Joseph E. Stiglitz

Joseph Stiglitz, a 2001 Nobel Laureate, is University Professor at Columbia University.

  • What Have We Learned?

    What Have We Learned?

    Macroeconomic Policy after the Crisis

    George A. Akerlof, Olivier Blanchard, David Romer, and Joseph E. Stiglitz

    Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises.

    Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights.

    The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.

    • Hardcover $31.95 £25.00
    • Paperback $19.95 £14.99
  • In the Wake of the Crisis

    In the Wake of the Crisis

    Leading Economists Reassess Economic Policy

    Olivier Blanchard, David Romer, Michael Spence, and Joseph E. Stiglitz

    Prominent economists reconsider the fundamentals of economic policy for a post-crisis world.

    In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment.

    The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices.

    Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner

    • Hardcover $25.00 £20.00
    • Paperback $14.95 £11.99
  • Whither Socialism?

    Whither Socialism?

    Joseph E. Stiglitz

    The rapid collapse of socialism has raised new economic policy questions and revived old theoretical issues. In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian model (the formal articulation of Adam Smith's invisible hand), which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the economics of information, that provides greater theoretical insight into the workings of a market economy and clearer guidance for the setting of policy in transitional economies.

    Stiglitz sees the critical failing in the standard neoclassical model underlying market socialism to be its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness of markets, competitiveness of markets, and the absence of innovation. Stiglitz argues that not only did the existing paradigm fail to provide much guidance on the vital question of the choice of economic systems, the advice it did provide was often misleading.

    • Hardcover $32.50 £24.95
    • Paperback $35.00 £27.00
  • Readings in the Modern Theory of Economic Growth

    Joseph E. Stiglitz and Hirofumi Uzawa

    The last two decades have been marked by an increasing concern with economic growth. Why do some countries grow faster than others? How can a country accelerate its economic growth? What are the effects of accelerated growth on the distribution of income? These are questions that economists have repeatedly been asked.

    The modern theory of economic growth has attempted to analyze the basic structure of the processes of economic growth. The lack of empirical information about many of the crucial aspects of growth models has led to a proliferation of assumptions as well as to a number of disputes that will be settled only when further empirical evidence becomes available. At the same time, however, growth theory has provided a conceptual framework within which much more meaningful empirical research can take place, and it has accordingly generated a vast amount of econometric research. While this volume is not concerned with the empirical aspects of the problem, the discussions reprinted here should point up the areas in which empirical research is badly needed. In addition, this collection of seminal papers will serve as a measure of the advances in growth theory itself over the past several decades.

    In Part I of this volume, the basic growth models of Harrod, Domar, Tobin, Solow, and Swan are presented. Most of the other articles in this book may be considered, in one way or another, as commentary on these basic papers. Part II focuses on the production function—in particular on the relationship among growth, capital, and technical change. Part III includes representatives of the Cambridge Growth and Distribution Theory. These differ from the neoclassical model presented earlier in several crucial ways, which the editors discuss in detail in their introduction to this section. Like Part II, Part IV is concerned with the nature of the production process. The focus here, however, is on the different production functions for the consumption and investment goods sectors.

    The last section of the book, Part V, differs from the earlier sections in one important respect: in the previous sections, the consumption function is specified as a behavioral rule. The central problem of this section, on the other hand, is how income should be allocated between investment and consumption. This serves, in a way, as a bridge between growth theory and planning. We are brought into the realm of welfare economics, of normative versus positive or descriptive economics.

    Some of the most notable of contemporary economists are represented in the volume.

    Contributors R. F. Harrod, Evsey D. Domar, James Tobin, R. M. Solow, T. W. Swan, J. R. Hicks, Joan Robinson, Hirofumi Uzawa, Wiliiam Fellner, Charles Kennedy, Edmund S. Phelps, R. C. O. Matthews, M. E. Yaari, Edward F. Denison, Kenneth J. Arrow, Leif Johansen, D. G. Champernowne, Lord Kahn, Nicholas Kaldor, James A. Mirrlees, F. P Ramsey, Paul A. Samuelson, and E. Malinvaud

    • Hardcover $25.00
    • Paperback $18.00
  • The Collected Scientific Papers of Paul A. Samuelson, Volume 1

    Paul A. Samuelson and Joseph E. Stiglitz

    "It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted," observes a reviewer in the Economist who goes on to note that "a cynic might add that it would have been better for Professor Samuelson to write less merely to give others a chance to write at all."

    These volumes contain virtually all of Professor Paul A. Samuelson's contributions to economic theory through mid-1964 – a total of 129 papers. Included are his classic articles on such topics as revealed preference, factor-price equalization, and public goods; as well as some articles which until now have only been privately circulated or “buried” in Festschriften, such as “Market Mechanisms and Maximization” and “The Structure of a Minimum Equilibrium System.” The articles have been grouped together into five books, compiled in two volumes. The books, in turn have been divided into sections, each of which contains articles on the same or closely related topics. Within the sections the articles are arranged chronologically. The graduate student and professional economist will welcome The Collected Scientific Papers of Paul A. Samuelson as a valuable addition to their libraries.

    • Hardcover $19.75 £14.99
  • The Collected Scientific Papers of Paul A. Samuelson, Volume 2

    Paul A. Samuelson and Joseph E. Stiglitz

    "It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted," observes a reviewer in the Economist who goes on to note that "a cynic might add that it would have been better for Professor Samuelson to write less merely to give others a chance to write at all."

    These volumes contain virtually all of Professor Paul A. Samuelson's contributions to economic theory through mid-1964 – a total of 129 papers. Included are his classic articles on such topics as revealed preference, factor-price equalization, and public goods; as well as some articles which until now have only been privately circulated or “buried” in Festschriften, such as “Market Mechanisms and Maximization” and “The Structure of a Minimum Equilibrium System.” The articles have been grouped together into five books, compiled in two volumes. The books, in turn have been divided into sections, each of which contains articles on the same or closely related topics. Within the sections the articles are arranged chronologically. The graduate student and professional economist will welcome The Collected Scientific Papers of Paul A. Samuelson as a valuable addition to their libraries.

    • Hardcover $90.00 £62.95

Contributor

  • Lives of the Laureates, Seventh Edition

    Thirty-Two Nobel Economists

    Roger W. Spencer and David A. Macpherson

    Autobiographical accounts by Nobel laureates reflect the richness and diversity of contemporary economic thought and offer insights into the creative process; with six new laureates.

    Lives of the Laureates offers readers an informal history of modern economic thought as told through autobiographical essays by thirty-two Nobel Prize laureates in economics. The essays not only provide unique insights into major economic ideas of our time but also shed light on the processes of intellectual discovery and creativity. The accounts are accessible and engaging, achieving clarity without sacrificing inherently difficult content.

    This seventh edition adds six Nobelists to its pages: Roger B. Myerson (co-recipient in 2007) describes his evolution as a game theorist and his application of game theory to issues that ranged from electoral systems to perverse incentives; Thomas J. Sargent (co-recipient in 2011), recounts the development of the rational expectations model, which fundamentally changed the policy implications for macroeconomic models; Amartya Sen (recipient in 1998) reflects on his use of a bicycle (later donated to the Nobel Museum) to collect data early in his career; A. Michael Spence (co-recipient in 2001) describes, among other things, his whiplash-inducing first foray into teaching an undergraduate class; Christopher A. Sims (co-recipient in 2011) discusses his “non-Nobel” research; and Alvin E. Roth chronicles the “three insurrections” he has witnessed in mainstream economics.

    Lives of the Laureates grows out of a continuing lecture series at Trinity University in San Antonio, which invites Nobelists from American universities to describe their evolution as economists in personal as well as technical terms.

    The Laureates

    W. Arthur Lewis, Lawrence R. Klein, Kenneth J. Arrow, Paul A. Samuelson, Milton Friedman, George J. Stigler, James Tobin, Franco Modigliani, James M. Buchanan, Robert M. Solow, William F. Sharpe, Ronald H. Coase, Douglass C. North, John C. Harsanyi, Myron S. Scholes, Gary S. Becker, Robert E. Lucas, Jr., Vernon L. Smith, Clive W. J. Granger, Edward C. Prescott, Thomas C. Schelling, Edmund S. Phelps, Eric S. Maskin, Joseph E. Stiglitz, Paul Krugman, Peter A. Diamond, Roger B. Myerson, Thomas J. Sargent, Amartya Sen, A. Michael Spence, Christopher A. Sims, Alvin E. Roth

    • Hardcover $55.00 £43.00
  • The State of Economics, the State of the World

    The State of Economics, the State of the World

    Kaushik Basu, David Rosenblatt, and Claudia Sepúlveda

    Leading economists address the ongoing challenges to economics in theory and practice in a time of political and economic crises.

    More than a decade of financial crises, sovereign debt problems, political conflict, and rising xenophobia and protectionism has left the global economy unsettled and the ability of economics as a discipline to account for episodes of volatility uncertain. In this book, leading economists consider the state of their discipline in a world of ongoing economic and political crises.

    The book begins with three sweeping essays by Nobel laureates Kenneth Arrow (in one of his last published works), Amartya Sen, and Joseph Stiglitz that offer a summary of the theoretical foundations of modern economics—the twin pillars of general equilibrium theory and welfare economics. Contributors then turn to macroeconomic stabilization and growth and, finally, new areas of research that depart from traditional theory, methodology, and concerns: climate change, behavioral economics, evolutionary game theory, and the use of randomized control trials.

    Contributors Philippe Aghion, Ingela Alger, Kenneth Arrow, Abhijit Banerjee, Kaushik Basu, Lawrence Blume, Guillermo Calvo, Francesco Caselli, Asli Demirgüç-Kunt, Shantayanan Devarajan, Esther Duflo, Samuel Fankhauser, James Foster, Varun Gauri, Xavier Gine, Gäel Giraud, Gita Gopinath, Robert Hockett, Karla Hoff, Ravi Kanbur, Aart Kraay, Michael Kremer, David McKenzie, Célestin Monga, Maurice Obstfeld, Hamid Rashid, Martin Ravallion, Amartya Sen, Luis Servén, Hyun Song Shin, Nicholas Stern, Joseph Stiglitz, Cass Sunstein, Michael Toman, Jörgen Weibull

    • Hardcover $40.00 £30.00
  • Global Carbon Pricing

    Global Carbon Pricing

    The Path to Climate Cooperation

    Peter Cramton, David JC MacKay, Axel Ockenfels, and Steven Stoft

    Why the traditional “pledge and review” climate agreements have failed, and how carbon pricing, based on trust and reciprocity, could succeed.

    After twenty-five years of failure, climate negotiations continue to use a “pledge and review” approach: countries pledge (almost anything), subject to (unenforced) review. This approach ignores everything we know about human cooperation. In this book, leading economists describe an alternate model for climate agreements, drawing on the work of the late Nobel laureate Elinor Ostrom and others. They show that a “common commitment” scheme is more effective than an “individual commitment” scheme; the latter depends on altruism while the former involves reciprocity (“we will if you will”).

    The contributors propose that global carbon pricing is the best candidate for a reciprocal common commitment in climate negotiations. Each country would commit to placing charges on carbon emissions sufficient to match an agreed global price formula. The contributors show that carbon pricing would facilitate negotiations and enforcement, improve efficiency and flexibility, and make other climate policies more effective. Additionally, they analyze the failings of the 2015 Paris climate conference.

    Contributors Richard N. Cooper, Peter Cramton, Ottmar Edenhofer, Christian Gollier, Éloi Laurent, David JC MacKay, William Nordhaus, Axel Ockenfels, Joseph E. Stiglitz, Steven Stoft, Jean Tirole, Martin L. Weitzman

    • Hardcover $35.00 £27.00
  • Lives of the Laureates, Sixth Edition

    Lives of the Laureates, Sixth Edition

    Twenty-three Nobel Economists

    Roger W. Spencer and David A. Macpherson

    Autobiographical accounts by Nobel laureates reflect the richness and diversity of contemporary economic thought and offer insights into the creative process.

    Lives of the Laureates offers readers an informal history of modern economic thought as told through autobiographical essays by twenty-three Nobel Prize laureates in Economics. The essays not only provide unique insights into major economic ideas of our time but also shed light on the processes of intellectual discovery and creativity. The accounts are accessible and engaging, achieving clarity without sacrificing inherently difficult content.

    This sixth edition adds four recent Nobelists to its pages: Eric Maskin, who illustrates his explanation of mechanism design with an example involving a mother, a cake, and two children; Joseph Stiglitz, who recounts his field's ideological wars linked to policy disputes; Paul Krugman, who describes the insights he gained from studying the model of the Capitol Hill Babysitting Coop (and the recession it suffered when more people wanted to accumulate babysitting coupons than redeem them); and Peter Diamond, who maps his development from student to teacher to policy analyst.

    Lives of the Laureates grows out of a continuing lecture series at Trinity University in San Antonio, which invites Nobelists from American universities to describe their evolution as economists in personal as well as technical terms. These lectures demonstrate the richness and diversity of contemporary economic thought. The reader will find that paths cross in unexpected ways—that disparate thinkers were often influenced by the same teachers—and that luck as well as hard work plays a role in the process of scientific discovery.

    The Laureates Lawrence R. Klein • Kenneth J. Arrow • Paul A. Samuelson • Milton Friedman • George J. Stigler • James Tobin • Franco Modigliani • James M. Buchanan • Robert M. Solow • William F. Sharpe • Douglass C. North • Myron S. Scholes • Gary S. Becker • Robert E. Lucas, Jr. • James J. Heckman • Vernon L. Smith • Edward C. Prescott • Thomas C. Schelling • Edmund S. Phelps • Eric S. Maskin • Joseph E. Stiglitz • Paul Krugman • Peter A. Diamond

    • Hardcover $40.00 £30.00
  • Revisiting Keynes

    Revisiting Keynes

    Economic Possibilities for Our Grandchildren

    Lorenzo Pecchi and Gustavo Piga

    Leading economists revisit a provocative essay by John Maynard Keynes, debating Keynes's vision of growth, inequality, work, leisure, entrepreneurship, consumerism, and the search for happiness in the twenty-first century.

    In 1931 distinguished economist John Maynard Keynes published a short essay, “Economic Possibilities for Our Grandchildren,” in his collection Essays in Persuasion. In the essay, he expressed optimism for the economic future despite the doldrums of the post-World War I years and the onset of the Great Depression. Keynes imagined that by 2030 the standard of living would be dramatically higher; people, liberated from want (and without the desire to consume for the sake of consumption), would work no more than fifteen hours a week, devoting the rest of their time to leisure and culture. In Revisiting Keynes, leading contemporary economists consider what Keynes got right in his essay—the rise in the standard of living, for example—and what he got wrong—such as a shortened work week and consumer satiation. In so doing, they raise challenging questions about the world economy and contemporary lifestyles in the twenty-first century.

    The contributors—among them, four Nobel laureates in economics—point out that although Keynes correctly predicted economic growth, he neglected the problems of distribution and inequality. Keynes overestimated the desire of people to stop working and underestimated the pleasures and rewards of work—perhaps basing his idea of “economic bliss” on the life of the English gentleman or the ideals of his Bloomsbury group friends. In Revisiting Keynes, Keynes's short essay—usually seen as a minor divertissement compared to his other more influential works—becomes the catalyst for a lively debate among some of today's top economists about economic growth, inequality, wealth, work, leisure, culture, and consumerism.

    Contributors William J. Baumol, Leonardo Becchetti, Gary S. Becker, Michele Boldrin, Jean-Paul Fitoussi, Robert H. Frank, Richard B. Freeman, Benjamin M. Friedman, Axel Leijonhufvud, David K. Levine, Lee E. Ohanian, Edmund S. Phelps, Luis Rayo, Robert Solow, Joseph E. Stiglitz, Fabrizio Zilibotti

    • Hardcover $7.75 £6.95
    • Paperback $20.00 £14.99