American - Economist | February 9, 1943 -
A less healthy America is not going to be as productive.
Joseph Stiglitz
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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.
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What I argued in 'The Great Divide' is that societies can't function without trust, both politically and economically.
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Americans like to say we're fighting for democracy, and yet young Americans have come to the view that democracy doesn't deliver.
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What's going to happen is that there will be a definite consensus that Europe is not working. The diagnosis will be to shed the currency and keep the rest, or that Europe is not working and a broader rejection - like in the U.K.
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I'm enough of a political junkie to know if you have large numbers of people much worse off, you're going to have consequences.
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There is something about the mindset of a scientist that is different - an awareness of uncertainty, modeling, proof.
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I began my career as a physicist. And in the White House, my buddies were the people from the White House office of science and technology policy. But a lot of the people were lawyers. They like winning an argument, but science-based, evidence-based reasoning was just sort of not in their framework.
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The financial sector has so distorted salaries that physicists are getting drawn into the financial sector. All that has led to an undersupply of people committed to the public sector.
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While it was an experiment to bring them together, nothing has divided Europe as much as the euro.
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When you're in government, you have a big impact in Washington, but Washington may not be doing very much.
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With my kids, I'm a little sappier than my father may have been.
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