Joseph Stiglitz

Nobel economist: The coronavirus stimulus can't be a corporate bail-out. We need a new playbook for relief

Three years ago, in an ugly display of pigs feeding at the trough, there was a rush of special interests to take advantage of a secretive tax bill moving quickly through the Senate, with tens of billions of dollars going to certain industries, like real estate. We saw what happened: a short burst of economic growth that turned out to be remarkably weak, given the size of the deficit that it brought about. This year, growth was expected to decline to anemic levels—lower than 2 percent. While the predicted 1 trillion dollar deficits quickly emerged, the promised increases in investment and wages did not, as corporations paid out almost a trillion dollars in share buybacks.

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Economist Joseph Stiglitz: Trump's economy is an absolute disaster for people and the planet

It is becoming conventional wisdom that US President Donald Trump will be tough to beat in November, because, whatever reservations about him voters may have, he has been good for the American economy. Nothing could be further from the truth.

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6 Ways to Reform Our Corrupt Financial System

The following is an excerpt from the new book Rewriting the Rules of the American Economy by Joseph E. Stiglitz (W. W. Norton & Company, Inc., 2016):

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Inequality Is Killing Middle America

This week, Angus Deaton will receive the Nobel Memorial Prize in Economics “for his analysis of consumption, poverty, and welfare.” Deservedly so. Indeed, soon after the award was announced in October, Deaton published some startling work with Ann Case in the Proceedings of the National Academy of Sciences – research that is at least as newsworthy as the Nobel ceremony.

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Argentina Shows Greece There May Be Life After Default

When, five years ago, Greece's crisis began, Europe extended a helping hand. But it was far different from the kind of help that one would have wanted, far different from what one might have expected if there was even a bit of humanity, of European solidarity.

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How the TPP Amounts to a Corporate Takeover

NEW YORK - The United States and the world are engaged in a great debate about new trade agreements. Such pacts used to be called "free-trade agreements"; in fact, they were managed trade agreements, tailored to corporate interests, largely in the US and the European Union. Today, such deals are more often referred to as "partnerships,"as in the Trans-Pacific Partnership (TPP). But they are not partnerships of equals: the US effectively dictates the terms. Fortunately, America's "partners" are becoming increasingly resistant.

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Why Stupid Politics Is the Cause of Our Economic Problems

NEW YORK -- In 2014, the world economy remained stuck in the same rut that it has been in since emerging from the 2008 global financial crisis. Despite seemingly strong government action in Europe and the United States, both economies suffered deep and prolonged downturns. The gap between where they are and where they most likely would have been had the crisis not erupted is huge. In Europe, it increased over the course of the year.

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In the U.S., Downward Mobility and Vulnerability Is a Widely Shared Experience

NEW YORK -- Two new studies show, once again, the magnitude of the inequality problem plaguing the United States. The first, the U.S. Census Bureau's annual income and poverty report, shows that, despite the economy's supposed recovery from the Great Recession, ordinary Americans' incomes continue to stagnate. Median household income, adjusted for inflation, remains below its level a quarter century ago.

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Joe Stiglitz: The People Who Break the Rules Have Raked in Huge Profits and Wealth and It's Sickening Our Politics

The following is taken from a transcript of Joseph Stiglitz's remarks to the AFL-CIO convention in Los Angeles on September 8.

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We're Living in an Obama World -- Here's Why

Reprinted with kind permission from Project Syndicate

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