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" 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. "

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" Trump has been criticized by mainstream Republicans for not really being one of them. But he is definitely one of them when it comes to the central palliative for any ill befalling the country: a tax cut for the rich. "

Joseph Stiglitz

Rich

Tax

Republicans

" 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. "

" Society can't function without shared prosperity. "

" 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. "

" America under Trump has gone from being a world leader to an object of derision. "

" The reality is that what we did in 2010 with the Dodd-Frank wasn't enough. "

" 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. "

" There is a broad consensus, not only in the United States but in most of the world, that if you are in an economic downturn, you need to stimulate. Germany seems to be an exception. "

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

" The notion that every well educated person would have a mastery of at least the basic elements of the humanities, sciences, and social sciences is a far cry from the specialized education that most students today receive, particularly in the research universities. "

" 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. "

" 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. "

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

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

" What I argued in 'The Great Divide' is that societies can't function without trust, both politically and economically. "

" 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. "

" 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. "

" Trump sees the world in terms of a zero-sum game. In reality, globalisation, if well managed, is a positive-sum force: America gains if its friends and allies - whether Australia, the E.U., or Mexico - are stronger. But Trump's approach threatens to turn it into a negative-sum game: America will lose, too. "

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

" 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. "

" America will suffer under Trump. "

" 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. "

" There is something about the mindset of a scientist that is different - an awareness of uncertainty, modeling, proof. "

" 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. "

" 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

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

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

" The diminishing economic role of the United States in the global economy means that global political power will also become more dispersed. The world will become multipolar. By clumsily re-asserting a wish for U.S. dominance, Donald Trump is accelerating the opposite. "

" High levels of economic inequality lead to imbalances in political power, as those at the top use their economic weight to shape our politics in ways that give them more economic power. "

" 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. "