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" It's very clear that TPP was promoted by corporate interests, it was driven by ideology, not by economic science. And when they started looking at the net trade benefits, they are miniscule. "

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" Europe can't rely on a Trump-led U.S. for its defence. But, at the same time, it should recognise that the cold war is over - however unwilling to acknowledge it America's industrial-military complex may be. "

Joseph Stiglitz

Over

America

Cold War

" 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. "

" 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. "

" In the end, the politics of the euro zone weren't strong enough to create a fully integrated fiscal union with a common banking system, etc. "

" 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. "

" A single currency entails a fixed interest rate, which means countries can't manage their own currency to suit their own needs. You need a variety of institutions to help nations for which the policies aren't well suited. Europe introduced the euro without providing those structures. "

" I think in part the reason is that seeing an economy that is, in many ways, quite different from the one grows up in, helps crystallize issues: in one's own environment, one takes too much for granted, without asking why things are the way they are. "

" Donald J. Trump has the good fortune of taking office as the economy is finally recovering from the 2008 crisis. "

" To maximise global social welfare, policymakers should strongly encourage the diffusion of knowledge from developed to developing countries. "

" 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

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

Joseph Stiglitz

Economists

Results

" The Paris climate agreement may be a harbinger of the spirit and mindset needed to sustain genuine global cooperation. "

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

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

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

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

" America's role in the global economy inevitably was going to diminish; we're smaller relative to - as China, India, other emerging markets grow. "

" 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. "

" Trump assumed office promising to 'drain the swamp' in Washington, D.C. Instead, the swamp has grown wider and deeper. "

" 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 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. "

" 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

" 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. "

" I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous. "

" 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. "

" Americans like to say we're fighting for democracy, and yet young Americans have come to the view that democracy doesn't deliver. "

" When you're in government, you have a big impact in Washington, but Washington may not be doing very much. "

" 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. "

" 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. "

" 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. "