His more recent writings takes him to income inequality and the depths of African policy that has failed their economies. Dr. Stiglitz was studying and advising policy before the "Trickle Down Economics" hubris of the Bush White House.
It wasn't Reagan that started the political dogma of Trickle Down, while running against Reagan for the Presidential nomination in 1980, George H. W. Bush had derided Reaganomics as "voodoo economics."
But, Dr. Stiglitz advocated governments responsibility in economics as an observer and monitor as his work focused on how markets are not as efficient as most think.
He is a Nobel Laureate in Economics as of 2001. Studies in the theory of economic growth and income distribution. (click here).
His current works include a book entitled, "The Price of Inequality." It focuses on income inequality as a danger to economic growth and the fact even the 1% will pay a steep price. The 1% are the hoarders during all the Quantitative Easing of 1, 2 and 3.
Yes, Income Inequality, the 1%, the 99% has an origin from a highly distinguished economist. It is not simply political rhetoric. Is there any wonder that Chairwomen Yellin has a "To Do List" that includes Too Big To Fail. This is real and the danger continues.
Immediately below is the link to an article in Vanity Fair he authored.
Joseph Stiglitz
theguardian.com,
The eurozone may be growing again but, (click here) in any meaningful sense, an economy in which most people's incomes are below their pre-2008 levels is still in recession
When the US investment bank Lehman Brothers collapsed in 2008, triggering the worst global financial crisis since the Great Depression, a broad consensus about what caused the crisis seemed to emerge.
A bloated and dysfunctional financial system had misallocated capital and, rather than managing risk, had actually created it. Financial deregulation – together with easy money – had contributed to excessive risk-taking. Monetary policy would be relatively ineffective in reviving the economy, even if still-easier money might prevent the financial system's total collapse. Thus, greater reliance on fiscal policy – increased government spending – would be necessary.
Five years later, while some are congratulating themselves on avoiding another depression, no one in Europe or the United States can claim that prosperity has returned. The European Union is just emerging from a double-dip (and in some countries a triple-dip) recession, and some member states are in depression. In many EU countries, GDP remains lower, or insignificantly above, pre-recession levels. Almost 27 million Europeans are unemployed....
The point is there are real economics in multiple numbers that hold opinions on what real economic policy looks like and it doesn't even resemble any austerity or GOP trickle down theory.
Joseph Stiglitz
theguardian.com,
Corporations are attempting to achieve by stealth (click here) – through secretly negotiated trade agreements – what they could not attain in an open political process
International investment agreements are once again in the news. The United States is trying to impose a strong investment pact within the two big so-called "partnership" agreements, one bridging the Atlantic, the other the Pacific, that are now being negotiated. But there is growing opposition to such moves....
...The agreements would significantly inhibit the ability of developing countries' governments to protect their environment from mining and other companies; their citizens from the tobacco companies that knowingly purvey a product that causes death and disease; and their economies from the ruinous financial products that played such a large role in the 2008 global financial crisis. They restrict governments even from placing temporary controls on the kind of destabilising short-term capital flows that have so often wrought havoc in financial markets and fuelled crises in developing countries. Indeed, the agreements have been used to challenge government actions ranging from debt restructuring to affirmative action....
It wasn't Reagan that started the political dogma of Trickle Down, while running against Reagan for the Presidential nomination in 1980, George H. W. Bush had derided Reaganomics as "voodoo economics."
But, Dr. Stiglitz advocated governments responsibility in economics as an observer and monitor as his work focused on how markets are not as efficient as most think.
He is a Nobel Laureate in Economics as of 2001. Studies in the theory of economic growth and income distribution. (click here).
Yes, Income Inequality, the 1%, the 99% has an origin from a highly distinguished economist. It is not simply political rhetoric. Is there any wonder that Chairwomen Yellin has a "To Do List" that includes Too Big To Fail. This is real and the danger continues.
Immediately below is the link to an article in Vanity Fair he authored.
Joseph Stiglitz
theguardian.com,
The eurozone may be growing again but, (click here) in any meaningful sense, an economy in which most people's incomes are below their pre-2008 levels is still in recession
When the US investment bank Lehman Brothers collapsed in 2008, triggering the worst global financial crisis since the Great Depression, a broad consensus about what caused the crisis seemed to emerge.
A bloated and dysfunctional financial system had misallocated capital and, rather than managing risk, had actually created it. Financial deregulation – together with easy money – had contributed to excessive risk-taking. Monetary policy would be relatively ineffective in reviving the economy, even if still-easier money might prevent the financial system's total collapse. Thus, greater reliance on fiscal policy – increased government spending – would be necessary.
Five years later, while some are congratulating themselves on avoiding another depression, no one in Europe or the United States can claim that prosperity has returned. The European Union is just emerging from a double-dip (and in some countries a triple-dip) recession, and some member states are in depression. In many EU countries, GDP remains lower, or insignificantly above, pre-recession levels. Almost 27 million Europeans are unemployed....
The point is there are real economics in multiple numbers that hold opinions on what real economic policy looks like and it doesn't even resemble any austerity or GOP trickle down theory.
Joseph Stiglitz
theguardian.com,
Corporations are attempting to achieve by stealth (click here) – through secretly negotiated trade agreements – what they could not attain in an open political process
International investment agreements are once again in the news. The United States is trying to impose a strong investment pact within the two big so-called "partnership" agreements, one bridging the Atlantic, the other the Pacific, that are now being negotiated. But there is growing opposition to such moves....
...The agreements would significantly inhibit the ability of developing countries' governments to protect their environment from mining and other companies; their citizens from the tobacco companies that knowingly purvey a product that causes death and disease; and their economies from the ruinous financial products that played such a large role in the 2008 global financial crisis. They restrict governments even from placing temporary controls on the kind of destabilising short-term capital flows that have so often wrought havoc in financial markets and fuelled crises in developing countries. Indeed, the agreements have been used to challenge government actions ranging from debt restructuring to affirmative action....
