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" 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
Me
Brother
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" We share a common planet, and the world has learned the hard way that we have to get along and work together. We have learned, too, that cooperation can benefit all. "
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" The reality is that what we did in 2010 with the Dodd-Frank wasn't enough. "
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" The U.S. basically wrote the rules and created the institutions of globalisation. "
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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. "
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" 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. "
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Country
Education
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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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" But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs. "
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Resources
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" 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. "
Joseph Stiglitz
Robots
Done
Country
" Donald J. Trump has the good fortune of taking office as the economy is finally recovering from the 2008 crisis. "
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Crisis
Office
Good
" If there is a silver lining in the Trump cloud, it is a new sense of solidarity over core values such as tolerance and equality, sustained by awareness of the bigotry and misogyny, whether hidden or open, that Trump and his team embody. "
Joseph Stiglitz
Cloud
Team
Equality
" Globalization and trade liberalization were supposed to make us all better off through the mechanism of trickle-down economics. What we seemed to be seeing instead was trickle-up economics, accompanied by a destruction of democratic politics, as we moved ever closer to a system of 'one dollar, one vote' as opposed to 'one person, one vote.' "
Joseph Stiglitz
Vote
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Economics
" Obama had to save the banks, sure, but he didn't have to save the bankers and the shareholders and the bondholders. We broke the rules of capitalism in order to save those at the top - as we always do. "
Joseph Stiglitz
Always
He
Capitalism
" If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system? "
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System
Efficiency
Future
" Behind Trump's promise to 'make America great again' lie many fallacies. The most important fallacy is that America's place in the world can be restored to the one it occupied after World War II, when Europe was still recovering from vast devastation and most developing countries were still European colonies. It can't be. "
Joseph Stiglitz
World
Lie
Place
" The Paris climate agreement may be a harbinger of the spirit and mindset needed to sustain genuine global cooperation. "
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May
Spirit
Paris
" Technology has been advancing so fast that the number of jobs globally in manufacturing is declining. There is no way that Trump can bring significant numbers of manufacturing jobs back to the U.S. "
Joseph Stiglitz
Numbers
Fast
Manufacturing
" Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation. "
Joseph Stiglitz
Logic
Every Day
Exploring
" 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
Me
" In addition to offering benefits to those who invest, carry out research, and create jobs, higher taxes on land and real-estate speculation would redirect capital toward productivity-enhancing spending - the key to long-term improvement in living standards. "
Joseph Stiglitz
Improvement
Create
Research
" When markets fail, as they often do, collective action becomes imperative. "
Joseph Stiglitz
Action
Markets
Collective
" The Clinton years were not an economic Nirvana; as chairman of the president's Council of Economic Advisers during part of this time, I'm all too aware of mistakes and lost opportunities. "
Joseph Stiglitz
Too
Lost
Mistakes
" Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist. "
Joseph Stiglitz
Development
Intellectual
Professional
" A lot of my book, 'The Price of Inequality,' is about why there has been an increase in rent-seeking. "
Joseph Stiglitz
Why
Price
Lot
" 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. "
Joseph Stiglitz
Children
American
Life
" Amherst is a liberal arts college, committed to providing students with a broad education. "
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Arts
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" China-led globalization in some ways worries me because they are not concerned about human rights, labor rights. They probably aren't even really concerned about competitive marketplaces. So in some ways, they're like Mr. Trump. "
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Human Rights
Globalization
" 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. "
Joseph Stiglitz
Thought
Together
Trying
" Some people say we have this inequality because some people have been contributing much more to our society, and so it's fair that they get more. But then you look at the people who are at the top, and you realize they're not the people who have transformed our economy, our society. "
Joseph Stiglitz
People
Society
You
" Hedge funds are not noted for their long-term thinking - for them, a quarter is an eternity. "
Joseph Stiglitz
Thinking
Eternity
Long-Term
" A less healthy America is not going to be as productive. "
Joseph Stiglitz
Healthy
Productive
America