Joseph Stiglitz Quotes About Economists

Quotes about: Economists

• Economists often like startling theorems, results which seem to run counter to conventional wisdom.

  Joseph Stiglitz

  Running, Wisdom, Results

  Autobiographical Essay for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, www.nobelprize.org. 2001.

• There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.

  Joseph Stiglitz

  Air, Firsts, Winner

  Autobiographical Essay for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, www.nobelprize.org. 2001.

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

  Joseph Stiglitz

  Real, People, Debate

• Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist.

  Joseph Stiglitz

  Intellectual, Mit, Development

• They [free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being pushed, academic economists were explaining the limitations of markets for instance, whenever information is imperfect, which is to say always.

  Joseph Stiglitz

  Foundation, Information, Imperfect

  "Bleakonomics". www.nytimes.com. September 30, 2007.

• When you think of policies that are going to address inequality of wealth, you have to be very thoughtful about what economists call "incidence of taxes." If most of the savings is being done by capitalists, and you tax the return on capital, then they will have less to invest. That would mean, over the long run, that the rate of interest would go up. That would therefore undo some of the intent to lower the income of capitalists.

  Joseph Stiglitz

  Running, Mean, Thinking

  Source: www.salon.com

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

  Joseph Stiglitz

  World, Economist, Labor

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