Des milliers de livres avec la livraison chez vous en 1 jour ou en magasin avec -5% de réduction ou téléchargez la version eBook. Much was at stake. The Nobel Prizes 2001, Editor Tore Frängsmyr, [Nobel Foundation], Stockholm, 2002. Both of my parents were born within six miles of Gary, early in the century, and continued to live in the area until 1997. In one of my most cited papers, that with Avinash Dixit9, we constructed a model in which there are so many firms that each can ignore its impact on others’ economic actions, but still, firms face downward sloping demand curves – there is monopolistic competition. My love of politics first manifested itself in my days at Amherst. Dans un entretien donné à l’AFP, le prix Nobel d’économie 2001 Joseph Stiglitz s’est inquiété de la conjoncture économique mondiale. The research that I had been conducting over the preceding twenty five years provided the intellectual foundations for this “third way.”. The most important paper to emerge from my thesis, “The Distribution of Income and Wealth Among Individuals,”1 received considerable attention at the time, but unfortunately, the topic has not been one which has received much attention from the economic profession, so that it has not generated as much follow-on research as I had hoped. Pandémie : Joseph Stiglitz plaide pour se débarrasser du PIB. The models seemed more consonant with free market prescriptions, though they were presented more as benchmarks rather than full characterizations. “Distinguished Lecture on Economics in Government: The Private Uses of Public Interests: Incentives and Institutions”. Stiglitz, 1991, 1997a.) He worried about big business, and valued our competition laws. See also Stiglitz (1974c, 1992). These were the years where many civil rights activists from the North were killed; but in our enthusiasm for doing what was right, these risks never crossed our minds. For more than a century, these academic institutions have worked independently to select Nobel Laureates in each prize category. For many years after leaving MIT, I was best known as Samuelson’s editor, which I did not always appreciate, since I wanted to be known for my own work. Par Thinkerview. Hausser le taux fédéral minimum à 15 $ US/h pourrait « calmer la colère », croit la lauréate du prix Nobel. But my friends and allies beat back the initiative, and I continued to use the platform of the presidency of the student council to promote social change. 13. I organized an exchange program with a small, African-American, southern school; I believed it was important for us to understand, as much as we could, what they were confronting. If the IMF had only pushed its views – misrepresenting them as the lessons of economic orthodoxy, describing them as if they were Pareto dominant (that is, they were policies which would make everyone better off, so that there were no trade-offs), rather than the policies which reflected the perspectives and interests of particular groups within society – that would have been bad enough. There were clear links between the dismal performances and the particular policies that the IMF had advocated, such as the voucher privatization schemes and excessive monetary stringency. The style of teaching was exemplified by his choice of texts for the micro course. But as I quickly became engrossed in the problems of development, a variety of issues surfaced, the most important of which was the intellectual framework with which development was to be pursued. Within this framework, it became clear that Ramsey’s analysis of optimal commodity taxes made little sense; only if the government could not impose income taxes as well as commodity taxes (as was the case in some developing countries) was it of much relevance. As I note in my Prize lecture, the failure of the IMF to take on board fully the consequences of these assumptions played an important role in their policy failures almost three decades later. 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. Sah and Stiglitz (1985a, 1986). But what distinguished Amherst was not only what was taught, but how it was taught, and the close relationships we had with our teachers. Unfortunately, the preferred form of expression in the profession was narrowly defined articles, making a single point. One of the main questions with which I was concerned was how to redistribute income in a way as to minimize the loss in efficiency that is inevitably associated with tax distortions. La finance est nécessaire à l’accroissement de la production, mais aussi à l’épanouissement de la culture. Stiglitz, a professor at Columbia University who won the Nobel Prize in 2001, refuted the claim, saying the failure of Trump’s economic policies is … Installée il y a 18 mois, la commission présidée par Joseph Stiglitz, prix Nobel d'économie en 2001, et composée d'économistes et de spécialistes de sciences sociales, a remis lundi son rapport à … If Amherst hadn’t given me a degree, I could have given a similar response. Nobel prize-winning economist Joseph Stiglitz tells Financial News that bitcoins only exist for the purpose of illicit activity. “On the Microeconomics of Technical Progress,” in Jorge M. Katz. The IMF was using models that failed to incorporate the advances in economic theory of the past twenty five years, including the work on imperfect information and incomplete markets to which I had contributed. Joseph Stiglitz est né en 1943 dans lIndiana. In the work on the economics of uncertainty, I explored the consequences, given beliefs about probability distributions, say, of prices and outputs, of economic behavior. I recognized that the standard model was deficient not only in its assumptions about information, but also in ignoring technical change. Later, I began to think of the problem of taxation as an information problem – limited information imposed restrictions on the set of taxes that could be imposed; and asked what were the set of pareto efficient tax structures, that is, given the limitations on information, what were the set of tax structures such that no one could be made better off without making anyone worse off. 3. Thus, models which suggested that there was no such thing as unemployment, or that it was at most short lived, to my mind were suspect. I had come to the World Bank under an agreement that I would be more than a corporate spokesperson, that I could speak out on the relevant issues, in a responsible way. The major concern in my research on dynamics was the stability of the market economy. “Industrial Structure and the Nature of Innovative Activity,”. I was born in Gary, Indiana, at the time, a major steel town on the southern shores of Lake Michigan, on February 9, 1943. I wanted to see as many views as I could, and I worried about coming too much under the influence of Samuelson and Solow. My conviction that if one attains positions of “power” one should view them as opportunities for social change also manifested itself. (This attitude served me well; in 1993, while many Clinton appointees faced problems in being vetted because of their failure to pay these taxes, I was spared these problems because I had followed his example.). Economists tend to move in particular circles, defined by their “school” and “subject.” Endogenous growth theory in the 80s grew out of the Chicago school, while the earlier work on growth theory was part of the MIT school – treating Uzawa, though a professor at Chicago, as an honorary member of the MIT fraternity. “The Economic Role of the State: Efficiency and Effectiveness,” in T.P. But, of course, during the great depression wages and prices had fallen considerably. -. My work on the economics of uncertainty led naturally to the work on information asymmetries, and more generally, imperfect information. -. The problem of how people form their beliefs is, of course, the central question of statistics: making inferences on the basis of limited data. (Paul allegedly once wrote a letter of recommendation for me which summarized my accomplishments by saying that I was the best economist from Gary, Indiana.) I grew up in a family in which political issues were often discussed, and debated intensely. Today’s increased savings translated into tomorrow’s increased income, and, with rational expectations, that increased income translated into higher consumption today. “Thanks for Nothing.” The Atlantic Monthly, October 2001a, 288(3), pp.36-40. assemblÉe: le prix nobel d’Économie, joseph stiglitz, propose la crÉation d’une nouvelle facilitÉ de crÉdit et d’un autre systÈme mondial de rÉserves pour surmonter la crise But more complicated issues were raised by the dynamics, and by the obvious use of capital gains as part of tax avoidance strategies. The flexibility of MIT, and Amherst, – the deadlines for application were well past, the money for fellowships had largely already been dispensed – is a tribute to America’s higher educational system, and one of the reasons that it continues to excel. During this period, I continued my work on economic dynamics, and began my research on the economics of uncertainty, which in turn, quickly led to the work on the economics of information. Source :Thinkerview, Youtube, 25-09-2019 ... Il n’existe pas de Prix Nobel d’économie mais un prix de la Banque de Suède en sciences économiques en mémoire d’Alfred Nobel. by the Laureate. In some cases, some individuals are better off in one equilibrium, some worse off, but in other cases, one equilibrium could Pareto dominate others.5, 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. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). I moved both across schools and subjects. Il a publié de nombreux ouvrage, parmi lesquels Le prix de l'inégalité ou Le triomphe de la cupidité (Les Liens qui libèrent). We debated about what was wrong with the models that we were being taught. Such taxes were regressive, and I could not believe that they were truly “optimal.” Atkinson and I (1972) formally incorporated distributional concerns in the design of tax policy, with results that were more in accord with our intuition. “Benefit-Cost Analysis and Trade Policies.”, -. Entrevue exclusive avec un économiste iconoclaste devenu l'un des maîtres à penser du courant altermondialiste. “The Inefficiency of the Stock Market Equilibrium.”, -. This project, in turn, led to a joint research project with Richard Arnott on the relationship between expenditures on public goods and land rents: was it possible to finance the optimal supply of public goods by a tax on land only (what I referred to as the Henry George theorem). The second suit was one against the federal government. Publié le 2008-08-22 | Le Nouvelliste Une analyse au vitriol qui séduira les lecteurs avides de comprendre des mécanismes économiques contemporains mais qui déçoit également par son manque d'audace. Both of my parents were born within six miles of Gary, early in the century, and continued to live in the area until 1997. It seemed to me that any persuasive theory of the firm had to be consistent with these, and other, aspects of widely observed firm behavior. (Stiglitz, 1977). The next morning, I received a twenty-page comment from James Meade (who received the Nobel Prize in 1977), suggesting elaborations and alternative interpretations. I helped calculate the magnitude of the amount by which the previous lease had “cheated” them – magnitudes in excess of a billion dollars in present terms – and though the tribe was never compensated for these past injuries, the information I provided did, I think, contribute to a settlement which was far fairer than would otherwise have been the case. “The Role of Government in Economic Development,” in M. Bruno and B. Pleskovic, eds.. -. Prix nobel d economie, Le prix de l'inégalité, Joseph Eugene Stiglitz, Paul Chemla, Françoise Chemla, Les Liens Qui Liberent. (Stiglitz, 1969b.) (See Stiglitz, 1994) I came to the conclusion that the failure of the socialist economies reinforced my belief in the inadequacy of the competitive equilibrium model. For instance, the discussions of the encounters between different civilizations that was a major theme in our Freshman history class helped shape my thinking about globalization more than three decades later; I felt I was in a better position to think about the current episode from an historical perspective, and see it more through the eyes of the other side. Explications. Après avoir occupé le poste d’économiste en chef de la Banque mondiale de 1997 à 2000, il a reçu le prix Nobel d’économie en 2001, conjointement avec Akerlof et Spence. Joseph Stiglitz, prix Nobel d'économie, a été économiste en chef de la Banque mondiale. See e.g. Economics of information had provided a framework within which this question could, for the first time, be addressed in a meaningful way, as I explain in my Prize lecture. Prix Nobel/ Nobel Lectures/The Nobel Prizes. The reason was simple: an increase in government expenditures today had some spill overs to future periods. My father, on the other hand, was probably more aptly described as a Jeffersonian democrat; a small businessman (an independent insurance agent) himself, he repeatedly spoke of the virtues of self-employment, of being one’s own boss, of self-reliance. I simply wanted to learn as much as I could as quickly as I could – not from any sense of “getting ahead” but simply from an overwhelming sense that there was so much to learn, and one needed to get on with it. The debates were heated. “A Model of Employment Outcomes Illustrating the Effect of the Structure of Information on the Level and Distribution of Income.”, Sah, Raaj K. and Stiglitz, Joseph E. “Human Fallibility and Economic Organization.”, -. As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability – the difficulty that those who pay for information have in getting returns. Joseph E. Stiglitz - Prize Lecture: Information and the Change in the Paradigm in Economics, The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001, Akerlof, George and Stiglitz, Joseph E. “Investment, Income and Wages.”, -.”Capital, Wages and Structural Unemployment.”, Arnott, Richard J. and Stiglitz, Joseph E. “Aggregate Land Rents, Expenditure on Public Goods and Optimal City Size.”, -. The information is sometimes updated with an addendum submitted One of my teachers, and one of the world’s greatest economists, Hirofumi Uzawa, when asked where he got his advanced degree, would say they he had no degree to speak of; in academic circles, there is a certain pride in simply having pursued one’s studies on one’s own, outside the confines of a regular program. (See, e.g. “Uncertainty, Market Structure and the Speed of R&D.” Bell Journal of Economics, Spring 1980b, 11(1), pp. In a recent article in Atlantic Monthly16 I described a trip to Ethiopia, where I saw the IMF advocate policies of financial market liberalization which made no sense, in which it argued that the countries budget was out of balance – when in my estimate that was clearly not the case – and in which it had suspended its program, in spite of that country’s first rate macro-economic performance. Greenwald and Stiglitz (1989, 1995). These ideas are, of course, of particular relevance in the “new economy,” which centers around innovation. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001, Born: 9 February 1943, Gary, IN, USA, Affiliation at the time of the award: Columbia University, New York, NY, USA, Prize motivation: "for their analyses of markets with asymmetric information.". “Public Goods in Open Economies with Heterogeneous Individuals,” in J.F. We were impatient with those (like President Kennedy) who took a cautious approach. I assumed, on the contrary, that individuals were finitely lived; there were overlapping generations. The close links between the work that I had been doing on information and technical change allowed me to begin to formalize models of Schumpeterian competition, and I quickly realized that several of the “accepted” results of Schumpeterian competition were not valid, e.g. “A Re-Examination of the Modigliani-Miller Theorem.”, -. 4:05. I argued that one could not calculate shadow wages without a model of the labor market, one which including a theory of wage determination and migration. Zodrow, ed., -. See e.g. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of l… Información, novedades y última hora sobre Joseph E. Stiglitz. Look for popular awards and laureates in different fields, and discover the history of the Nobel Prize. Dans un récent entretien, Joseph Stiglitz, prix Nobel d’économie, a prévu «un certain nombre de faillites» dues à un «ralentissement significatif de la croissance». The strategy for transition that I advocated was markedly different from that pushed by the IMF and the shock therapists. This was a question which one could approach largely (though not entirely) deductively. -. We were interested in constructing a general equilibrium model, within which one could assess how well the market functioned, in particular in making the tradeoffs between economies of scale and product diversity. Similarly, Dasgupta and I took into account limitations on the ability of the government to impose taxes, and within this broader, and we would argue more realistic framework, tariffs and corporate income taxes did make sense. I grew up in the midst of the cold war. Photo from the Nobel Foundation archive. I was working as Bob Solow’s research assistant, and so had to commute from Cambridge. A topic of abiding concern since I was in high school was economic organization. -. (Stiglitz 1982e, Arrow et al., 1996). Joseph Stiglitz est un économiste lauréat du prix Nobel d’économie. It was a wonderful experience – I had to draw upon all of my previous research, all my connections, and go beyond. Our work also emphasized that it was not just wage and price rigidities which could give rise to macro-economic problems. Another project that I began in Cambridge concerned the interaction between the distribution of income and short run macro economic behavior. Contribution: Showed that asymmetric information can provide the key to understanding many observed market phenomena, including unemployment and credit rationing. (Stiglitz, 1973b. Dans son dernier livre, le prix Nobel d’économie Joseph E. Stiglitz adresse une nouvelle charge sévère contre le néolibéralisme. It was not until late in the spring of my junior (third) year that I decided to major in economics; I thought it provided an opportunity for me to apply my interests and abilities in mathematics to important social problems, and somehow, I thought it would also enable me to combine my interest in history and in writing. In particular, he had only formulated a partial equilibrium model. In the 1980s, I was involved in two major public interest litigations, one concerning the treatment of Native Americans, the other with the exploitation of our natural resources. (Part, but only part, of the problem lies with imperfections of capital markets.). In the standard model, everyone agrees about what the firm should do; in practice, there are often heated disagreements. Prix Nobel d'économie en 2001, il est l'un des pères du nouveau keynésianisme. There seemed to be no way out other than to bring the issues out into the public – and since as a democrat, I believed that there should be public discussion of such issues, I had few misgivings. I had the good fortune of having dedicated teachers, who in spite of relatively large classes, provided a high level of individual attention. Later work would attempt to provide stronger micro foundations for these adjustment dynamics. Partager. Here, our concern was not with asymmetries of information or incentives, but with how different economic organizational structures in effect aggregated the disparate and limited information of different individuals. “Mutual Funds, Capital Structure, and Economic Efficiency,” in S. Bhattacharya and G. Constantinides, eds.. -. Much of the subsequent work was trying to define more precisely the nature of the market failures. With George Akerlof (see Akerlof and Stiglitz, 1969), I showed how such dynamics can give rise to cyclical behavior. Joseph Stiglitz, Thinkerview. But much remains to be done, and I anticipate that pushing this agenda will occupy much of my time in the years ahead. My teaching at Yale seemingly warranted an indefinite deferment from the Vietnam War draft. As I approached the problems that are today referred to as the economics of information, I was greatly helped by the breadth of my education at Amherst and MIT. My first paper presented at an academic meeting, to the econometric society, was jointly co-authored with George Akerlof, with whom I shared this year’s prize. Another major area of research involves the continuing analysis of the appropriate role of the state in the economy; in particular, how to design policies which combine concerns for economic efficiency, social justice, individual responsibility, and liberal values. Tiebout (1956) had put forward the conjecture that competition among local communities was like competition in markets, and would yield efficient outcomes. Rather than a standard textbook, he used Abba Lerner’s Economics of Control, a book written as a theoretical contribution to our understanding of how markets work, an inquiry into whether planning provided an alternative. Still, it was a great disappointment to me that my own government should have gone so much against the principles for which I believed it stood, including transparency and the importance of the role of government. Il enseigne à la Graduate School of Business de l’Université de Columbia. “Looking out for the National Interest: the Principles of the Council of Economic Advisers,” American Economic Review, May 1997b, 87(2), pp. I took a smattering of courses in mathematics, history, English, philosophy, and the standard fare of introductory biology and chemistry. Joseph Stiglitz est un économiste américain contemporain qui a reçu le prix Nobel d'économie en 2001. Stiglitz, 1987a.) Tasked with a mission to manage Alfred Nobel's fortune and has ultimate responsibility for fulfilling the intentions of Nobel's will. Thisse and H.G. I wanted it all, and economics seemed to have it all. This was only one of the many issues that I raised in my “activist” presidency. Several outreach organisations and activities have been developed to inspire generations and disseminate knowledge about the Nobel Prize. When I went to the Council of Economic Advisers, many of these views on cost benefit analysis became incorporated in the guidelines issues by the Office of Management- and -Budget for project and regulatory evaluations. 4. As an academic I was scandalized; as a former adviser to the President who had helped design a “third way” for the United States – a view of the role of government that was markedly different from that envisioned by the Washington consensus – I was particularly disturbed by the role of the US government (or more accurately, the US Treasury) in pushing these views. Le professeur Joseph Stiglitz, lauréat 2001 du Prix Sveriges Riksbank en sciences économiques en mémoire d'Alfred Nobel, a également signé la … -. 6. This work also seemed one of the few positive results in the theory of the second best: even though government could not impose lump sum taxes, one could say something meaningful about what the government should do. I wonder too how I would have fared had I gone to one of the schools, like Chicago, where there is a more conservative bent. I joined the growing band of those who paid homage to Joseph Schumpeter because of his emphasis on technical change, a subject which was not even broached in the standard first year graduate economics course, let alone in undergraduate principles courses. “Equilibrium Dynamics with Heterogeneous Capital Goods.”, Hoff, Karla and Stiglitz, Joseph E. “Moneylenders and Bankers: Price-increasing Subsidies in a Monopolistically Competitive Market.”. This theme was explored in a variety of different contexts. He was one of the few people I knew who insisted on paying social security contributions for household help – regardless of whether they wanted it or not; he knew they would need it when they were old. “Aggregate Land Rents and Aggregate Transport Costs,”. Yugoslavia’s system of self-managed firms intrigued me. But I had already been approached by the World Bank, to be its senior vice president for development policy and its chief economist. The Council helps formulate economic policies for the Administration, and serves as a consultant for all the agencies in the government. My mother’s family were New Deal Democrats – they worshipped FDR; and though my uncle was a highly successful lawyer and real estate entrepreneur, he was staunchly pro-labor. Hirofumi Uzawa had moved from Stanford to Chicago, and had received an NSF grant to bring around a dozen graduate students from around the country to work together on theory. I served on the Student Council both in my freshman and sophomore years (there were three representatives from each class), and in junior year, got elected president of the student council. “Modern Economic Theory and Development,” in G. Meier and J. E. Stiglitz, eds., Leitzinger, Jeffrey J. and Stiglitz, Joseph E. “Information Externalities in Oil and Gas Leasing,”, Newbery, David M. G. and Stiglitz, Joseph E. “Pareto Inferior Trade,”, Rothschild, Michael and Stiglitz, Joseph E. “Increasing Risk: I. We constructed a fixed wage/price model with rational expectations, and showed contrary to the suggestion of the rational expectations school, not only could unemployment be persistent, but that government policy was even more effective with rational expectations that without it (i.e. En 2008, cet économiste a réfléchi, à la demande de Nicolas Sarkozy, à l’élaboration d’un nouvel indicateur de dévelo… I sometimes thought that my peregrinations made up for their stability. This effort has enlisted the support of dozens of economics and other social scientists throughout the world, in a set of task forces that are intended to lay out alternative policy alternatives in a wide range of areas, and has conducted policy dialogues bringing together academics, government officials, NGO’s, labor leaders, and the press in a number of countries, including Serbia, Nigeria, Viet Nam, and the Philippines. I referred earlier to my work in the economics of the public sector.8 I was convinced that there was an important role for government to play. “Technological Change, Sunk Costs, and Competition,”. -. De 1960 à 1963, il étudie à Amherst College. (Dasgupta and Stiglitz, 1971, 1972, 1974). “The Effects of Income, Wealth and Capital Gains Taxation on Risk-Taking,”, – “On the Optimality of the Stock Market Allocation of Investment,”, -“Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs.”, -“The Badly Behaved Economy with the Well Behaved Production Function,” in, – “Taxation, Corporate Financial Policy and the Cost of Capital,”, -. I had always wanted to return to the problems of development, and though I had had many visits to developing countries in the twenty five years since leaving Kenya, I had not really been immersed in their problems.