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" 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. "

Joseph Stiglitz

Pay

Work

Problem

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" If I came home with a grade of A, my father would say, 'There must have been a lot of dummies in that class.' "

" Letting bygones be bygones is a basic principle in economics. "

" Let me put it very forcefully: No large economy has ever recovered from an economic downturn through austerity. It's not going to happen in the United States, and it's not going to happen in Europe. "

Joseph Stiglitz

Going

Economy

" An economy in which most citizens are doing worse year after year - an economy like America's - is not likely to do well over the long haul. "

" One of the things that happens when you have austerity is that wages get lower, and some people think lower wages in the short run can increase corporate profits. "

" I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life. "

" Society can't function without shared prosperity. "

" Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society. "

" There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists. "

" A less healthy America is not going to be as productive. "

" Globally, manufacturing jobs are on the decline, simply because productivity growth has outpaced growth in demand. "

" By taxing CO2, firms and households would have an incentive to retrofit for the world of the future. The tax would also provide firms with incentives to innovate in ways that reduce energy usage and emissions - giving them a dynamic competitive advantage. "

" When you have a highly divided society, it's hard to come together to make investments in the common good. "

" European officials thought that austerity was part of what they called their 'convergence policies,' of trying to bring countries together. Instead, it actually made things worse. There's more inequality within countries and more disparity across countries. "

" The euro zone was driven by the neoliberal view that markets are always efficient. That in itself is political. There was no pressing economic need that the euro was required to solve, but leaders believed that it would foster growth. "

" But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs. "

" What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources. "

" Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them. "

" Growth is not an objective in itself; we should be concerned with standards of living. "

" Having excessive power in the hands of one country meant the fate of the world was too dependent on what happened in that one country. "

" While it was an experiment to bring them together, nothing has divided Europe as much as the euro. "

" Under Ronald Reagan in the United States and Margaret Thatcher in the U.K., there was a rewriting of the basic rules of capitalism. These two governments changed the rules governing labour bargaining, weakening trade unions, and they weakened anti-trust enforcement, allowing more monopolies to be created. "

" Trump can bring jobs back, but they will be minimal-wage jobs, not the high-paying jobs of the 1950s. "

" The U.S. basically wrote the rules and created the institutions of globalisation. "

" 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. "

" The bank bailout should have been more focused on helping small and medium sized banks, on helping homeowners. I think the trade agreements are a disaster. "

" When markets fail, as they often do, collective action becomes imperative. "

" The IP standards advanced countries favour typically are designed not to maximise innovation and scientific progress, but to maximise the profits of big pharmaceutical companies and others able to sway trade negotiations. "

" Tax policy should reflect a country's values and address its problems. "

" A politically astute president who understood deeply the economics and politics of corporate tax reform could conceivably muscle Congress toward a reform package that made sense. Trump is not that leader. "