American - Economist | February 9, 1943 -
Amherst is a liberal arts college, committed to providing students with a broad education.
Joseph Stiglitz
EducationCollegeArtsLiberal Arts
Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist.
ProfessionalIntellectualDevelopment
My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth.
ChangeGrowthResearchIncomeHow
If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?
FutureEfficiencyClearlySystemFar
Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation.
WorkDayLogicEvery DayObservation
But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.
InformationOthersResourcesAffect
As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.
WorkEconomicsProblemInformation
I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.
GoodMeInformationInsightMarket
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.
ThinkEnvironmentSeeingToo Much
International lending banks need to focus on areas where private investment doesn't go, such as infrastructure projects, education and poverty relief.
EducationFocusPovertyInvestment
If manufacturing jobs do come back to the U.S., they will be done by robots in hi-tech parts of the country rather than the Rust Belt states.
BackCountryRobotsDoneWillRust
For the president of the United States, reputation does matter. The reputation of the United States does matter. We are dealing with countries all over the world. They want to know if your word is good. Trump's word is not good.
GoodWorldReputationKnowWant
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