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

Joseph Stiglitz

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

Joseph Stiglitz

" 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. "

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

" 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

" What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources. "

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

" 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. "

Joseph Stiglitz

" The Paris climate agreement may be a harbinger of the spirit and mindset needed to sustain genuine global cooperation. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

" I don't think we can have democracies that work where most of the people are not benefiting economically, where most of the people are worried about their job security. "

Joseph Stiglitz

" 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. "

Joseph Stiglitz

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

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

" 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

" 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

" Europe can't rely on a Trump-led U.S. for its defence. But, at the same time, it should recognise that the cold war is over - however unwilling to acknowledge it America's industrial-military complex may be. "

Joseph Stiglitz

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

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

" 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

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

Joseph Stiglitz

" 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

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

Joseph Stiglitz

" 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

" 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

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

Joseph Stiglitz

" 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

" 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. "

Joseph Stiglitz

" A less healthy America is not going to be as productive. "

Joseph Stiglitz

" My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth. "

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