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" Letting bygones be bygones is a basic principle in economics. "
Joseph Stiglitz
Principle
Letting
Economics
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" Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them. "
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" 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. "
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" Tax policy should reflect a country's values and address its problems. "
Joseph Stiglitz
Values
Tax
Reflect
" It is always better to tax bad things than good things. "
Joseph Stiglitz
Good Things
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" 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. "
Joseph Stiglitz
You
Education
Equality
" 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. "
Joseph Stiglitz
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World
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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. "
Joseph Stiglitz
Trade
Started
Science
" 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. "
Joseph Stiglitz
Work
World
Together
" Donald J. Trump has the good fortune of taking office as the economy is finally recovering from the 2008 crisis. "
Joseph Stiglitz
Crisis
Office
Good
" One can only hope that America, and other countries, will not need more natural persuasion before taking to heart the lessons of Hurricane Harvey. "
Joseph Stiglitz
Hurricane
Need
Hope
" Negative interest rates hurt banks' balance sheets, with the 'wealth effect' on banks overwhelming the small increase in incentives to lend. "
Joseph Stiglitz
Wealth
Hurt
Small
" 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
" 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. "
Joseph Stiglitz
Getting
Led
People
" 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. "
Joseph Stiglitz
Down
Said
Time
" Trump assumed office promising to 'drain the swamp' in Washington, D.C. Instead, the swamp has grown wider and deeper. "
Joseph Stiglitz
Deeper
Washington
Swamp
" 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
" I grew up in a family in which political issues were often discussed, and debated intensely. "
Joseph Stiglitz
Political
Which
Issues
" Americans like to say we're fighting for democracy, and yet young Americans have come to the view that democracy doesn't deliver. "
Joseph Stiglitz
Fighting
Young
View
" Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently. "
Joseph Stiglitz
Politics
Never
Policy
" 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
" 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. "
Joseph Stiglitz
World
Reputation
Know
" With neoliberalism discredited and austerity failed, we need to rewrite the rules of the economy once again. But this time in the right way. We need rules that focus on long-term economic growth, and the only kind of sustainable prosperity is shared prosperity. "
Joseph Stiglitz
Focus
Time
Need
" 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. "
Joseph Stiglitz
Trade
Someone
Doors
" 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. "
Joseph Stiglitz
Currency
Will
Working
" It isn't inevitable that we have a globalization which is used by the corporations not to pay taxes. It is not inevitable that we have a form of globalization in which corporations use the threat of moving jobs abroad to lower wages. None of this is inevitable. "
Joseph Stiglitz
Taxes
Moving
Globalization
" With the election of Trump, America's soft power has taken a big hit. The United States has moved from a position of leadership in the creation of a rules-based international system to a position of leadership in its destruction and the creation of a regime of global protectionism. The damage will be long-lasting. "
Joseph Stiglitz
America
Election
Power
" What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources. "
Joseph Stiglitz
Much
Knowledge
Resources
" International lending banks need to focus on areas where private investment doesn't go, such as infrastructure projects, education and poverty relief. "
Joseph Stiglitz
Education
Poverty
Investment
" In debate, one randomly was assigned to one side or the other. This had at least one virtue - it made one see that there was more than one side to these complex issues. "
Joseph Stiglitz
See
Side
Virtue
" 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. "
Joseph Stiglitz
Two
Unions
Capitalism