Joseph Stiglitz Quotes About Economy

Quotes about: Economy

• Development is about transforming the lives of people, not just transforming economies.

  Joseph Stiglitz

  Life, People, Training

• I think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are.

  Joseph Stiglitz

  Growing Up, Thinking, Asking Why

• I trace the inequality to a particular set of decisions that we took when we lowered the tax rate from 91% down to very low levels at the top, where we stripped away regulations. So the result of that was not a more dynamic economy, but a more unequal society. We tried the experiment of trickle-down. A third of a century later, we can say fairly definitively that it was a failure.

  Joseph Stiglitz

  Decision, Levels, Regulation

  Source: www.businessinsider.com

• There is a clear and strong link between the economy's present woes and the Iraq war. The war was at least one of the factors contributing to rising oil prices - which meant Americans were spending money on imported oil, rather than on things that would stimulate the american economy. Hiring Nepalese contractors in Iraq, moreover, doesn't stimulate the American economy in the way that building a school in America would do - and obviously doesn't have the long term benefits.

  Joseph Stiglitz

  Strong, War, School

  Source: www.washingtonpost.com

• The country that's been most successful at that is Norway. The more typical countries are those in the Middle East where a small group seizes those resources, uses it to buy arms to make sure that they can oppress the remainder, and you get these great inequalities. So Canada is among the better performing of the natural resource economies, but it's still not up to the best performing.

  Joseph Stiglitz

  Country, Successful, Natural

  Source: www.macleans.ca

• Negative effects on the economy were covered up with a flood of liquidity from the Fed. That,plus lax regulation, led to a housing bubble, a consumption boom - but we were living on borrowed money. It was inevitable that there would be a day of reckoning, and it has now come. We will be paying the costs "with interest".

  Joseph Stiglitz

  Negative, Economy, Inevitable

  Source: www.washingtonpost.com

• The analysis in the era of Ronald Reagan and Margaret Thatcher was that government was interfering with the efficiency of the economy through protectionism, government subsidies, and government ownership. Once the government "got out of the way," private markets would allocate resources efficiently and generate robust growth. Development would simply come.

  Joseph Stiglitz

  Growth, Economy, Efficiency

• For 60 years, since World War II, we have been trying to create a rules-based system, a global economic system. We understand that what makes our economy function is what we call the rule of law, and what is true domestically is also true internationally. It is important to have rules by which we govern our relations with other countries.

  Joseph Stiglitz

  Country, War, Important

  Source: www.truth-out.org

• The only people benefiting in Iraq war are George Bush's Jr. friends in the oil industry. He has done the American economy and the global economy an enormous disfavor, but his Texan friends couldn't be happier.

  Joseph Stiglitz

  War, Oil, Iraq

  Source: www.spiegel.de

• Our economy has not served large fractions of our population. Trump grasped that. And rather than saying, "What have we not done right?" he said, "It's those foreigners. Let's build a wall." He says globalization is unfair to the United States.

  Joseph Stiglitz

  Wall, Done, Economy

  Source: www.truth-out.org

• World War II was really unusual, because America was in the Great Depression before. So the war did help the US economy to get securely out of this decline. This time, the war [in Iraq] is bad for the economy in both the short and long run. We could have spent trillions in research or education instead. This would have led to future productivity increases.

  Joseph Stiglitz

  Running, War, Iraq

  Source: www.spiegel.de

• There was a hope then by some people that what we call trickle-down economics would work. That if you made the economy pie bigger, everybody would benefit. Twenty-five years after NAFTA, we know that that is not true. We should have known then that it was not true.

  Joseph Stiglitz

  People, Economy

  Source: www.truth-out.org

• Health care is very different from other sectors of the economy in several respects, one of which is the fact that the risk can be very high beyond people's ability. That leads to insurance.

  Joseph Stiglitz

  People, Risk, Different

  Interview with Amitabh Pal, www.sharedhost.progressive.org. May 27, 2011.

• The crisis was 2008, in 2015 - almost eight years later and the gap between where we would have been and where we are is huge and not closing. The implied unemployment rate is very high, labour force participation is very low, and the increase in wages in the second quarter was the lowest in 25 years. Before this turmoil, the U.S. economy was in better shape than Europe or Canada, but not strong.

  Joseph Stiglitz

  Strong, Economy, Crisis

  Source: www.macleans.ca

• I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"

  Joseph Stiglitz

  Thinking, Banking, Levels

  Interview with Amitabh Pal, www.sharedhost.progressive.org. May 27, 2011.

• The median family income in the U.S. is lower than it was a quarter-century ago, and if people don't have income, they can't consume, and you can't have a strong economy. There's significant risk - actually it's no longer a risk - a significant likelihood of a marked slowdown not only in China, but also in a lot of other countries like Brazil, which is in recession. All of the other countries that depend on commodities, including Canada, are facing difficulties. So it's hard to see a story of a strong U.S. economy.

  Joseph Stiglitz

  Country, Strong, People

  Source: www.macleans.ca

• In a globally integrated economy, the biggest challenge is to make sure there is adequate global aggregate demand, achieved through spending, when countries like China feel they must save high levels of dollar reserves to protect against international currency volatility.

  Joseph Stiglitz

  Country, Challenges, Economy

  Source: www.huffingtonpost.com

• People at the top spend less money than those at the bottom so when you have redistribution toward the top, aggregate demand goes down. Unless you intervene, you're going to have a weak economy unless something else happens. That something else could be a bubble. The United States tried a tech bubble and a housing bubble, but those were not sustainable answers. So I view inequality as a fundamental part of our macroeconomic weakness.

  Joseph Stiglitz

  People, Weakness, Economy

  Source: www.macleans.ca

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