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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. "

Joseph Stiglitz

People

Winning

Technology

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" With my kids, I'm a little sappier than my father may have been. "

" 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. "

" I knew that discrimination existed, even though there were many individuals who were not prejudiced. "

" 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. "

" 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. "

" Negative interest rates hurt banks' balance sheets, with the 'wealth effect' on banks overwhelming the small increase in incentives to lend. "

" Under the rule of law, if the government wants to prevent firms from outsourcing and offshoring, it enacts legislation and adopts regulations to create the appropriate incentives and discourage undesirable behaviour. It does not bully or threaten particular firms or portray traumatised refugees as a security threat. "

" America will suffer under Trump. "

" Economists often like startling theorems, results which seem to run counter to conventional wisdom. "

Joseph Stiglitz

Economists

Results

" 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

" 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. "

" To someone like me, who has watched trade negotiations closely for more than a quarter-century, it is clear that U.S. trade negotiators got most of what they wanted. The problem was with what they wanted. Their agenda was set, behind closed doors, by corporations. "

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

" My teachers helped guide and motivate me; but the responsibility of learning was left with me, an approach to learning which was later reinforced by my experiences at Amherst. "

Joseph Stiglitz

Responsibility

Teachers

" The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy. "

" The laws of normal economics dictate that lower taxes combined with increased spending will lead to bigger deficits. "

" International lending banks need to focus on areas where private investment doesn't go, such as infrastructure projects, education and poverty relief. "

" One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine. "

" 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. "

" 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. "

" Ensuring preschool education for all and investing more in public schools is essential if the U.S. is to avoid becoming a neo-feudal country where advantages and disadvantages are passed on from one generation to the next. "

" President Trump sees the world in transactional and zero-sum terms - if something is good for China, it must be bad for the U.S. By contrast, economists see the world in much more nuanced ways: if globalization is well-managed, it can be a positive-sum game, where both the U.S. and China gain; if it is badly managed, it can be negative-sum. "

" For Obama, the Trans-Pacific Partnership agreement - unilaterally abrogated by Trump - was part of the 'pivot to Asia,' a re-assertion of the role of America in that part of the world. "

" I went to Amherst because my brother had gone there before me, and he went there because his guidance counselor thought that we would do better there than at a large university like Harvard. "

Joseph Stiglitz

University

Brother

" 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. "

" Those who have contributed great positive innovations to our society, from the pioneers of genetic understanding to the pioneers of the Information Age, have received a pittance compared with those responsible for the financial innovations that brought our global economy to the brink of ruin. "

" 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. "

" If Trump wants to withdraw the U.S. from the Paris climate agreement, the rest of the world should impose a carbon-adjustment tax on U.S. exports that do not comply with global standards. "

" I, like many members of my generation, was concerned with segregation and the repeated violation of civil rights. "

Joseph Stiglitz

Generation

Rights

" In an economy, when the government spends more and invests in the economy, that money circulates, and recirculates again and again. So not only does it create jobs once: the investment creates jobs multiple times. "