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

Joseph Stiglitz

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" 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

" 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

" I grew up in a family in which political issues were often discussed, and debated intensely. "

Joseph Stiglitz

" 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

" 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

" 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

" Amherst is a liberal arts college, committed to providing students with a broad education. "

Joseph Stiglitz

" Under the rule of law, if the government wants to prevent firms from outsourcing and offshoring, it enacts legislation and adopts regulations to create the appropriate incentives and discourage undesirable behaviour. It does not bully or threaten particular firms or portray traumatised refugees as a security threat. "

Joseph Stiglitz

" 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

" 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

" 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

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

Joseph Stiglitz

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

Joseph Stiglitz

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

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

" 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

" Globally, manufacturing jobs are on the decline, simply because productivity growth has outpaced growth in demand. "

Joseph Stiglitz

" China, with its large emerging middle class, is among the big beneficiaries of globalization. "

Joseph Stiglitz

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

Joseph Stiglitz

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

Joseph Stiglitz

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

Joseph Stiglitz

" Trump will fail even in his proclaimed goal of reducing the trade deficit, which is determined by the disparity between domestic savings and investment. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

" China's government has far more control over the country's economy than our government has over ours, and it is moving from export dependence to a model of growth driven by domestic demand. Any restriction on exports to the U.S. would simply accelerate a process already underway. "

Joseph Stiglitz

" 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

" A lot of my book, 'The Price of Inequality,' is about why there has been an increase in rent-seeking. "

Joseph Stiglitz

" 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

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

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

" 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. "

Joseph Stiglitz