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" 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. "

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" 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. "

Joseph Stiglitz

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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. "

Joseph Stiglitz

Going

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" For Obama, the Trans-Pacific Partnership agreement - unilaterally abrogated by Trump - was part of the 'pivot to Asia,' a re-assertion of the role of America in that part of the world. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" I knew that discrimination existed, even though there were many individuals who were not prejudiced. "

" 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. "

" 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. "

" 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. "

" 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. "

" With my kids, I'm a little sappier than my father may have been. "

" But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs. "

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

" 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. "

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

" 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. "

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

" My teachers helped guide and motivate me; but the responsibility of learning was left with me, an approach to learning which was later reinforced by my experiences at Amherst. "

Joseph Stiglitz

Responsibility

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" 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

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" 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. "

" 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. "

" A politically astute president who understood deeply the economics and politics of corporate tax reform could conceivably muscle Congress toward a reform package that made sense. Trump is not that leader. "

" Donald Trump's astonishing victory in the U.S. presidential election has made one thing abundantly clear: too many Americans - particularly white male Americans - feel left behind. "

" 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. "

" 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. "

" 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. "

" The laws of normal economics dictate that lower taxes combined with increased spending will lead to bigger deficits. "