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"Stiglitz, Joseph E"
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Where modern macroeconomics went wrong
This paper provides a critique of the DSGE models that have come to dominate macroeconomics during the past quarter-century. It argues that at the heart of the failure were the wrong micro-foundations, which failed to incorporate key aspects of economic behaviour, e.g. incorporating insights from information economics and behavioural economics. Inadequate modelling of the financial sector meant they were ill-suited for predicting or responding to a financial crisis; and a reliance on representative agent models meant they were ill-suited for analysing either the role of distribution in fluctuations and crises or the consequences of fluctuations on inequality. The paper proposes alternative benchmark models that may be more useful both in understanding deep downturns and responding to them.
Journal Article
Freefall : free markets and the sinking of the global economy
The current global financial crisis carries a made-in-America label. In this incisive book, Nobel Laureate Joseph Stiglitz explains how America exported bad economics, bad policies, and bad behaviour to the rest of the world, only to cobble together a haphazard and ineffective response when the markets finally seized up.
The price of complexity in financial networks
Financial institutions form multilayer networks by engaging in contracts with each other and by holding exposures to common assets. As a result, the default probability of one institution depends on the default probability of all of the other institutions in the network. Here, we show how small errors on the knowledge of the network of contracts can lead to large errors in the probability of systemic defaults. From the point of view of financial regulators, our findings show that the complexity of financial networks may decrease the ability to mitigate systemic risk, and thus it may increase the social cost of financial crises.
Journal Article
Neoliberalismo, economía keynesiana y la respuesta a la inflación actual
The article criticizes the neoliberal policies that are usually applied to solve the various economic crises and problems of recent decades. It argues that such actions are not based on the economic reality, so they are not effective, nor do they focus on the ways in which they negatively affect different social groups—such as unemployment, increased inequality, and housing crises, since they are only conceived as collateral damage. This reflection is based on the economic policies applied to two current phenomena: the crisis caused by the covid-19 pandemic and inflation, which have highlighted the need for a more active government intervention.
El artículo hace una crítica a las políticas neoliberales que usualmente se aplican para solucionar las distintas crisis y problemas económicos de las últimas décadas. Argumenta que tales acciones no se basan en la realidad económica, por lo que no son efectivas ni se enfocan en las formas en que afectan negativamente a distintos grupos sociales — como desempleo, aumento de desigualdad, crisis de vivienda —, pues sólo se conciben como daños colaterales. Aterriza esta reflexión en las políticas económicas aplicadas a dos fenómenos actuales: la crisis por la pandemia de covid-19 y la inflación, que han dejado en evidencia la necesidad de una intervención más activa del gobierno.
Journal Article
The road to freedom : economics and the good society
\"We are a nation born from the conviction that people must be free. But since the middle of the last century, that idea has been co-opted. Forces on the political Right have justified exploitation by cloaking it in the rhetoric of freedom, leading to pharmaceutical companies freely overcharging for medication, a Big Tech free from oversight, politicians free to incite rebellion, corporations free to pollute, and more. How did we get here? Whose freedom are we--and should we--be thinking about? In The Road to Freedom, Nobel prize winner Joseph E. Stiglitz dissects America's current economic system and the political ideology that created it, laying bare their twinned failure. \"Free\" and unfettered markets have only succeeded in delivering a series of crises: the financial crisis, the opioid crisis, and the crisis of inequality. While a small portion of the population has amassed considerable wealth, wages for most people have stagnated. Free and unfettered markets have exploited consumers, workers, and the environment alike. Such failures have fed populist movements that believe being free means abandoning any obligations citizens have to one another. As they grow in strength, these movements now pose a real threat to true economic and political freedom. As an economic advisor to presidents and as chief economist at the World Bank, Stiglitz has witnessed these profound changes firsthand. As he argues, the failures follow from the elites' unshakeable dedication to \"the neoliberal experiment.\" Explicitly taking on giants such as Friedrich Hayek and Milton Friedman, Stiglitz exposes accepted ideas about our political and economic life for what they are: twisted visions that tear at the social fabric while they enrich the very few. The Road to Freedom breaks new ground, showing how economics--including recent advances in which Stiglitz has played such an important role--reframes how to think about freedom and the role of the state in a twenty-first century society. Drawing on the work of contemporary philosophers, Stiglitz explains a deeper, more humane way to assess freedoms--one that considers with care what to do when one person's freedom conflicts with another's. We must reimagine our existing economic and legal systems and embrace forms of collective action, including regulation and investment, if we are to create an innovative society in which everyone can flourish. The task could not be more urgent, and Stiglitz's latest book is essential reading for those committed to the American ideal of an economic and political system that delivers well-being, opportunity, and meaningful freedoms for all\"--Dust jacket flaps.
Book
Information and the Change in the Paradigm in Economics
It is shown that information economics represents a fundamental change in the prevailing paradigm within economics. The ways by which information assymetries are dealt with and how they can be overcome are discussed. The competitive paradigm that dominated economic thinking for two centuries was not robust, did not explain key economic phenomena, and led to misguided policy prescriptions. The underlying forces of demand and supply are still important, though in the new paradigm, they become only part of the analysis. They are not the whole analysis.
Journal Article
Creating a learning society : a new approach to growth, development, and social progress
\"A superb new understanding of the dynamic economy as a learning society, one that goes well beyond the usual treatment of education, training, and R&D.\"—Robert Kuttner, author of The Stakes: 2020 and the Survival of American Democracy
Since its publication Creating a Learning Society has served as an effective tool for those who advocate government policies to advance science and technology. It shows persuasively how enormous increases in our standard of living have been the result of learning how to learn, and it explains how advanced and developing countries alike can model a new learning economy on this example. Creating a Learning Society: Reader's Edition uses accessible language to focus on the work's central message and policy prescriptions. As the book makes clear, creating a learning society requires good governmental policy in trade, industry, intellectual property, and other important areas. The text's central thesis—that every policy affects learning—is critical for governments unaware of the innovative ways they can propel their economies forward.
\"Profound and dazzling. In their new book, Joseph E. Stiglitz and Bruce C. Greenwald study the human wish to learn and our ability to learn and so uncover the processes that relate the institutions we devise and the accompanying processes that drive the production, dissemination, and use of knowledge . . . This is social science at its best.\"—Partha Dasgupta, University of Cambridge
\"An impressive tour de force, from the theory of the firm all the way to long-term development, guided by the focus on knowledge and learning . . . This is an ambitious book with far-reaching policy implications.\"—Giovanni Dosi, director, Institute of Economics, Scuola Superiore Sant'Anna
\"[A] sweeping work of macroeconomic theory.\"— Harvard Business Review
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