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" 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. "

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" 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. "

Joseph Stiglitz

Year

Long

Economy

" 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. "

" 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. "

" After the destruction of New Orleans by Hurricane Katrina in 2005, the shutdown of much of New York City by Sandy in 2012, and now the devastation wrought on Texas by Harvey, the U.S. can and should do better. "

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

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

" It's very hard to persuade a young person who has seen the Great Recession, who has seen all the problems with inequality, to tell them inequality is not important and that markets are always efficient. They'd think you're crazy. "

" 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. "

" The diversity of Europe is its strength. But for a single currency to work, over a region with enormous economic and political diversity, is not easy. "

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

" 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. "

" 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. "

" One can only hope that America, and other countries, will not need more natural persuasion before taking to heart the lessons of Hurricane Harvey. "

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

" 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. "

" Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor. "

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

" 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. "

" 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. "

" When you don't have equality of opportunity because you don't have equal access to education, it just seems so outrageous. It weakens our economy and leads to more inequality. "

" Bitcoin is successful only because of its potential for circumvention, lack of oversight. "

" There's a long list of investments that governments could and should be making. There is strengthening infrastructure, such as transport and communications; there is investment in education; there is investment in families, particularly putting measures in place that free women from having to make the choice between raising a family and work. "

" 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

" Too many countries of the former Soviet bloc remain under the control of authoritarian leaders, including some, like the Russian president, Vladimir Putin, who have learned how to maintain a more convincing facade of elections than their communist predecessors. "

Joseph Stiglitz

Control

" 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. "

" I don't think we can have democracies that work where most of the people are not benefiting economically, where most of the people are worried about their job security. "

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

" 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. "

" My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth. "

" We could have managed globalization in ways that ordinary citizens would have benefited rather than just the corporations. Trade is beneficial. There are gains to be had from taking advantage of comparative advantage and specialization. That's true, if you manage globalization right. "