Joseph Stiglitz - 50MINUTES - ebook

Joseph Stiglitz ebook

50MINUTES

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Opis

Economist and Nobel Prize winner

This book is a practical and accessible guide to understanding the life and works of Joseph Stiglitz.

In 50 minutes you will be able to:

   • Recognize and understand the main ideas behind the contributions of Joseph Stiglitz and his New Keynesian approach
   • Identify the impact his work had on both economics and politics, and the new concepts and tools that he conceptualized
   • Understand the limits of his contributions and the criticisms held by other experts in his field, as well as the many extensions and related ideas that have been developed

ABOUT 50MINUTES.COM | Economic Culture

50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. They are the starting point for readers to develop their skills and expertise.

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Liczba stron: 22

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Joseph Stiglitz

Key information

Date and place of birth: Gary, Indiana on 9 February 1943.Context and background: Joseph Stiglitz is one of the best-known figures of new Keynesian economics and one of the pioneers of information economics.Notable works:Principles of Macroeconomics, 1993.Globalization and its Discontents, 2002.The Roaring Nineties: A New History of the World’s Most Prosperous Decade, 2003.Making Globalization Work: The Next Steps to Global Justice, 2006.Economics, 2006, in collaboration with Jean-Dominique Lafay (born in 1944) and Carl E. Walsh (born in 1949).Freefall: Free Markets, and the Sinking of the World Economy, 2010.The Price of Inequality, 2012.Recognition: In 2001, he shared the Nobel Memorial Prize in Economic Sciences with George Akerlof (born in 1940) and Michael Spence (born in 1943) for his contributions to information economics.Key concepts:Econometrics: A branch of economics that uses statistics and various mathematical tools to model the economic reality and the phenomena related to it (growth, inflation, etc.).GlobalisationHuman Development Index (HDI): An indicator which measures the human development of each country. It complements GDP per capita (which does not reflect individual and collective wellbeing) by incorporating life expectancy, level of education and standard of living.Information economics: A branch of economics which acknowledges the asymmetry of information in markets in order to study its impact on economic decisions.International Monetary Fund (IMF): An international institution whose role is to ensure financial stability on a global level and facilitate international trade.New Keynesianism: Also called New Keynesian economics, this school of economic thought emerged in response to new classical macroeconomics. It draws on the approach of John Maynard Keynes (British economist, 1883-1946) and complements his theory by analysing the microeconomic foundations of macroeconomics, in particular by explaining price rigidity through relative imperfections in information. This should not be confused with Neo-Keynesian economics. World Bank: An international institution that is one of the specialised agencies of the UN. Its role is to advise developing countries and grant them loans as part of the global fight against poverty.

Introduction

“The real debate today is about finding the right balance between the market and government. Both are needed.” (Stiglitz, cited in Altman, 2006)

Stiglitz regularly calls for increased dialogue between governments and markets, and even more so between markets and households. As a confirmed New Keynesian, he considers that the austerity policies implemented by countries to overcome crises are often illogical. His attitude to the efforts undertaken by the United States is uncompromising and he stresses their ineffectiveness, criticising in particular deregulation policies, the decline of progressive taxation and the weakening of the social safety net (The Price of Inequality, 2012).