Joseph Stiglitz Critiques Post-2008 Financial Policy and Suggests Reform

Drawing on the United Nations’ report World Economic Situation and Prospects 2016, former World Bank chief economist and senior vice-president Joseph E. Stiglitz, now  a professor at Columbia University, writes in The Guardian that “dominant [financial] policies during the post-crisis period . . . have tended to make matters worse.” He observes that “in the US quantitative easing did not boost consumption and investment,” and suggests the failure is partly due to “perverse incentives.” Stiglitz… Read More

Nobel Laureate: Debt/GDP Threshold Is “Nonsense”

Nobel Prize-winning Economist Joseph Stiglitz says the U.S. economy is currently operating in “trickle-up” fashion, with increases in wealth going to the wealthiest Americans and middle- and lower-income people struggling, which he says needs to change. Stiglitz also tells Bloomberg that austerity is no way to grow an economy. He says leaders in the U.S. and Europe need to use well-designed fiscal policies to stimulate the economy. He also says the idea that passing the… Read More

Stiglitz Confident in Strong China Growth

China’s economy has become more and more important to the global economy in recent years, and Nobel Prize-winning economist Joseph Stiglitz recently offered his thoughts on how China’s economy is faring.  Stiglitz tells Bloomberg he is confident that China can continue to put up strong growth numbers, and that he’s not too worried about a “hard landing” for the Chinese economy. [youtube=]

Stiglitz: This Is No Time for Austerity

Paul Krugman isn’t the only Nobel Prize-winning economist saying austerity measures are threatening to derail the economic recovery — not help it. Columbia University’s Joseph Stiglitz tells CNBC that there is a misconception that government cutbacks inspire confidence in the private sector. He says there is a “very high risk” of a double-dip recession, and says the U.S. needs to continue a program of monetary and fiscal stimulus, while changing its pattern of spending and… Read More

Stiglitz: More Stimulus Likely Needed to Avert Double-Dip

Nobel laureate and Columbia economist Joseph Stiglitz continues to believe that the U.S. needs another stimulus package, or else it will risk having high unemployment “through the middle of the decade” and a weak economy for the next several years. While much of the first stimulus funding has yet to be spent, he tells Yahoo! TechTicker that he sees a real risk of a double-dip recession without a second package that focuses on helping with… Read More

Stiglitz: Stumbling Blocks Ahead

Columbia University economist and Nobel laureate Joseph Stiglitz  tells Bloomberg News that he sees rough terrain ahead for the economy, and, potentially, the markets. Stiglitz says the next quarter or two may be good in terms of economic growth, but adds that over the longer term the economy doesn’t appear poised to grow enough to significantly reduce unemployment. He says that low interest rates and the weak economy have actually helped the market in recent… Read More

Stiglitz: Asian Recovery Is “Remarkable”

Two-time Nobel Prize-winning economist Joseph Stiglitz, who recently said he sees a period of “malaise” coming for the U.S. economy, is much more upbeat on Asia’s economies. “Asia’s recovery has been remarkable,” Stiglitz said at a conference in Bangkok, Voice of America reports. “People are talking about a ‘V’ shaped recovery. The big issue that it raises is can Asia decouple from the West — the U.S. and Europe? You have a robust large economy… Read More

Stiglitz Sees “Malaise” Ahead

Joseph Stiglitz, a two-time Nobel Prize winner and Columbia University economist, sees more rough sledding for the economy, and says the government should provide more stimulus funding to help with state government shortfalls and consumption slowdowns. Stiglitz tells Yahoo! TechTicker that, while the sense of economic free-fall has ended, the likelihood of real gains in employment anytime soon are “very remote”. There is serious risk of an “extended malaise” as the economy recovers, he says.