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

Joseph Stiglitz

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" Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist. "

Joseph Stiglitz

" 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

" It is always better to tax bad things than good things. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

" If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system? "

Joseph Stiglitz

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

Joseph Stiglitz

" The IP standards advanced countries favour typically are designed not to maximise innovation and scientific progress, but to maximise the profits of big pharmaceutical companies and others able to sway trade negotiations. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

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

Joseph Stiglitz

" Growth is not an objective in itself; we should be concerned with standards of living. "

Joseph Stiglitz

" 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

" 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. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

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

Joseph Stiglitz

" 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

" 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. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

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

Joseph Stiglitz

" 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

" 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. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

" But while I loved all of these courses, there was an irresistible attraction of economics. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

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

Joseph Stiglitz

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

Joseph Stiglitz

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

Joseph Stiglitz

" Technology has been advancing so fast that the number of jobs globally in manufacturing is declining. There is no way that Trump can bring significant numbers of manufacturing jobs back to the U.S. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz