, and Optimal City Size," The Quarterly Journal of Economics, Oxford University Press, vol. 93(4), pages 471–500.Stiglitz, J.E. (1977) The theory of local public goods. In: Feldstein, M.S. and R.P. Inman (eds.) The Economics of Public Services. MacMillan, London, pp. 274–333.

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 with George A. Akerlof and A. Michael Spence in 2001 "for laying the foundations for the theory of markets with asymmetric information".

Much of Stiglitz's work on information economics demonstrates situations in which incomplete information prevents markets from achieving social efficiency. His paper with Andrew Weiss showed that if banks use interest rates to infer information about borrowers' types (adverse selection effect), or to encourage their actions following borrowing (incentive effect), then credit will be rationed below the optimal level, even in a competitive market.{{cite report | last1=Stiglitz | first1=Joseph | last2=Weiss | first2=Andrew | title=Macro-Economic Equilibrium and Credit Rationing (Working Paper No. 2164) | publisher = National Bureau of Economic Research | publication-place=Cambridge, MA | date=February 1987 | doi=10.3386/w2164 }} Stiglitz and Rothschild showed that in an insurance market, firms have an incentive to undermine a 'pooling equilibrium', where all agents are offered the same full-insurance policy, by offering cheaper partial insurance that would only be attractive to the low-risk types, meaning that a competitive market can only achieve partial coverage of agents.{{Citation|last1=Rothschild|first1=Michael|title=Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information|date=1976|work=Foundations of Insurance Economics|pages=355–375|publisher=Springer Netherlands|isbn=9789048157891|last2=Stiglitz|first2=Joseph|series=Huebner International Series on Risk, Insurance and Economic Security |volume=14 |doi=10.1007/978-94-015-7957-5_18}} Stiglitz and Grossman showed that trivially small information acquisition costs prevent financial markets from achieving complete informational efficiency, since agents will have an incentive to free-ride on others' information acquisition, and acquire this information indirectly by observing market prices.{{cite web|url=http://terpconnect.umd.edu/~wermers/ftpsite/FAME/grossman_stiglitz_(1980).pdf|title=On the impossibility of informationally efficient markets}}

{{Main|Dixit–Stiglitz model}}

Stiglitz, together with Avinash Dixit, created a tractable model of monopolistic competition that was an alternative to traditional perfect-competition models of general equilibrium. They showed that in the presence of increasing returns to scale, the entry of firms is socially too small.{{Citation|last1=Dixit|first1=Avinash K.|chapter=Monopolistic competition and optimum product diversity (May 1974)|pages=70–88|publisher=Cambridge University Press|isbn=9780511492273|last2=Stiglitz|first2=Joseph E.|doi=10.1017/cbo9780511492273.004|title=The Monopolistic Competition Revolution in Retrospect|year=2001}} The model was extended to show that when consumers have a preference for diversity, entry can be socially too large. The modeling approach was used by Paul Krugman in his analysis of the non-comparative advantage trading patterns.{{cite web|url=http://econ.sciences-po.fr/sites/default/files/file/krugman-79.pdf|title=Increasing returns, monopolistic competition and global trade|last=Krugman|first=Paul|access-date=2019-04-06|archive-date=2020-01-10|archive-url=https://web.archive.org/web/20200110063958/http://econ.sciences-po.fr/sites/default/files/file/krugman-79.pdf|url-status=dead}}

{{Main|Shapiro–Stiglitz theory}}

{{See also|Efficiency wages}}

File:Efficiency wage Shapiro Stiglitz.svg 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. An answer to these puzzles was proposed by Shapiro and Stiglitz in 1984: "Unemployment is driven by the information structure of employment".{{cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Shapiro | first2 = Carl | title = Equilibrium unemployment as a worker discipline device | journal = The American Economic Review | volume = 74 | issue = 3 | pages = 433–44 | publisher = American Economic Association | date = June 1984 | jstor = 1804018 }} 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.

Some key implications of this model are:{{cite web|url=http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf|title=Lecture 4|date=May 22, 2007|website=coin.wne.uw.edu.pl|access-date=March 16, 2008|archive-url=https://web.archive.org/web/20110715112948/http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf|archive-date=July 15, 2011|url-status=dead}}{{cite web |url=http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf |title=Efficiency wages, the Shapiro-Stiglitz Model |access-date=October 29, 2013 |archive-url=https://web.archive.org/web/20110715112948/http://coin.wne.uw.edu.pl/lwincenciak/docs/lecture_4.pdf |archive-date=July 15, 2011 |url-status=dead }}

1. Wages do not fall enough during recessions to prevent unemployment from rising. If the demand for labor 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 the cost of employing too many workers would be faced by the firm alone, while the cost of unemployment is shared by the firm and its competitors, indeed it is shared by all firms that pay taxes in the country. This means that firms do not "internalize" the "external" cost of unemployment{{snd}} 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){{Clarify|date=January 2010}}
2. There are also positive externalities: each firm increases the asset value of unemployment for all other firms when they hire during recessions. By creating hypercompetitive labor markets, all firms (the winners when laborers compete) experience an increase in value. However, this effect of increased valuation is very unapparent, because the first problem (the negative externality of sub-optimal hiring) clearly dominates since the 'natural rate of unemployment' is always too high.

The practical implications of Stiglitz's work in political economy and their economic policy implications have been subject to debate.{{cite web|url=http://www.developmentinpractice.org/apc_ap-v14n3x525073q.html |title=Consensus, dissensus, confusion: the 'Stiglitz Debate' in perspective |access-date=2007-08-03 |url-status=bot: unknown |archive-url=https://web.archive.org/web/20070422032304/http://www.developmentinpractice.org/apc_ap-v14n3x525073q.html |archive-date=2007-04-22 }} Stiglitz himself has evolved his political-economic discourse over time.{{cite magazine|url=http://www.nybooks.com/articles/15630 |author=Friedman, Benjamin M. |title= Globalization: Stiglitz's Case. |publisher=The New York Review of Books, Volume 49, Number 13 |website=Nybooks.com |date=August 15, 2002 |access-date=October 29, 2013}}

{{blockquote|Once incomplete and imperfect information is 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{{snd}} socialism{{snd}} as a remedy.}}

{{blockquote|The effect of Stiglitz's influence is to make economics even more presumptively interventionist than Samuelson preferred. Samuelson treated market failure as an 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"{{cite web|url=http://elsa.berkeley.edu/~yqian/econ260b/Sappington%20Privatization.pdf |title=Privatization, Information and Incentives |access-date=2007-05-15 |url-status=bot: unknown |archive-url=https://web.archive.org/web/20060518062152/http://elsa.berkeley.edu/~yqian/econ260b/Sappington%20Privatization.pdf |archive-date=2006-05-18 }}| Stiglitz 1994, p. 179.{{cite web|url=http://www.the-dissident.com/Boettke_CR.pdf |archive-url=https://web.archive.org/web/20070130083514/http://the-dissident.com/Boettke_CR.pdf |url-status=usurped |archive-date=January 30, 2007 |author=Boettke, Peter J. |title=What Went Wrong with Economics?, Critical Review Vol. 11, No. 1, pp. 35, 58 |access-date=October 29, 2013}}}}

As David L. Prychitko discusses in his critique to Whither Socialism?, he thought that Stiglitz seems generally correct,{{Citation needed|date=April 2019}} though it still leaves how the coercive institutions of the government{{POV statement|date=October 2021}} should be constrained and what the relation is between the government and civil society.{{cite web|url=http://www.cato.org/pubs/journal/cj16n2-10.html |title=Whither Socialism? |access-date=2007-09-26 |url-status=bot: unknown |archive-url=https://web.archive.org/web/19970607112959/http://www.cato.org/pubs/journal/cj16n2-10.html |archive-date=1997-06-07 }}

File:Néstor Kirchner with Joseph Stiglitz.jpg (right) with Joseph Stiglitz]]

Stiglitz joined the Clinton Administration in 1993,{{cite web | title = Brief Biography of Joseph E. Stiglitz | url = http://www2.gsb.columbia.edu/faculty/jstiglitz/bio.cfm | website = columbia.edu | publisher = Columbia University | url-status = dead | archive-url = https://web.archive.org/web/20110829164327/http://www2.gsb.columbia.edu/faculty/jstiglitz/bio.cfm | archive-date = 2011-08-29 }} serving first as a member during 1993–1995, and was then appointed Chairman of the Council of Economic Advisers on June 28, 1995.

Stiglitz always had a poor relationship with Treasury Secretary Lawrence Summers.{{cite news | last = Hirsh | first = Michael | title = Why Washington ignores an economic prophet | url = http://europe.newsweek.com/why-washington-ignores-economic-prophet-81985?rm=eu | work = Newsweek |publisher=Newsweek LLC |date = 18 July 2009 }} In 2000, Summers successfully petitioned for Stiglitz's removal, supposedly in exchange for World Bank President James Wolfensohn's re-appointment{{snd}}an exchange that Wolfensohn denies took place. Whether Summers ever made such a blunt demand is questionable{{snd}} Wolfensohn claims he would "have told him to *** himself".Mallaby, The World's Banker, p. 266.

Stiglitz resigned from the World Bank in January 2000, a month before his term expired.{{cite web | last = Hage | first = Dave |url=http://www.commondreams.org/views/101100-101.htm |title=Joseph Stiglitz: A Dangerous Man, A World Bank Insider Who Defected | work = Star Tribune |publisher=Commondreams.org | location = Minneapolis |date=October 11, 2000 |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130814032443/http://www.commondreams.org/views/101100-101.htm |archive-date=August 14, 2013 }} 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.

{{blockquote|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.{{cite news | last = Stevenson | first = Richard W. |title= Outspoken chief economist leaving World Bank | url = https://query.nytimes.com/gst/fullpage.html?res=9801EFDB163FF936A15752C1A96F958260 | work = The New York Times |date=November 25, 1999 |access-date=October 29, 2013}}}}

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

{{blockquote|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{{snd}} 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.}}

Stiglitz's protector-of-sorts at the World Bank, Wolfensohn, had privately empathized with Stiglitz's views, but was worried for his second term, which Summers had threatened to veto.{{Citation needed|date=October 2008}} Stanley Fischer, deputy managing director of the IMF, called a special staff meeting and informed the 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.{{cite book | last = Wade | first = Robert | title = US hegemony and the World Bank: Stiglitz's firing and Kanbur's resignation | archive-url = https://web.archive.org/web/20080529110008/http://sociology.berkeley.edu/faculty/evans/evans_pdf/Wade.pdf | archive-date = 29 May 2008 | url = http://sociology.berkeley.edu/faculty/evans/evans_pdf/Wade.pdf | publisher = UC Berkeley }}

In a September 19, 2008 radio interview, with Aimee Allison and Philip Maldari on Pacifica Radio's KPFA 94.1 FM in Berkeley, United States, 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.

{{Main|Initiative for Policy Dialogue}}

In July 2000, Stiglitz founded the Initiative for Policy Dialogue.

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 April 22–23, 2008, in Paris. Its final report was made public on September 14, 2009.{{cite web | title = Stiglitz documentation | archive-url = https://web.archive.org/web/20150720212135/http://www.stiglitz-sen-fitoussi.fr/en/index.htm | archive-date = 20 July 2015 | url = http://www.stiglitz-sen-fitoussi.fr/en/index.htm | publisher = Commission on the Measurement of Economic Performance and Social Progress | date = September 14, 2009 }}

File:Stiglitz - World Economic Forum Annual Meeting Davos 2009.jpg 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".{{cite web|url=https://www.un.org/ga/president/63/commission/background.shtml|title=Terms of Reference Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System|access-date=May 27, 2009}} Its final report was released on September 21, 2009.[https://www.un.org/ga/president/63/commission/financial_commission.shtml The Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System], UN General Assembly{{cite web |author=NGLS |url=http://www.un-ngls.org/spip.php?page=cfr |title=Commission of Experts on Reforms of the International Monetary and Financial System, official site |publisher=Un-ngls.org |access-date=October 29, 2013 |archive-date=June 23, 2015 |archive-url=https://web.archive.org/web/20150623211705/http://www.un-ngls.org/spip.php?page=cfr |url-status=dead }}

In 2010, Stiglitz acted as an advisor to the Greek government during the Greek debt crisis. He appeared on Bloomberg TV for an interview on the risks of Greece defaulting, in which he stated that he was very confident that Greece would not default. He went on to say that Greece was under "speculative attack" and though it had "short-term liquidity problems ... and would benefit from Solidarity Bonds", the country was "on track to meet its obligations".{{Cite news|date=2010-06-01|title=Euro Likely to Survive Debt Crisis, Stiglitz Says|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2010-06-01/euro-likely-to-survive-continent-s-debt-crisis-nobel-winner-stiglitz-says|access-date=2021-02-17}}

The next day, during a BBC interview, Stiglitz stated that "there's no problem of Greece or Spain meeting their interest payments". He argued nonetheless, that it would be desirable and needed for all of Europe to make a clear statement of belief in social solidarity and that they "stand behind Greece". Confronted with the statement: "Greece's difficulty is that the magnitude of debt is far greater than the capacity of the economy to service", Stiglitz replied, "That's rather absurd".{{Citation needed|date=June 2015}}

In 2012, Stiglitz described the European austerity plans as a "suicide-pact".{{cite news|last=Moore|first=Malcolm|title=Stiglitz says European austerity plans are a 'suicide pact'|url=https://www.telegraph.co.uk/finance/financialcrisis/9019819/Stiglitz-says-European-austerity-plans-are-a-suicide-pact.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/financialcrisis/9019819/Stiglitz-says-European-austerity-plans-are-a-suicide-pact.html |archive-date=2022-01-12 |url-access=subscription |url-status=live|access-date=April 26, 2012|newspaper=Telegraph|date=Jan 17, 2012|location=London}}{{cbignore}} In 2015, he said that the programmer of austerity in Greece had been "an enormous mistake", that the International Monetary Fund, European Central Bank and the European Commission had "criminal responsibility for causing a major recession".{{cite magazine |last1=Shuster |first1=Simon |title=Joseph Stiglitz to Greece's Creditors: Abandon Austerity Or Face Global Fallout |url=https://time.com/3939621/stiglitz-greece |access-date=24 April 2023 |magazine=Time |date=29 June 2015}} He argued that Greek debt should be written off.

Since March 2012, Stiglitz has been a member of the Scottish Government's Fiscal Commission Working Group, which oversees the work to establish a fiscal and macroeconomic framework for an independent Scotland on behalf of the Scottish Council of Economic Advisers. Together with Professors Andrew Hughes Hallett, Sir James Mirrlees and Frances Ruane, Stiglitz will "advise on the establishment of a credible Fiscal Commission which entrenches financial responsibility and ensures market confidence".{{cite web | last = Staff writer | title = Fiscal Commission Working Group | archive-url = https://wayback.archive-it.org/3011/20130201194612/http://www.scotland.gov.uk/News/Releases/2012/03/fiscal-commission25032012 | archive-date = 1 February 2013 | url = http://www.scotland.gov.uk/News/Releases/2012/03/fiscal-commission25032012 | publisher = The Scottish Government | date = 25 March 2012 }}

In July 2015, Stiglitz endorsed Jeremy Corbyn's campaign in the Labour Party leadership election. He said: "I am not surprised at all that there is a demand for a strong anti-austerity movement around increased concern about inequality. The promises of New Labour in the UK and of the Clintonites in the US have been a disappointment."{{cite news |last=Macalister|first=Terry|url=https://www.theguardian.com/politics/2015/jul/26/joseph-stiglitz-jeremy-corbyn-labour-leadership-contender-anti-austerity|title=Joseph Stiglitz: unsurprising Jeremy Corbyn is a Labour leadership contender|newspaper=The Guardian|date=26 July 2015|access-date=15 July 2017}}{{cite news |last=Segalov|first=Michael|url=https://www.independent.co.uk/news/uk/home-news/nobel-prize-winning-economist-joseph-stiglitz-is-not-surprised-at-success-of-the-corbyn-campaign-10418090.html |archive-url=https://ghostarchive.org/archive/20220617/https://www.independent.co.uk/news/uk/home-news/nobel-prize-winning-economist-joseph-stiglitz-is-not-surprised-at-success-of-the-corbyn-campaign-10418090.html |archive-date=2022-06-17 |url-access=subscription |url-status=live|title=Jeremy Corbyn is favourite for Labour leadership because party has 'wimped out', says Nobel Prize winner Joseph Stiglitz|newspaper=The Independent|date=27 July 2015|access-date=15 July 2017}}{{cite news |last=Papadopoullos|first=Chris|url=http://www.cityam.com/220973/stiglitz-i-m-not-shocked-labour-lurch|title=Economist Joseph Stiglitz not shocked by Labour lurch: The rise of Jeremy Corbyn gets a big supporter|publisher=City A.M.|date=27 July 2015|access-date=15 July 2017}}

On September 27, 2015, it was announced that he had been appointed to the British Labour Party's Economic Advisory Committee, convened by Shadow Chancellor John McDonnell and reporting to Labour Party Leader Jeremy Corbyn,{{cite web |title=Labour announces new Economic Advisory Committee |publisher=Labour Press |date=27 September 2015 |url=http://press.labour.org.uk/post/129975218774/labour-announces-new-economic-advisory-committee |access-date=11 March 2016}} although he reportedly failed to attend the first meeting.{{cite magazine |last=Chakelian |first=Anoosh |title="Labour must get real about the economy": is Corbyn's economic advisory board unravelling? |magazine=New Statesman |date=27 January 2016 |url=http://www.newstatesman.com/politics/economy/2016/01/labour-must-get-real-about-economy-corbyn-s-economic-advisory-board |access-date=11 March 2016}}

For Stiglitz, there is no such thing as an invisible hand, in the sense that free markets lead to efficiency as if guided by unseen forces.{{cite news|url=https://www.theguardian.com/comment/story/0,3604,863426,00.html#article_continue|title=There is no invisible hand|last=Stiglitz|first=Joseph|date=December 20, 2002|work=The Guardian Comment|access-date=October 29, 2013|location=London}} According to Stiglitz:{{cite news|url=http://blogs.iht.com/tribtalk/business/globalization/?p=177|title=Q & Answers with Joseph E. Stiglitz|last=Altman|first=Daniel|date=October 11, 2006|work=Managing Globalization (blog) The International Herald Tribune|archive-url=https://web.archive.org/web/20090626040606/http://blogs.iht.com/tribtalk/business/globalization/?p=177|archive-date=26 June 2009}}{{blockquote|Whenever there are "externalities"{{snd}} where the actions of an individual have impacts on others for which they do not pay or for which they are not compensated{{snd}} markets will not work well. But recent research has shown that these externalities are pervasive, whenever there is imperfect information or imperfect risk markets{{snd}} 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 an interview in 2007, Stiglitz explained further:{{cite web|url=http://www.beppegrillo.it/eng/2007/01/stiglitz.html|title=Stiglitz, Joseph E. The pact with the devil. Beppe Grillo's Friends interview|publisher=Beppegrillo.it|archive-url=https://web.archive.org/web/20150124040716/http://www.beppegrillo.it/eng/2007/01/stiglitz.html|archive-date=January 24, 2015|url-status=dead|access-date=October 29, 2013|df=mdy-all}}

{{blockquote|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.}}

The preceding claim is based on Stiglitz's 1986 paper, "Externalities in Economies with Imperfect Information and Incomplete Markets",{{cite journal|last1=Stiglitz|first1=Joseph E.|last2=Greenwald|first2=Bruce C.|date=May 1986|title=Externalities in economies with imperfect information and incomplete markets|journal=Quarterly Journal of Economics|publisher=Oxford University Press |volume=101|issue=2|pages=229–64|doi=10.2307/1891114|jstor=1891114|doi-access=free}} [http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1986_Externalities_in_Economies.pdf PDF; 2.96 MB] {{webarchive|url=https://web.archive.org/web/20110513135712/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/1986_Externalities_in_Economies.pdf|date=2011-05-13}} which describes a general methodology to deal with externalities and for calculating optimal corrective taxes in a general equilibrium context. In the opening remarks for his prize acceptance at Aula Magna,{{cite web|url=http://nobelprize.org/nobel_prizes/economics/laureates/2001/stiglitz-lecture.html|title=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|date=December 8, 2001|publisher=Nobelprize.org|access-date=October 29, 2013}} Stiglitz said:Stiglitz, Aula Magna

{{blockquote|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.}}

On July 25, 2011, Stiglitz participated in the "I Foro Social del 15M" organized in Madrid (Spain) expressing his support for the anti-austerity movement in Spain.{{cite web|url=https://www.youtube.com/watch?v=z2iKj-1v2Cc| archive-url=https://web.archive.org/web/20111123222535/http://www.youtube.com/watch?v=z2iKj-1v2Cc| archive-date=2011-11-23 | url-status=dead|title=Joseph Stiglitz apoya el movimiento 15-M|website = YouTube|access-date=July 26, 2011}} 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 speech about the way authorities are handling the political exit to the crisis. He encouraged those present to respond to the ideas with good ideas. "This does not work, you have to change it", he said.

Stiglitz has been critical of rating agencies, describing them as the "key culprit" in the 2008 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."{{cite news|last=Neate|first=Rupert|title=Ratings agencies suffer 'conflict of interest', says former Moody's boss|url=https://www.theguardian.com/business/2011/aug/22/ratings-agencies-conflict-of-interest|access-date=April 21, 2012|newspaper=The Guardian|date=August 22, 2011|location=London}}

Stiglitz co-authored a paper with Peter Orszag in 2002 titled "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" where they stated "on the basis of historical experience, the risk to the government from a potential default on GSE debt is effectively zero." However, "the risk-based capital standard ... may fail to reflect the probability of another Great Depression-like scenario."{{cite web|url=http://www.pierrelemieux.org/stiglitzrisk.pdf|title=Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard|publisher=Fannie Mae|access-date=February 10, 2010|url-status=dead|archive-url=https://web.archive.org/web/20091122094851/http://www.pierrelemieux.org/stiglitzrisk.pdf|archive-date=November 22, 2009}}

In a 2002 paper coauthored with Jonathan Orszag, and Peter R. Orszag, Stiglitz asserted "the probability of default by the GSEs [Government-Sponsored Enterprises] is extremely small".{{cite web|url=http://www.pierrelemieux.org/stiglitzrisk.pdf|title=Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard|publisher=Fannie Mae|access-date=February 10, 2010|url-status=dead|archive-url=https://web.archive.org/web/20091122094851/http://www.pierrelemieux.org/stiglitzrisk.pdf|archive-date=November 22, 2009}}

{{See also|Trans-Pacific Partnership#Response|Transatlantic Trade and Investment Partnership#activism against TTIP}}

Stiglitz warned that the Trans-Pacific Partnership (TPP) presented "grave risks" and it "serves the interests of the wealthiest."{{cite news|title=Secrecy surrounds Trans-Pacific Partnership talks|url=https://www.smh.com.au/national/secrecy-surrounds-transpacific-partnership-talks-20131208-2yzea.html|access-date=December 9, 2013|newspaper=Sydney Morning Herald|date=December 9, 2013}}{{cite news |last=Stiglitz |first=Joseph E. |title=On the Wrong Side of Globalization |url=http://opinionator.blogs.nytimes.com/2014/03/15/on-the-wrong-side-of-globalization |date=March 15, 2014 |work=The New York Times |access-date=March 17, 2014 }}

Stiglitz also opposed the Transatlantic Trade and Investment Partnership (TTIP) trade deal between the European Union (EU) and the United States, and has argued that the United Kingdom should consider its withdrawal from the EU in the 2016 referendum on the matter if TTIP passes, saying that "the strictures imposed by TTIP would be sufficiently averse to the functioning of government that it would make me think over again about whether membership of the EU was a good idea".{{cite news|last1=Simons|first1=Ned|title=UK Should Consider Brexit If EU Signs TTIP, Suggests Labour Economics Adviser Joseph Stiglitz|url=http://www.huffingtonpost.co.uk/2016/03/02/uk-should-consider-brexit-if-eu-signs-ttip-suggests-labour-economics-adviser_n_9368110.html|access-date=14 March 2016|work=The Huffington Post|date=2 March 2016}}{{cite news|last1=Sheffield|first1=Hazel|title=EU referendum: UK could be better off leaving if TTIP passes, Joseph Stiglitz says|url=https://www.independent.co.uk/news/business/news/eu-referendum-joseph-stiglitz-ttip-labour-transatlantic-trade-investment-partnership-a6907806.html |archive-url=https://ghostarchive.org/archive/20220617/https://www.independent.co.uk/news/business/news/eu-referendum-joseph-stiglitz-ttip-labour-transatlantic-trade-investment-partnership-a6907806.html |archive-date=2022-06-17 |url-access=subscription |url-status=live|access-date=14 March 2016|work=The Independent|date=2 March 2016}}

Stiglitz argues that relying solely on business self-interest as the means of achieving the well-being of society and economic efficiency is misleading, and that instead "What is needed is stronger norms, clearer understandings of what is acceptable{{snd}}and what is not{{snd}}and stronger laws and regulations to ensure that those that do not behave in ways that are consistent with these norms are held accountable".{{cite web|url=http://allafrica.com/stories/201312240257.html?page=3|title=Ethiopia: Do Human Rights Make Economic Sense?|first=Joseph|last=Stiglitz|date=24 December 2013|via=AllAfrica}}

Stiglitz argues that land value tax would improve the efficiency and equity of agricultural economies. Stiglitz believes that societies should rely on a generalized Henry George principle to finance public goods, protect natural resources, improve land use, and reduce the burden of rents and taxes on the poor while increasing productive capital formation. Stiglitz advocates taxing "natural resource rents at as close to 100 percent as possible" and that a corollary of this principle is that polluters should be taxed for "activities that generate negative externalities."{{cite journal | last1 = Cleveland | first1 = M. M. | year = 2012 | title = The Economics of Henry George: A Review Essay | journal = American Journal of Economics and Sociology | volume = 71 | issue = 2| pages = 498–511 | doi = 10.1111/j.1536-7150.2012.00832.x |url=http://www.mcleveland.org/publications/Bryson_Henry_George_review_AJES_4-12.pdf }} Stiglitz therefore asserts that land value taxation is even better than its famous advocate Henry George thought.Stiglitz, Joseph; Presentation at a Institute for New Economic Thinking conference on Apr 8, 2015 https://www.youtube.com/watch?v=Fg6UwAQJUVo

In a September 2016 interview Stiglitz stated that "the cost of keeping the Eurozone together probably exceeds the cost of breaking it up."{{cite web|last1=Photiadou|first1=Artemis|last2=Brown|first2=Stuart|title=Interview with Joseph Stiglitz: "The cost of keeping the Eurozone together probably exceeds the cost of breaking it up"|url=http://blogs.lse.ac.uk/europpblog/2016/09/05/interview-joseph-stiglitz-brexit-euro-mistake/|website=blogs.lse.ac.uk|publisher=London School of Economics|date=5 September 2016}}

{{Tone|section|date=October 2019}}

In the 1990s, he wrote that "countries in North America and Europe should eliminate all tariffs and quotas (protectionist measures)".{{cite web|url=http://www.commondreams.org/views/101100-101.htm|title=Joseph Stiglitz -- A Dangerous Man, A World Bank Insider Who Defected|date=14 August 2013|url-status=dead|archive-url=https://web.archive.org/web/20130814032443/http://www.commondreams.org/views/101100-101.htm|archive-date=14 August 2013}} He now advises the eurozone countries to control their trade balance with Germany by means of export/import certificates or "trade chits" (a protectionist measure).{{cite web|last=Collier|first=Paul|date=September 30, 2016|title=Euro septic: Paul Collier on the problems with the European single currency and the unlikelihood of a solution|url=https://www.the-tls.co.uk/articles/public/euro-septic/|access-date=2021-05-05|website=The TLS}}{{cite book|url=https://books.google.com/books?id=rBycCgAAQBAJ&q=trade+chits&pg=PT205|title=The Euro: How a Common Currency Threatens the Future of Europe|first=Joseph E.|last=Stiglitz|date=16 August 2016|publisher=W. W. Norton & Company|via=Google Books|isbn=9780393254037}}{{cite web|url=https://lahcenbounadereconomics.blogspot.com.ar/2016/12/a-critical-issue-adressed-to-joseph.html|title=Lahcen Bounader's weblog: A Critical Issue Addressed to Joseph Stiglitz|first=Lahcen|last=Bounader|date=31 December 2016}}

Citing Keynesian theory, he explains that trade surpluses are harmful: "John Maynard Keynes pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a "negative externality" on trading partners. Indeed, Keynes believed it was surplus countries, far more than those in deficit, that posed a threat to global prosperity; he went so far as to advocate a tax on surplus countries".{{cite web|url=https://www.theguardian.com/commentisfree/2010/may/05/reform-euro-or-bin-it-greece-germany|title=Reform the euro or bin it - Joseph Stiglitz|first=Joseph|last=Stiglitz|date=5 May 2010|website=The Guardian}} From the beginning of 1930, Keynes stopped believing in free trade, denounced the theory of comparative advantage (the basis of free trade) and adhered to protectionism.{{Cite journal|doi = 10.7202/045556ar|title = J.M. Keynes, le libre-échange et le protectionnisme|year = 2011|last1 = Maurin|first1 = Max|journal = L'Actualité Économique|volume = 86|pages = 109–129|doi-access = free}}{{cite journal|url=http://www.mtholyoke.edu/acad/intrel/interwar/keynes.htm|author=John Maynard Keynes|title=National Self-Sufficiency|journal=The Yale Review |volume= 22 |number= 4 |date=June 1933 |pages=755–769|access-date=14 May 2021|archive-date=15 May 2011|archive-url=https://web.archive.org/web/20110515044928/http://www.mtholyoke.edu/acad/intrel/interwar/keynes.htm|url-status=live}}

Stiglitz writes: "Germany's surplus means that the rest of Europe is in deficit. And the fact that these countries import more than they export contributes to the weakness of their economies". He thinks that surplus countries are getting richer at the expense of deficit countries. He notes that the euro is the cause of this deficit and that as the trade deficit declines GDP would rise and unemployment would fall: "The euro system means that Germany's exchange rate cannot increase compared to other euro area members. If the exchange rate were to rise, Germany would have more difficulty exporting and its economic model, based on strong exports, would cease. At the same time, the rest of Europe would export more, GDP would rise, and unemployment would fall".

He also thinks that the rest of the world should impose a carbon-adjustment tax (a protectionist measure) on American exports that do not comply with global standard.{{cite web|url=https://www.theguardian.com/business/2017/jun/02/paris-climate-deal-to-trumps-rogue-america|title=How to respond to Trump's America - Joseph Stiglitz|first=Joseph|last=Stiglitz|date=2 June 2017|website=The Guardian}}

File:Empfang Joseph E. Stiglitz im Rathaus Köln-1473.jpg

Contrary to Keynesian theory and these analyses on the eurozone, he argues that the United States should not rebalance the trade account, and that the country can no longer apply protectionist measures to protect or recreate the well-paying manufacturing jobs, saying: "The very Americans who have been among the losers of globalization stand to be among the losers of a reversal of globalization. History cannot be put into reverse".{{cite web|url=https://www.vanityfair.com/news/2017/02/donald-trump-china-economics-trade|title=Trump's Most Chilling Economic Lie|first=Joseph E.|last=Stiglitz|website=Vanity Fair|date=17 February 2017}}

On the other hand, he admits that as trade deficit declines, "GDP would rise and unemployment would fall", further stating: "...the fact that these countries are importing more than they are exporting contributes to their weak economies." He also notes that trade deficit is correlated with loss of manufacturing jobs: the increase in the "value of the dollar will lead to larger trade deficits and fewer manufacturing jobs".{{cite web|url=https://www.project-syndicate.org/commentary/globalization-of-discontent-by-joseph-e--stiglitz-2017-12|title=The Globalization of Our Discontent by Joseph E. Stiglitz|first=Joseph E.|last=Stiglitz|date=5 December 2017}}

Contrary to most economics historians who argue that tariffs played only a minor if any role in the Great Depression,{{cite web|url=https://krugman.blogs.nytimes.com/2016/03/04/the-mitt-hawley-fallacy|title=The Mitt-Hawley Fallacy|date=4 March 2016}}{{cite book|url=https://books.google.com/books?id=squLnSDrJ4EC&q=peter+temin+smoot+hawley+Lessons+from+the+Great+Depression&pg=PA46|title=Lessons from the Great Depression|first=Peter|last=Temin|date=8 October 1991|publisher=MIT Press|via=Google Books|isbn=9780262261197}}{{cite book|url=https://books.google.com/books?id=oz_BDgAAQBAJ&q=Milton+Friedman++Smoot%E2%80%93Hawley+tariff+did+not+great+depression&pg=PA116|title=Peddling Protectionism: Smoot-Hawley and the Great Depression|first=Douglas A.|last=Irwin|date=24 October 2017|publisher=Princeton University Press|via=Google Books|isbn=9781400888429}} Stiglitz, to convince the United States not to use protectionist policies, says that tariffs would be harmful to the United States economy today because it contributed to the Great Depression: "Following that, U.S. exports fell by some 50 percent—contributing to our Great Depression".

He denounces the "trickle-down" policies of liberalism and neoliberalism (laissez-faire){{cite web|url= https://www.theguardian.com/business/2019/may/30/neoliberalism-must-be-pronouced-dead-and-buried-where-next

|title=Neoliberalism must be pronounced dead and buried. Where next?|website=TheGuardian.com|date=30 May 2019}}{{cite web|url= https://www.socialeurope.eu/the-end-of-neoliberalism-and-the-rebirth-of-history|title=The end of neoliberalism and the rebirth of history|date=26 November 2019}}{{cite web|url=http://www.livemint.com/Opinion/mssPFfoIzskf8gQCuRrSIO/Joseph-Stiglitz--The-age-of-Donald-Trump.html|title=Joseph Stiglitz - The age of Donald Trump|first=Joseph E.|last=Stiglitz|work=mint |date=30 December 2016}} However, he calls for lowering trade barriers and promoting free trade (policy of deregulation of foreign trade which is part of the laissez-faire economic model).{{Cite web|title=Free Trade - Definition & Facts|url=https://www.britannica.com/topic/free-trade|access-date=2021-05-05|website=Encyclopedia Britannica|language=en}}

According to him, it is not China (which has a large trade surplus) that makes "trade war", but the United States (which has a large trade deficit). He advises China to take sanctions against the United States 'where it hurts economically and politically' if the US tries to raise tariffs to protect its industry, saying: "For example, cutbacks in purchases by China will lead to more unemployment in congressional districts that are vulnerable, influential, or both. ... China can retaliate anywhere it chooses, such as by using trade restrictions to target jobs in the congressional districts of those who support US tariffs. ... China may be more effective in targeting its retaliation to cause acute political pain. ... It's anybody's guess who can stand the pain better. Will it be the US, where ordinary citizens have already suffered for so long, or China, which, despite troubled times, has managed to generate growth in excess of 6%?{{cite web|url=https://www.theguardian.com/business/2017/jan/09/my-new-year-forecast-trumpian-uncertainty-and-lots-of-it|title=My new year forecast: Trumpian uncertainty, and lots of it|first=Joseph|last=Stiglitz|date=9 January 2017|website=The Guardian}}"

Stiglitz does not want the United States to stop free trade. According to him, if China limits globalization, it will not hurt them, but if the United States stops with the process of free trade, it will be harmful. About China, according to him, if China depends less on economic globalization, it will not be negative for the country. He writes that the decline in exports from China to the U.S. may not "hurt them more than it hurt us" because "China's government has far more control over the country's economy than our government has over ours; and it is moving from export dependence to a model of growth driven by domestic demand." Regarding the United States, he writes the opposite and advice to apply the opposite of the Keynesian theory of trade deficits seen earlier: "Walking away from globalization may reduce our imports, but it will also reduce exports in tandem. And, almost surely, jobs will be destroyed faster than they will be created: there may even be fewer net manufacturing jobs". "[The] erection of barriers to trade and the movement of people and ideas more likely than not will be one in which the U.S. almost surely will lose."

In early 2017, he wrote that "the American middle class is indeed the loser of globalization" (the diminution of international trade regulations as well as tariffs, taxes) and "China, with its large emerging middle class, is among the big beneficiaries of globalization". "Thanks to globalization, in terms of purchasing-power parity, China actually has already become the largest economy in the world in September 2015". However, contrary to what he wrote earlier, he later argued in February 2017 that the fall in wages and the disappearance of well-paid jobs in the United States, are not due to free trade or globalization, but rather are inevitable collateral damage to the march of economic progress and technological innovation: "The United States can only push for advanced manufacturing, which requires higher skill sets and employs fewer people. Rising inequality, meanwhile, will continue ...". In addition, on December 5, 2017, contrary to what he wrote earlier, he wrote that the drop in wages in the United States is due to the actions of multinational companies rather than the globalization and the trade account imbalances between countries caused by free trade: "It was an agenda written by and for large multinational companies, at the expense of workers".

In 2016, he said he believes that the economic situation of the United States is critical: "As the economists Anne Case and Angus Deaton showed in their study published in December 2015, life expectancy among middle-age white Americans is declining, as rates of suicides, drug use, and alcoholism increase. A year later, the National Center for Health Statistics reported that life expectancy for the country as a whole has declined for the first time in more than 20 years." ... With the incomes of the bottom 90% having stagnated for close to a third of a century (and declining for a significant proportion), the health data simply confirmed that things were not going well for swaths of the country".

In June 2024, 16 Nobel Prize in Economics laureates, including Stiglitz, signed an open letter (which Stiglitz spearheaded) arguing that Donald Trump’s fiscal and trade policies coupled with efforts to limit the Federal Reserve's independence would reignite inflation in the United States.{{cite news |last=Nichols |first=Hans |date=June 25, 2024 |title=Scoop: 16 Nobel economists see a Trump inflation bomb |url=https://www.axios.com/2024/06/25/nobel-prize-winners-biden-economy-trump-inflation |access-date=June 26, 2024 |website=Axios |publisher=Cox Enterprises}}{{cite news |last=Picciotto |first=Rebecca |date=June 25, 2024 |title=Sixteen Nobel Prize-winning economists warn a second Trump term would 'reignite' inflation |url=https://www.cnbc.com/2024/06/25/nobel-prize-economists-warn-trump-inflation.html |access-date=June 26, 2024 |publisher=CNBC |archive-date=June 26, 2024 |archive-url=https://web.archive.org/web/20240626002547/https://www.cnbc.com/2024/06/25/nobel-prize-economists-warn-trump-inflation.html |url-status=live}}{{Cite web |last=Picchi |first=Aimee |date=June 25, 2024 |title=16 Nobel Prize-winning economists warn that Trump's economic plans could reignite inflation |url=https://www.cbsnews.com/news/trump-economy-nobel-prize-winners-letter-inflation-warning/ |url-status=live |archive-url=https://web.archive.org/web/20240709175720/https://www.cbsnews.com/news/trump-economy-nobel-prize-winners-letter-inflation-warning/ |archive-date=July 9, 2024 |access-date=July 12, 2024 |website=www.cbsnews.com |language=en-US |quote=Trump's policies could prove to be inflationary, other economists also warned, such as his proposal to create a 10% across-the-board tariff on all imports to deporting immigrants. The tariff plan would add $1,700 in annual costs for the typical U.S. household, essentially acting as an inflationary tax, according to experts at the Peterson Institute for International Economics.}}

Stiglitz has called for a transition to a green economy.{{cite news |title=Nobel Prize–Winning Economist Joseph Stiglitz Discusses Carbon Pricing and the Green Economy Transition in HPCA Virtual Forum |url=https://www.belfercenter.org/publication/nobel-prize-winning-economist-joseph-stiglitz-discusses-carbon-pricing-and-green |work=Harvard Kennedy School |date=September 8, 2020}}{{cite news |title=[Joseph E. Stiglitz] Getting finance onside for climate |url=http://www.koreaherald.com/view.php?ud=20210830000112 |work=The Korea Herald |date=August 31, 2021}}{{cite news |title=Joseph Stiglitz says it's time to rewire the U.S. economy: 'We shouldn't let a good crisis go to waste' |url=https://www.cnbc.com/2021/09/03/joseph-stiglitz-says-its-time-to-rewire-the-us-economy-we-shouldnt-let-a-good-crisis-go-to-waste.html |work=CNBC |date=September 3, 2021}} He supported the Green New Deal. In 2019, he wrote that "The Green New Deal would stimulate demand, ensuring that all available resources were used; and the transition to the green economy would likely usher in a new boom. Trump's focus on the industries of the past, like coal, is strangling the much more sensible move to wind and solar power. More jobs by far will be created in renewable energy than will be lost in coal."{{cite news |title=The climate crisis is our third world war. It needs a bold response |author=Joseph Stiglitz |url=https://www.theguardian.com/commentisfree/2019/jun/04/climate-change-world-war-iii-green-new-deal |newspaper=The Guardian |date=June 5, 2019}} Stiglitz described the climate crisis as humanity's World War III.

Stiglitz maintained the super-rich should pay taxes up to 70% to help deal with increasing inequality. Stiglitz stated a worldwide income tax rate of 70% on biggest earners "would clearly make sense". Stiglitz maintained society would become more egalitarian and cohesive. Stiglitz said a wealth taxes on fortunes acquired during many generations would have a larger influence. Stiglitz maintains most billionaires acquired much of their wealth through luck. He maintains Elizabeth Warren proposing a 2% tax on assets for people with assets of over $50 million and 3% on those with over $1 billion was "very reasonable" and would raise significant revenues that could improve some United States problems.[https://www.theguardian.com/news/2023/jan/22/joseph-stiglitz-economist-income-tax-high-earners-70-per-cent-inequality Joseph Stiglitz: tax high earners at 70% to tackle widening inequality] The Guardian

Stiglitz was a signatory to a letter[https://www.documentcloud.org/documents/25905798-letter-to-ca-and-de-attorneys-general-re-openai-restructuring-4-17-2025/ Letter to CA and DE Attorneys General regarding OpenAI restructuring] sent to the attorneys general of California and Delaware, opposing OpenAI's proposed transition from a not-for-profit entity to a public benefit corporation. The letter argued that the restructuring would undermine OpenAI's stated charitable purpose of developing artificial general intelligence to benefit "all of humanity." It further asserted that, if reorganized as a corporation, OpenAI would be legally obligated to prioritize the interests of its shareholders over broader goals of serving humanity as a whole.

Along with his technical economic publications (over 300 technical articles), Stiglitz is the author of books on issues from patent law to abuses in international trade.

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.{{cite web|url=http://www.econ-pol.unisi.it/pubdocenti/HEI99.pdf |author=Zapia, Carlo |title=The economics of information, market socialism and Hayek's legacy |publisher=Dipartimento di Economia Politica, Università di Siena |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20070614110711/http://www.econ-pol.unisi.it/pubdocenti/HEI99.pdf |archive-date=June 14, 2007 }}

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 stresses: "Recent advances in economic theory" (in part referring to his own work) "have shown that whenever information is imperfect and markets are 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 argues 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{{snd}}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.

The Roaring Nineties is Stiglitz's 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.

{{Expand section|date=August 2019}}

In Fair Trade for All, authors Stiglitz and Andrew Charlton argue that it is important to make the trading world more development friendly.{{cite journal | last = Blandford | first = David | title = Review of Fair Trade for All, by J.E. Stiglitz and Andrew Charlton | journal = American Journal of Agricultural Economics | volume = 90 | issue = 2| year = 2008 | pages=571–572| doi=10.1111/j.1467-8276.2008.01160_1.x| hdl = 10.1111/j.1467-8276.2008.01160_1.x | hdl-access = free }} 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 need of assistance, and this can only be achieved when developed nations abandon mercantilist-based priorities and work towards a more liberal world trade regime.{{cite journal | last = Northcott | first = Michael S. | title = Review of Fair Trade For All by J.E. Stiglitz and Andrew Charlton | journal = Studies in World Christianity | volume = 12 | issue = 3| year = 2006 | pages = 282–284 | doi = 10.1353/swc.2006.0025| s2cid = 144250262 }}

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 destabilized. 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."Why Globalization Works" (Yale University Press 2004) {{ISBN|978-0-300-10252-9}}, p. 8. Also Wolf criticizes World Bank heavily (pp. xiii–xv). 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 Worksee {{YouTube|UzhD7KVs-R4|Stiglitz discuss his book}} has sold more than two million copies.

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{{snd}} IPD), Ricardo Ffrench-Davis (Main Adviser, Economic Commission for Latin America and the Caribbean{{snd}} 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.

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.{{cite news |first=Kevin|last=Perry |title=Joseph Stiglitz interview about The Three Trillion Dollar War |url=http://kevinegperry.com/2008/03/04/joseph-stiglitz-interview-the-3-trillion-war/ |publisher=The Beaver |date=March 4, 2008 |access-date=September 29, 2010 | location=London}}

{{Main|Freefall: America, Free Markets, and the Sinking of the World Economy}}

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 policymakers he criticizes are George W. Bush, Larry Summers, and Barack Obama.{{cite news |first=Joel|last=Krupa |title=Guiding the Invisible Hand |url=http://www.oxonianreview.org/wp/guiding-the-invisible-hand/ |archive-url=https://web.archive.org/web/20110516145756/http://www.oxonianreview.org/wp/guiding-the-invisible-hand/ |url-status=usurped |archive-date=May 16, 2011 |date=June 7, 2010 |access-date=December 28, 2010}}

From the jacket: As those at the top continue to enjoy the best health care, education, and benefits of wealth, they often fail to realize that, as Joseph E. Stiglitz highlights, "their fate is bound up with how the other 99 percent live ... It does not have to be this way. In The Price of Inequality Stiglitz lays out a comprehensive agenda to create a more dynamic economy and fairer and more equal society"

The book received the Robert F. Kennedy Center for Justice and Human Rights 2013 Book Award, given annually to the book that "most faithfully and forcefully reflects Robert Kennedy's purposes{{snd}} his concern for the poor and the powerless, his struggle for honest and even-handed justice, his conviction that a decent society must assure all young people a fair chance, and his faith that a free democracy can act to remedy disparities of power and opportunity."{{cite web|title=Book Award |url=http://rfkcenter.org/book-award?lang=en |publisher=RFKcenter.org |url-status=dead |archive-url=https://web.archive.org/web/20150619072045/http://rfkcenter.org/book-award?lang=en |archive-date=2015-06-19 }}

Creating a Learning Society (co-authored with Bruce C. Greenwald) casts light on the significance of this insight for economic theory and policy. Taking as a starting point Kenneth J. Arrow's 1962 paper "Learning by Doing", they explain why the production of knowledge differs from that of other goods and why market economies alone typically do not produce and transmit knowledge efficiently. Closing knowledge gaps and helping laggards learn are central to growth and development. But creating a learning society is equally crucial if we are to sustain improved living standards in advanced countries.

From the jacket: In The Great Divide, Joseph E. Stiglitz expands on the diagnosis he offered in his best-selling book The Price of Inequality and suggests ways to counter America's growing problem. Stiglitz argues that inequality is a choice{{snd}} the cumulative result of unjust policies and misguided priorities.

From the description: "Stiglitz dismantles the prevailing consensus around what ails Europe, demolishing the champions of austerity while offering a series of plans that can rescue the continent--and the world--from further devastation." According to book review aggregator Literary Hub, it received pan reviews.{{Cite web|title=Book Marks reviews of The Euro: How a Common Currency Threatens the Future of Europe by Joseph E. Stiglitz|url=https://bookmarks.reviews/reviews/the-euro-how-a-common-currency-threatens-the-future-of-europe/|access-date=2021-05-05|website=Book Marks|language=en-US}}

From the jacket: Stiglitz shows how a middle-class life can once again be attainable by all. An authorities account of the predictable dangers of free market fundamentalism and the foundations of progressive capitalism, People, Power, and Profits shows us an America in crisis, but also lights a path through this challenging time. Daniel W. Drezner gave the book a mixed review in The New York Times.{{cite news |last=Drezner |first=Daniel W. |newspaper=The New York Times |date=May 10, 2019 |url= https://www.nytimes.com/2019/05/10/books/review/joseph-e-stiglitz-people-power-profits.html |title=An Economist Who Believes Only Government Can Save Capitalism}}

File:Joseph Stiglitz and Kamal Nath (3181943232).jpg

Stiglitz and his co-authors point out that the interrelated crises of environmental degradation and human suffering of our current age demonstrate that "something is fundamentally wrong with the way we assess economic performance and social progress." They argue that using GDP as the chief measure of our economic health does not provide an accurate assessment of the economy or the state of the world and the people living in it.{{cite web |last1=Queally |first1=Jon |title='Everything Is Not Fine': Nobel Economist Calls on Humanity to End Obsession With GDP |url=https://www.commondreams.org/news/2019/11/25/everything-not-fine-nobel-economist-calls-humanity-end-obsession-gdp |website=Common Dreams |access-date=10 December 2019 |date=25 November 2019}}{{cite news |last1=Stiglitz |first1=Joseph |title=It's time to retire metrics like GDP. They don't measure everything that matters |url=https://www.theguardian.com/commentisfree/2019/nov/24/metrics-gdp-economic-performance-social-progress |access-date=10 December 2019 |work=The Guardian |date=24 November 2019 |format=Opinion}}

In The Road to Freedom, Stiglitz challenges the claim by its adherents that neoliberalism is morally superior to its alternatives. The title is a pointed reference to Friedrich Hayek's famous treatise, The Road to Serfdom, and the book is a rejoinder to the economic theories of Hayek and Milton Friedman. Stiglitz proposes that his essay is based on experimental empirical research. He is concerned that free information will reduce the production of information quality and value in our economy as artificial intelligence gathers and reproduces it.Taylor, Timothy. “Recommendations for Further Reading.” The Journal of Economic Perspectives, vol. 38, no. 4, 2024, p. 235. [https://www.jstor.org/stable/27341555 JSTOR website] Retrieved 1 Feb. 2025.

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 did not have the regulatory institutions needed to ensure that the markets would operate soundly.

In July 2020, Stiglitz alongside Hamid Rashid, the chief of Global Economic Monitoring at the UN Department of Economic and Social Affairs, published a report, pointing out that the quantitative easing policy implemented by the US after the 2008 financial crisis, had "basically exported a debt bubble to developing countries".{{Cite web |title=New CEPR Policy Insight - Averting Catastrophic Debt Crises in Developing Countries {{!}} Centre for Economic Policy Research |url=https://cepr.org/content/new-cepr-policy-insight-averting-catastrophic-debt-crises-developing-countries |access-date=2022-08-01 |website=cepr.org |archive-date=2022-05-27 |archive-url=https://web.archive.org/web/20220527044516/https://cepr.org/content/new-cepr-policy-insight-averting-catastrophic-debt-crises-developing-countries |url-status=dead }}{{Cite web |title=Hamid Rashid {{!}} VOX, CEPR Policy Portal |url=https://voxeu.org/users/hamidrashid |access-date=2022-08-01 |website=voxeu.org}}

The economic analysis of Stiglitz and Ira Regmi on the pandemic-induced inflation of 2021-2023 concluded the causes were sector supply-side disruptions and the Ukraine war effects in food and energy sectors and not from the excessive pandemic spending in the United States.Joseph E. Stiglitz and Ira Regmi. (6 December 2022). "The Causes of and Responses to Today’s Inflation". [https://rooseveltinstitute.org/publications/the-causes-of-and-responses-to-todays-inflation/ Roosevelt Institute website] Retrieved 2 February 2025.

In addition to being awarded the Nobel Memorial prize, Stiglitz has over 40 honorary doctorates and at least eight honorary professorships as well as an honorary deanship.[http://www2.gsb.columbia.edu/faculty/jstiglitz/download/Stiglitz_CV.pdf Curriculum Vitae] {{webarchive|url=https://web.archive.org/web/20110513134138/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/Stiglitz_CV.pdf |date=2011-05-13 }}, Joseph E. Stiglitz{{cite web |url=http://www.dur.ac.uk/dbs/news/archive/?itemno=788 |title=Durham University Business School recognises Nobel Laureate winning economist |publisher=Durham University |date=September 23, 2005}}{{cite web|url=http://www.cerge-ei.cz/people/executive-and-supervisory-committee |title=CERGE-EI | Executive and Supervisory Committee | Governance Bodies | People |publisher=Cerge-ei.cz |access-date=October 29, 2013}}

Stiglitz was elected to the American Academy of Arts and Sciences in 1983,{{Cite web|title=Joseph E. Stiglitz|url=https://www.amacad.org/person/joseph-e-stiglitz|access-date=2021-12-10|website=American Academy of Arts & Sciences|date=October 2021 |language=en}} the National Academy of Sciences in 1988,{{Cite web|title=Joseph E. Stiglitz|url=http://www.nasonline.org/member-directory/members/8900.html|access-date=2021-12-10|website=www.nasonline.org}} and the American Philosophical Society in 1997.{{Cite web|title=APS Member History|url=https://search.amphilsoc.org/memhist/search?creator=Joseph+E.+Stiglitz&title=&subject=&subdiv=&mem=&year=&year-max=&dead=&keyword=&smode=advanced|access-date=2021-12-10|website=search.amphilsoc.org}}

In 2009, he received the Golden Plate Award of the American Academy of Achievement presented by Awards Council member Archbishop Desmond Tutu at an awards ceremony at St. George's Cathedral in Cape Town, South Africa.{{cite web|title= Golden Plate Awardees of the American Academy of Achievement |website=www.achievement.org|publisher=American Academy of Achievement|url= https://achievement.org/our-history/golden-plate-awards/#public-service}}{{cite news |title=2009 Summit Highlights Photo | url= https://achievement.org/summit/2009/|quote= Dr. Joseph E. Stiglitz, recipient of the Nobel Prize in Economics, and his wife Anya, between sessions at La Residence in the Franschhoek Valley during the 2009 International Achievement Summit in South Africa.}}

He received the 2010 Gerald Loeb Awards for Commentary for "Capitalist Fools and Wall Street's Toxic Message".{{cite web |url=https://talkingbiznews.com/1/more-loeb-winners-fortune-and-detroit-news/ |title=More Loeb winners: Fortune and Detroit News |date=June 29, 2010 |website=Talking Biz News |access-date=February 5, 2019}}

In 2011, he was named by Foreign Policy magazine on its list of top global thinkers.{{cite magazine |url=https://foreignpolicy.com/articles/2011/11/28/the_fp_top_100_global_thinkers?page=0,28 |title=The FP Top 100 Global Thinkers |magazine=Foreign Policy |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20131221104952/http://www.foreignpolicy.com/articles/2011/11/28/the_fp_top_100_global_thinkers?page=0,28 |archive-date=December 21, 2013 }} In February 2012, he was awarded the Legion of Honor, in the rank of Officer, by the French ambassador in the United States François Delattre.{{cite web|title=Stephen Emerson and Joseph Stiglitz awarded the Légion d'Honneur|url=http://www.ambafrance-us.org/spip.php?article4240|access-date=October 29, 2013|website=France in the United States / Embassy of France in Washington|publisher=|archive-date=February 9, 2014|archive-url=https://web.archive.org/web/20140209081726/http://ambafrance-us.org/spip.php?article4240|url-status=dead}} Stiglitz was elected a Foreign Member of the Royal Society (ForMemRS) in 2009.{{cite web|title=Fellowship of the Royal Society 1660–2015 |url=https://docs.google.com/spreadsheets/d/1RVVZY00MZNrK2YCTTzVrbTFH2t3RxoAZah128gQR-NM/pubhtml |publisher=Royal Society |archive-url=https://web.archive.org/web/20151015185820/https://docs.google.com/spreadsheets/d/1RVVZY00MZNrK2YCTTzVrbTFH2t3RxoAZah128gQR-NM/pubhtml |archive-date=2015-10-15 |url-status=live }} Stiglitz was awarded the 2018 Sydney Peace Prize.{{cite news|last1=Pitt|first1=Helen|title=American economist Joseph Stiglitz wins 2018 Sydney Peace Prize|url=https://www.smh.com.au/business/the-economy/american-economist-joseph-stiglitz-wins-2018-sydney-peace-prize-20180419-p4zamg.html|access-date=20 April 2018|newspaper=The Sydney Morning Herald|date=21 April 2018}}

Stiglitz married Jane Hannaway in 1978 but the couple later divorced.{{cite news|author=|date=1978-12-24|title=Dr. Jane Hannaway Bride of Joseph Stiglitz|work=The New York Times|url=https://www.nytimes.com/1978/12/24/archives/dr-jane-hannaway-bride-of-joseph-stiglitz.html|access-date=October 29, 2013}}{{cite web |url=https://www.washingtonlife.com/issues/2004-10/realestate/index.html |author=Mary K. Mewborn |title=Real Estate News |publisher=Washingtonlife.com |date=October 2004 |access-date=October 29, 2013 |archive-url=https://web.archive.org/web/20121128020611/https://www.washingtonlife.com/issues/2004-10/realestate/index.html |archive-date=November 28, 2012 |url-status=dead }} He 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.{{cite news| url=https://www.nytimes.com/2004/10/31/fashion/31SCHI.html | work=The New York Times | title=Anya Schiffrin, Joseph Stiglitz | date=October 31, 2004}} He has four children and three grandchildren.

• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Uzawa | first2 = Hirofumi | author-link2 = Hirofumi Uzawa | title = Readings in the modern theory of economic growth | url = https://archive.org/details/readingsinmodern0000stig | url-access = registration | publisher = The M.I.T. Press | location = Cambridge, Massachusetts | year = 1969 | isbn = 9780262190558 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Atkinson | first2 = Anthony B. | author-link2 = Tony Atkinson | title = Lectures on public economics | url = https://archive.org/details/lecturesonpublic0000atki | url-access = registration | publisher = McGraw-Hill Book Co | location = London New York | year = 1980 | isbn = 9780070841055 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Newbery | first2 = David M.G. | author-link2 = David Newbery | title = The theory of commodity price stabilization: a study in the economics of risk | publisher = Clarendon Press Oxford University Press | location = Oxford Oxford New York | year = 1981 | isbn = 9780198284178 }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = The economic role of the state | publisher = Wiley-Blackwell | location = Oxford, UK Cambridge, Massachusetts, US | year = 1989 | isbn = 9780631171355 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Boadway | first2 = Robin | author-link2 = Robin Boadway | title = Economics and the Canadian economy | publisher = W.W. Norton & Company | location = New York | year = 1994 | isbn = 9780393965117 }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = Whither socialism? | publisher = MIT Press | location = Cambridge, Massachusetts, US | year = 1994 | isbn = 9780262691826 | title-link = Whither Socialism? }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = Economics of the public sector | publisher = W.W. Norton & Company | location = New York | year = 2000 | edition = 3rd | isbn = 9780393966510 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Meier | first2 = Gerald M. | title = Frontiers of development economics: the future in perspective | publisher = World Bank Oxford University Press | location = Washington, D.C. Oxford New York | year = 2001 | isbn = 9780195215922 | url-access = registration | url = https://archive.org/details/frontiersofdevel0000unse_x7h9 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Holzmann | first2 = Robert | title = New ideas about old age security: toward sustainable pension systems in the 21st century | publisher = World Bank | location = Washington, DC | year = 2001 | isbn = 9780821348222 | url = https://archive.org/details/newideasaboutold00jose }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Yusuf | first2 = Shahid | title = Rethinking the East Asia miracle | publisher = World Bank Oxford University Press | location = Washington, D.C. New York | year = 2001 | isbn = 9780195216004 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. |editor-last = Chang |editor-first = Ha-Joon| editor-link = Ha-Joon Chang | title = Joseph Stiglitz and the World Bank: the rebel within | publisher = Anthem Press | location = London, England | year = 2001 | isbn = 9781898855538 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Sah | first2 = Raaj K. | title = Peasants versus city-dwellers: taxation and the burden of economic development | publisher = Clarendon Press Oxford University Press | location = Oxford New York | year = 1992 | isbn = 9780199253579 |author-link2 =}} (Reprinted 2005.)
• {{cite book | last = Stiglitz | first = Joseph E. | title = Globalization and its discontents | publisher = W.W. Norton & Company | location = New York | year = 2002 | isbn = 9780393051247 | title-link = Globalization and Its Discontents }}
• {{cite book | last1 = Stiglitz | first1 = Joseph | last2 = Greenwald | first2 = Bruce | author-link2 = Bruce Greenwald | title = Towards a new paradigm in monetary economics | url = https://archive.org/details/towardsnewparadi0000stig | url-access = registration | publisher = Cambridge University Press | series = The Raffaele Mattioli Lecture Series | location = Cambridge, UK and New York | year = 2003 | isbn = 9780521810340 }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = The roaring nineties: a new history of the world's most prosperous decade | publisher = W.W. Norton & Company | location = New York | year = 2003 | isbn = 9780393058529 | url = https://archive.org/details/roaringninetiesn00stig }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = The development round of trade negotiations in the aftermath of Cancún | publisher = Commonwealth Secretariat | location = London, UK | year = 2004 | isbn = 9780850928013 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Charlton | first2 = Andrew | title = Fair trade for all: how trade can promote development | publisher = Oxford University Press | location = Oxford New York | year = 2005 | isbn = 9780199290901 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Walsh | first2 = Carl E. | author-link2 = Carl E. Walsh | title = Economics | publisher = W.W. Norton & Company | location = New York | year = 2006 | edition = 4th | isbn = 9780393926224 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Walsh | first2 = Carl E. | author-link2 = Carl E. Walsh | title = Principles of macroeconomics | publisher = W. W. Norton & Company | location = New York | year = 2006 | edition = 4th | isbn = 9780393926248 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Ocampo | first2 = José Antonio | last3 = Ffrench-Davis | first3 = Ricardo | last4 = Nayyar | first4 = Deepak | last5 = Spiegel | first5 = Shari | author-link2 = José Antonio Ocampo | author-link3 = Ricardo Ffrench-Davis | author-link4 = Deepak Nayyar | title = Stability with growth: macroeconomics, liberalization and development | publisher = Oxford University Press | location = Oxford | year = 2006 | isbn = 9780199288144 }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = Making globalization work | publisher = W.W. Norton & Company | location = New York | year = 2006 | isbn = 9780393061222 | title-link = Making Globalization Work }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Bilmes | first2 = Linda | author-link2 = Linda Bilmes | title = The three trillion dollar war: the true cost of the Iraq conflict | publisher = W.W. Norton & Company | location = New York | year = 2008 | isbn = 9780393067019 | title-link = The Three Trillion Dollar War }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Ocampo | first2 = José Antonio | last3 = Griffith-Jones | first3 = Stephany | author-link2 = José Antonio Ocampo | author-link3 = Stephany Griffith-Jones | title = Time for a visible hand: lessons from the 2008 world financial crisis | publisher = Oxford University Press | location = Oxford New York | year = 2010 | isbn = 9780199578818 }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = The Stiglitz report: reforming the international monetary and financial systems in the wake of the global crisis | publisher = The New Press | location = New York, New York London | year = 2010 | isbn = 9781595585202 | title-link = Stiglitz Report }}
• {{cite book | first1 = Joseph E. | last1 = Stiglitz | last2 = Sen | first2 = Amartya | last3 = Fitoussi | first3 = Jean-Paul | author-link2 = Amartya Sen | author-link3 = Jean-Paul Fitoussi | title = Mismeasuring our lives: why GDP doesn't add up: the report | publisher = New Press: Distributed by Perseus Distribution | location = New York | year = 2010 | isbn = 9781595585196 }}
• {{cite book | last = Stiglitz | first = Joseph | title = Freefall: America, free markets, and the sinking of the world economy | publisher = W.W. Norton & Company | location = New York, NY | year = 2010 | isbn = 9780393338959 | title-link = Freefall: America, Free Markets, and the Sinking of the World Economy }}
• Also as: {{cite book | last = Stiglitz | first = Joseph | title = Freefall: free markets and the sinking of the global economy | publisher = Penguin | location = London | year = 2010 | isbn = 9780141045122 | title-link = Freefall: America, Free Markets, and the Sinking of the World Economy }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = The Price of Inequality: How Today's Divided Society Endangers Our Future | publisher = W.W. Norton & Company | location = New York | year = 2012 | isbn = 9780393088694 | url = https://archive.org/details/priceofinequalit00stig }}
• {{cite book | last1 = Stiglitz | first1 = Joseph | last2 = Greenwald | first2 = Bruce C. | author-link2 = Bruce Greenwald | title = Creating a learning society: a new approach to growth, development, and social progress | publisher = Columbia University Press | location = New York | year = 2014 | isbn = 9780231152143 }}
• {{cite book | last = Stiglitz | first = Joseph E. | title = The great divide: unequal societies and what we can do about them | publisher = W.W. Norton & Company | location = New York | year = 2015 | isbn = 9780393248579 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Greenwald | first2 = Bruce C. | title = Creating a learning society: a new approach to growth, development, and social progress | publisher = Columbia University Press | location = Columbia | year = 2015 | isbn = 9780231175494 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | title = The Euro: And its Threat to the Future of Europe | publisher = Allen Lane | year = 2016 | isbn = 9780241258156 }}
• {{cite book | last1 = Stiglitz | first1 = Joseph E. | title = People, Power and Profits: Progressive Capitalism for an Age of Discontent | publisher = Allen Lane | year = 2019 | isbn = 9780241399231 }}
• {{cite book |last1=Stiglitz |first1=Joseph |last2=Fitoussi |first2=Jean-Paul |last3=Durand |first3=Martine |title=Measuring What Counts; The Global Movement for Well-Being |date=19 November 2019 |publisher=The New Press |location=New York |isbn=978-1-62097-569-5 |edition=Paper |url=https://thenewpress.com/books/measuring-what-counts |access-date=10 December 2019}}
• {{cite book |last1=Stiglitz |first1=Joseph E. |title=The Road to Freedom: Economics and the Good Society |publisher=W. W. Norton & Company |year=2024 |isbn=9781324074373}}

• {{Citation | last = Stiglitz | first = Joseph E. | contribution = Principal and agent | editor-last1 = Eatwell | editor-first1 = John | editor-last2 = Milgate | editor-first2 = Murray | editor-last3 = Newman | editor-first3 = Peter K. | editor-link1 = John Eatwell, Baron Eatwell | editor-link2 = Murray Milgate | editor-link3 = Peter Kenneth Newman | title = The New Palgrave: allocation, information, and markets | publisher = Norton | location = New York | year = 1989 | isbn = 9780393958546 | postscript = .}}
• {{Citation | last = Stiglitz | first = Joseph E. | contribution = Market socialism and neoclassical economics | editor-last1 = Bardhan | editor-first1 = Pranab | editor-last2 = Roemer | editor-first2 = John E. | editor-link1 = Pranab Bardhan | editor-link2 = John Roemer | title = Market socialism: the current debate | publisher = Oxford University Press | location = New York | year = 1993 | isbn = 9780195080490 | postscript = .}}
• {{Citation | last = Stiglitz | first = Joseph E. | contribution = Regulation and failure | editor-last1 = Moss | editor-first1 = David A. | editor-last2 = Cisternino | editor-first2 = John A. | editor-link1 = David A. Moss | title = New perspectives on regulation | pages = 11–23 | publisher = The Tobin Project | location = Cambridge, Massachusetts | year = 2009 | isbn = 9780982478806 | postscript = .}} [https://web.archive.org/web/20100214200105/http://www.tobinproject.org/twobooks/pdf/New_Perspectives_Ch1_Stiglitz.pdf Pdf version.]
• {{Citation | last = Stiglitz | first = Joseph E. | contribution = Simple formulae for optional income taxation and the measurement of inequality | editor-last1 = Kanbur | editor-first1 = Ravi | editor-last2 = Basu | editor-first2 = Kaushik | editor-link1= Ravi Kanbur | editor-link2 = Kaushik Basu | title = Arguments for a better world: essays in honor of Amartya Sen | Volume I: Ethics, welfare, and measurement | pages = 535–66 | publisher = Oxford University Press | location = Oxford New York | year = 2009 | isbn = 9780199239115 | postscript = .}}
• {{Citation | last1 = Stiglitz | first1 = Joseph E. | last2 = Bilmes| first2 = Linda. | contribution = Estimating the costs of war: Methodological issues, with applications to Iraq and Afghanistan | editor-last1 = Garfinkel| editor-first1 = Michelle | editor-last2 = Skaperdas | editor-first2 = Stergios | title = Oxford Handbook of the Economics of Peace and Conflict | pages = 275–317 | publisher = Oxford University Press | location = Oxford UK | year = 2012 | isbn = 9780195392777 | postscript = .}} [https://doi.org/10.1093/oxfordhb/9780195392777.013.0013]

1970–1979

• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Rothschild |first2=Michael |author-link2=Michael Rothschild |date=September 1970 |title=Increasing risk: I. a definition |journal=Journal of Economic Theory |publisher=Elsevier |volume=2 |issue=3 |pages=225–43 |doi=10.1016/0022-0531(70)90038-4}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Rothschild |first2=Michael |author-link2=Michael Rothschild |date=March 1971 |title=Increasing risk: II. Its economic consequences |journal=Journal of Economic Theory |publisher=Elsevier |volume=3 |issue=1 |pages=66–84 |doi=10.1016/0022-0531(71)90034-2}}
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=May 1974 |title=Alternative theories of wage determination and unemployment in LDC's: the labor turnover model |journal=The Quarterly Journal of Economics |publisher=Oxford Journals |volume=88 |issue=2 |pages=194–227 |doi=10.2307/1883069 |jstor=1883069}}
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=April 1974 |title=Incentives and risk sharing in sharecropping |url=http://cowles.yale.edu/sites/default/files/files/pub/d03/d0353.pdf |url-status=dead |journal=Review of Economic Studies |publisher=Oxford Journals |volume=41 |issue=2 |pages=219–55 |doi=10.2307/2296714 |jstor=2296714 |archive-url=https://web.archive.org/web/20190427183920/http://cowles.yale.edu/sites/default/files/files/pub/d03/d0353.pdf |archive-date=2019-04-27 |access-date=2019-07-08}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Rothschild |first2=Michael |author-link2=Michael Rothschild |date=November 1976 |title=Equilibrium in competitive insurance markets: an essay on the economics of imperfect information |journal=The Quarterly Journal of Economics |publisher=Oxford Journals |volume=90 |issue=4 |pages=629–49 |doi=10.2307/1885326 |jstor=1885326}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Dixit |first2=Avinash K. |author-link2=Avinash Dixit |date=June 1977 |title=Monopolistic competition and optimum product diversity |journal=The American Economic Review |publisher=American Economic Association |volume=67 |issue=3 |pages=297–308 |jstor=1831401}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Newbery |first2=David M.G. |author-link2=David Newbery |date=December 1979 |title=The theory of commodity price stabilisation rules: welfare impacts and supply responses |journal=The Economic Journal |publisher=Royal Economic Society |volume=89 |issue=356 |pages=799–817 |doi=10.2307/2231500 |jstor=2231500}}

1980–1989

• {{Cite journal |last1=Grossman |first1=Sanford J. |author-link=Sanford J. Grossman |last2=Stiglitz |first2=Joseph E. |date=June 1980 |title=On the Impossibility of Informationally Efficient Markets |journal=The American Economic Review |volume=70 |issue=3 |pages=393–408 |jstor=1805228}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Weiss |first2=Andrew |author-link2=Andrew Weiss (economist) |date=June 1981 |title=Credit rationing in markets with imperfect information |url=http://qed.econ.queensu.ca/pub/faculty/lloyd-ellis/econ835/readings/stiglitz.pdf |journal=The American Economic Review |publisher=American Economic Association |volume=71 |issue=3 |pages=393–410 |jstor=1802787 |archive-url=https://web.archive.org/web/20110410094350/http://qed.econ.queensu.ca/pub/faculty/lloyd-ellis/econ835/readings/stiglitz.pdf |archive-date=2011-04-10}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Weiss |first2=Andrew |author-link2=Andrew Weiss (economist) |date=1983 |title=Incentive Effects of Terminations: Applications to the Credit and Labor Markets |url=https://econpapers.repec.org/article/aeaaecrev/v_3a73_3ay_3a1983_3ai_3a5_3ap_3a912-27.htm |journal=American Economic Review |volume=73 |issue=5 |pages=912–927}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Newbery |first2=David M.G. |author-link2=David Newbery |date=January 1984 |title=Pareto inferior trade |journal=Review of Economic Studies |publisher=Oxford Journals |volume=51 |issue=1 |pages=1–12 |doi=10.2307/2297701 |jstor=2297701}}
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=March 1987 |title=The causes and consequences of the dependence of quality on price |journal=The American Economic Review |publisher=American Economic Association |volume=25 |issue=1 |pages=1–48 |jstor=2726189}}

1990–1999

• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Greenwald |first2=Bruce |author-link2=Bruce Greenwald |date=Winter 1993 |title=New and old Keynesians |journal=Journal of Economic Perspectives |publisher=American Economic Association |volume=7 |issue=1 |pages=23–44 |doi=10.1257/jep.7.1.23 |doi-access=free}}
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=Winter 1993 |title=Post Walrasian and Post Marxian economics |journal=Journal of Economic Perspectives |publisher=American Economic Association |volume=7 |issue=1 |pages=109–14 |doi=10.1257/jep.7.1.109 |doi-access=free}}
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=August 1996 |title=Some lessons from the East Asian miracle |journal=World Bank Research Observer |publisher=World Bank |volume=11 |issue=2 |pages=151–77 |doi=10.1093/wbro/11.2.151}}
• {{Cite journal |last1=Stiglitz |first1=Joseph E. |last2=Uy |first2=Marilou |date=August 1996 |title=Financial markets, public policy, and the East Asian miracle |url=http://academiccommons.columbia.edu/download/fedora_content/download/ac:159350/CONTENT/10600.pdf |journal=World Bank Research Observer |publisher=World Bank |volume=11 |issue=2 |pages=249–76 |doi=10.1093/wbro/11.2.249}}
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=September 1997 |title=Georgescu-Roegen versus Solow/Stiglitz |journal=Ecological Economics |volume=22 |issue=3 |pages=269–70 |doi=10.1016/S0921-8009(97)00092-X|bibcode=1997EcoEc..22..269S }}
• See also: Nicholas Georgescu-Roegen and Robert Solow
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=March 1998 |title=Redefining the role of the state – What should it do? How should it do it? And how should these decisions be made? |journal=Paper Presented at the Tenth Anniversary of MITI Research Institute, Tokyo}} [https://web.archive.org/web/20080529110008/http://www2.gsb.columbia.edu/faculty/jstiglitz/download/2001_World_Economics.pdf Pdf version.]
• Also as: {{Cite book |last=Stiglitz |first=Joseph E. |title=Joseph Stiglitz and the World Bank: the rebel within |publisher=Anthem Press |year=2001 |isbn=9781898855538 |editor-last=Chang |editor-first=Ha-Joon |editor-link=Ha-Joon Chang |location=London |pages=94–126 |chapter=Redefining the role of the state – What should it do? How should it do it? And how should these decisions be made?}}

2000–2009

• {{Cite journal |last=Stiglitz |first=Joseph E. |date=Spring 1998 |title=Distinguished lecture on economics in government: the private uses of public interests: incentives and institutions |journal=Journal of Economic Perspectives |publisher=American Economic Association |volume=12 |issue=2 |pages=3–22 |doi=10.1257/jep.12.2.3 |s2cid=154446858}}
• {{Cite journal |last=Stiglitz |first=Joseph E. |date=May 18, 2007 |title=Prizes, not patents |url=http://www.paecon.net/PAEReview/issue42/contents42.htm |journal=Post-Autistic Economics Review |publisher=World Economics Association |volume=42 |pages=48–50}}

2010 onwards

• {{Cite report |url=http://www.rooseveltinstitute.org/reforming-taxation-promote-growth-and-equity |title=Reforming taxation to promote growth and equity |last=Stiglitz |first=Joseph E. |date=May 28, 2014 |publisher=Roosevelt Institute |archive-url=https://web.archive.org/web/20140613041017/http://rooseveltinstitute.org/sites/all/files/Stiglitz_Reforming_Taxation_White_Paper_Roosevelt_Institute.pdf |archive-date=2014-06-13 |type=White Paper}}

• {{cite web|last=Stiglitz|first=Joseph E.|url=http://www.project-syndicate.org/search?query=joseph+stiglitz |title=Joseph E. Stiglitz |publisher=Project Syndicate |access-date=October 29, 2013 }}
• {{Cite magazine | last = Stiglitz | first = Joseph E. | title = What I learned at the world economic crisis: the insider | magazine = The New Republic | publisher = Chris Hughes | date = 17 April 2000 | url = http://www.yorku.ca/drache/talks/2000/pdf/stiglitz_worldban.pdf }}
• See also: {{cite journal | last = Wade | first = Robert | author-link = Robert Wade (development scholar) | title = Showdown at the World Bank | journal = New Left Review | volume = II | issue = 7 | pages = 124–37 | publisher = New Left Review | date = January–February 2001 | url = http://newleftreview.org/II/7/robert-wade-showdown-at-the-world-bank }}
• {{Cite journal | last1 = Stiglitz | first1 = Joseph E. | last2 = Orszag | first2 = Peter R. | last3 = Orszag | first3 = Jonathan M. | author-link2 = Peter R. Orszag | title = Implications of the new Fannie Mae and Freddie Mac risk-based capital standard | journal = Fannie Mae Press | volume = I | issue = 2 | pages = 1–10 | publisher = Fannie Mae | date = March 2, 2002 | url = http://www.pierrelemieux.org/stiglitzrisk.pdf | url-status = dead | archive-url = https://web.archive.org/web/20091122094851/http://www.pierrelemieux.org/stiglitzrisk.pdf | archive-date = November 22, 2009 }}
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = Information and the change in the paradigm in economics, part 1 | journal = The American Economist | volume = 47 | issue = 2 | pages = 6–26 | publisher = Omicron Delta Epsilon | jstor = 25604277 | date = Fall 2003 | url = http://www.americaneconomist.org/abstracts/2003fall.html#2 | archive-url = https://archive.today/20150407181434/http://www.americaneconomist.org/abstracts/2003fall.html%232 | archive-date = April 7, 2015 | url-status = dead| doi = 10.1177/056943450304700202 | s2cid = 159272023 }}
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = Information and the change in the paradigm in economics, part 2 | journal = The American Economist | volume = 48 | issue = 1 | pages = 17–49 | publisher = Omicron Delta Epsilon | jstor = 25604291 | date = Spring 2004 | url = http://www.americaneconomist.org/abstracts/2004spring.html#3 | archive-url = https://archive.today/20150407181434/http://www.americaneconomist.org/abstracts/2004spring.html%233 | archive-date = April 7, 2015 | url-status = dead| doi = 10.1177/056943450404800103 | s2cid = 154596039 }}
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = The economic consequences of Mr. Bush | journal = Vanity Fair | publisher = Condé Nast | date = December 2007 | url = https://www.vanityfair.com/politics/features/2007/12/bush200712 }}
• {{Cite magazine | last1 = Stiglitz | first1 = Joseph E. | last2 = Bilmes | first2 = Linda J. | author-link2 = Linda Bilmes | title = Report: the $10 trillion hangover: paying the price for eight years of Bush | magazine = Harper's Magazine | volume = 318 | issue = 1904 | publisher = Harper's Magazine Foundation | date = January 2009 | url = http://harpers.org/archive/2009/01/the-10-trillion-hangover/ }} [http://www.democracynow.org/2008/12/22/linda_bilmes_the_10_trillion_hangover Non-subscription version.]
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = Capitalist fools | journal = Vanity Fair | publisher = Condé Nast | date = January 2009 | url = https://www.vanityfair.com/magazine/2009/01/stiglitz200901 | access-date = 2020-02-20 | archive-date = 2015-01-29 | archive-url = https://web.archive.org/web/20150129172732/http://www.vanityfair.com/magazine/2009/01/stiglitz200901 | url-status = dead }}
• {{cite news|last=Stiglitz | first= Joseph | title= America's socialism for the rich |url= https://www.theguardian.com/commentisfree/2009/jun/12/america-corporate-banking-welfare |work= The Guardian |date= June 12, 2009 |location=London}}
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = Wall Street's toxic message | journal = Vanity Fair | publisher = Condé Nast | date = July 2009 | url = https://www.vanityfair.com/politics/features/2009/07/third-world-debt200907-2 }}
• {{cite journal | last = Stiglitz | first = Joseph E. |title=The Non-Existent Hand |journal=London Review of Books | volume=32 | issue=8 | pages=17–18 | url=http://www.lrb.co.uk/v32/n08/joseph-stiglitz/the-non-existent-hand | date= April 22, 2010 | access-date= February 14, 2011 }}
• Review of the book: {{cite book |last=Skidelsky |first=Robert |author-link=Robert Skidelsky |title=Keynes: the return of the master |year=2009 |publisher=Allen Lane |isbn=9781846142581 |url-access=registration |url=https://archive.org/details/keynesreturnofma0000skid }}
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = Of the 1%, by the 1%, for the 1% | journal = Vanity Fair | publisher = Condé Nast | date = May 2011 | url = https://www.vanityfair.com/society/features/2011/05/top-one-percent-201105 }}
• {{cite journal | last = Stiglitz | first = Joseph E. | title= The ideological crisis of Western capitalism | url= http://www.socialeurope.eu/2011/07/the-ideological-crisis-of-western-capitalism/ | journal= Social Europe | date= July 12, 2011 }}
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = The post-crisis crises | journal = CFO Insight Magazine | publisher = Euro Treasurer | date = January 2013 | url = http://www.eurotreasurer.com/e-magazine/ | archive-url = https://web.archive.org/web/20130504024003/http://www.eurotreasurer.com/e-magazine/ | url-status = dead | archive-date = May 4, 2013 }}
• {{Cite journal | last = Stiglitz | first = Joseph E. | title = The promise of abenomics | journal = CFO Insight Magazine | publisher = Euro Treasurer | date = April 2013 | url = http://www.eurotreasurer.com/e-magazine/ | archive-url = https://web.archive.org/web/20130504024003/http://www.eurotreasurer.com/e-magazine/ | url-status = dead | archive-date = May 4, 2013 }}
• {{Cite magazine | last = Stiglitz | first = Joseph E. | title = The Chinese Century | magazine = Vanity Fair | publisher = Condé Nast | date = January 2015 | url = https://www.vanityfair.com/business/2015/01/china-worlds-largest-economy }}
• {{Cite news | last = Stiglitz | first = Joseph E. | title = Joseph Stiglitz: how I would vote in the Greek referendum | work = The Guardian | date = June 29, 2015 | url = https://www.theguardian.com/business/2015/jun/29/joseph-stiglitz-how-i-would-vote-in-the-greek-referendum }}
• Joseph E. Stiglitz, "Measuring What Matters: Obsession with one financial figure, GDP, has worsened people's health, happiness and the environment, and economists want to replace it", Scientific American, vol. 323, no. 2 (August 2020), pp. 24–31.

• {{cite speech |title=Committee hearing (via YouTube) |first=Joseph E. |last=Stiglitz |event=World Bank & Global Poverty, House Financial Services Committee (C-SPAN) |location=Washington, D.C. |date=2007 |url=https://www.youtube.com/watch?v=Em5lehxunxc | archive-url=https://ghostarchive.org/varchive/youtube/20211107/Em5lehxunxc| archive-date=2021-11-07 | url-status=live|access-date=October 29, 2014 }}{{cbignore}}
• {{cite serial| title = Where is the world going, Mr. Stiglitz? | episode = 1–5 | publisher = First Run Features| url = http://firstrunfeatures.com/stiglitzdvd.html | last1 = Stiglitz | first1 = Joseph E. (presenter) | last2 = Sarasin | first2 = Jacques (director) |location = New York | date = May 2007 }} Five-part series on two DVD discs.
• {{cite serial | title = Around the world with Joseph Stiglitz | publisher = Arte France / Les Productions Faire Bleu / Swan productions | url = http://www.stiglitz-thefilm.com/ | last1 = Stiglitz | first1 = Joseph E. (presenter) | last2 = Sarasin | first2 = Jacques (director) | date = March 2009 | access-date = 2014-10-29 | archive-date = 2014-10-29 | archive-url = https://web.archive.org/web/20141029061040/http://www.stiglitz-thefilm.com/ | url-status = dead }} Original French title Le monde selon Stiglitz.
• {{cite conference |title= The three trillion dollar war | last1 = Stiglitz | first1 = Joseph E. | last2 = Bilmes | first2 = Linda | author-link2 = Linda Bilmes |date=February 28, 2008 |conference= Panel discussion regarding their new book |location= Columbia University }}
• Book details: {{cite book | last1 = Stiglitz | first1 = Joseph E. | last2 = Bilmes | first2 = Linda | author-link2 = Linda Bilmes | title = The three trillion dollar war: the true cost of the Iraq conflict | publisher = W.W. Norton & Company | location = New York | year = 2008 | isbn = 9780393067019 | title-link = The Three Trillion Dollar War }}
• {{cite interview | last = Stiglitz | first = Joseph E. | interviewer = Andrea Catherwood | title = Bloomberg News | type = YouTube | url = https://www.youtube.com/watch?v=4Ezn8Sgzxd8#t=104s | format = Video| date = February 9, 2010 | access-date = October 29, 2014 | quote = Stiglitz says EU should defend Greece from speculators }}
• {{cite interview | last1 = Stiglitz | first1 = Joseph E. (guest) | last2 = Hendry | first2 = Hugh (guest) | last3 = Casajuana | first3 = Carlos (guest) | author-link2 = Hugh Hendry | interviewer = Emily Maitlis | title = Newsnight| type = BBC | url = http://news.bbc.co.uk/1/hi/programmes/newsnight/8508722.stm | format = Video| date = February 9, 2010 | access-date = October 29, 2014 | quote = What should Europe do about Greece? }}
• {{cite interview | last = Stiglitz | first = Joseph E. | interviewer = Andrea Catherwood | title = Bloomberg News | type = YouTube | url = https://www.youtube.com/watch?v=4Ezn8Sgzxd8#t=104s | format = Video| date = February 9, 2010 | access-date = October 29, 2014 | quote = Stiglitz says EU should defend Greece from speculators }}
• {{cite speech |title=Inequality, wealth, and growth: why capitalism is failing | last = Stiglitz | first = Joseph E. |date=August 21, 2014 | series = 5th Lindau Meeting on Economic Sciences | institution = Lindau Nobel Laureate Meetings |location=Lake Constance, Germany |url=http://mediatheque.lindau-nobel.org/videos/33963/joseph-stiglitz/meeting-2014-eco |access-date= October 29, 2014 }}

• [https://business.columbia.edu/stiglitz/papers-and-briefs Online access to Stiglitz's papers, at his own website.]

• Atkinson–Stiglitz theorem
• List of economists
• List of Jewish Nobel laureates

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{{Spoken Wikipedia|Joseph Stiglitz 1.ogg|date=2016-01-26}}

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• {{official website|http://www.josephstiglitz.com }}
• [http://www8.gsb.columbia.edu/cbs-directory/detail/jes322 Joseph E. Stiglitz | Columbia Business School Directory]
• {{Nobelprize}} including the Prize Lecture December 8, 2001 Information and the Change in the Paradigm in Economics
• [https://ideas.repec.org/e/pst33.html Profile] and [http://econpapers.repec.org/RAS/pst33.htm Papers] at Research Papers in Economics/RePEc
• [http://www.nber.org/people/joseph_stiglitz Publications] at the National Bureau of Economic Research
• {{Cite encyclopedia |title=Joseph E. Stiglitz (1943– ) |url=http://www.econlib.org/library/Enc/bios/Stiglitz.html |encyclopedia=The Concise Encyclopedia of Economics |edition=2nd |series=Library of Economics and Liberty |publisher=Liberty Fund |year=2008 }}
• [http://www.project-syndicate.org/contributor/184 Column archives] at Project Syndicate
• {{C-SPAN|31547}}
• {{Charlie Rose view|1742}}
• {{IMDb name|1688889}}
• {{NYTtopic|people/s/joseph_e_stiglitz}}
• [https://www.vanityfair.com/society/features/2011/05/top-one-percent-201105 Of the 1%, by the 1%, for the 1%], Joseph E. Stiglitz, Vanity Fair, May 2011
• {{cite web |last=Roberts |first=Russ |title=Stiglitz on Inequality |url=http://www.econtalk.org/archives/_featuring/joseph_stiglitz/ |work=EconTalk |publisher=Library of Economics and Liberty |author-link=Russ Roberts |date=July 9, 2012}}
• [https://www.marketwatch.com/story/three-decades-of-neoliberal-policies-have-decimated-the-middle-class-our-economy-and-our-democracy-2019-05-13 Three decades of neoliberal policies have decimated the middle class, our economy, and our democracy]. Joseph Stiglitz for MarketWatch. May 13, 2019.

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