Profile Major Works Resources

Joseph E. Stiglitz, 1942-

Photo of J.E.Stiglitz

Incredibly prolific economist, currently at Columbia.

Originating from Gary, Indiana, Joseph E. Stiglitz obtained his B.A. from Amherst college in 1964, and his Ph.D. from M.I.T. in 1967.  His subsequent career has been peripatetic.  After a period at Gaius & Gonville Cambridge and Cowles, Stiglitz joined the faculty at Yale University in 1970.  In 1974, he decamped across the country to take up a position at Stanford, before deciding to cross the ocean and take up the Drummond Chair at Oxford in 1976.  In 1979, he returned to the United States, to become professor of economics at Princeton, before leaving in 1988, once again for Stanford.  In 1993, Stiglitz was appointed to the Council of Economic Advisors under President Clinton, rising to chairman in 1995.  In 1997, Stiglitz moved across Washington to take a position as chief economist of the World Bank, until his resignation in 1999.  In 2001, Stiglitz finally seemed to settle down, taking a position at Columbia - not only in the economics department, but also its Graduate Business School and its School of International Public Affairs - where he has remained since.

Stiglitz's has contributed all over the subject, but his most notable contributions are probably in uncertainty theory and, especially, information theory, making seminal contributions (with Rothschild) on increasing risk and adverse selection and (with Weiss) on credit rationing.  In macroeconomics, Stiglitz's is perhaps best known for work on efficiency wages (with Shapiro) and is sometimes classified as a New Keynesian.  Stiglitz has also contributed extensively to development theory,   public finance and international trade theory, always with an eye on risk and information problems and the unusual results that emerge. 

Since the 1990s, Stiglitz has emerged as a prominent public intellectual in the American landscape, writing numerous books and articles for policy makers and the general public.

Joseph Stiglitz won the Nobel Memorial Prize in 2001, alongside fellow information pioneers George Akerlof and Michael Spence.  

 

  


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Major Works of Joseph E. Stiglitz

  • "A Note on Technical Choice Under Full Employment in a Socialist Economy", 1968, EJ  [cwls]
  • "Output, Employment, and Wages in the Short Run" with R.M. Solow, 1968, QJE [cwls]
  • "The Effects of Income, Wealth, and Capital Gains Taxation on Risk-Taking", 1969, QJE [cwls]
  • "Capital Gains, Income, and Saving" with K. Shell and  M. Sidrauski, 1969, RES [cwls]
  • "A Re-Examination of the Modigliani–Miller Theorem", 1969, REStat [cwls]
  • "Allocation of Heterogeneous Capital Goods in a Two-Sector Economy", 1969, IER [cwls]
  • "Rural–Urban Migration, Surplus Labour, and the Relationship Between Urban and Rural Wages", 1969, Eastern Africa ER [cwls]
  • "Behavior Towards Risk with Many Commodities", 1969,  Econometrica [cwls]
  • "Distribution of Income and Wealth Among Individuals", 1969, Econometrica  [cwls]
  • "The Implications of Alternative Saving and Expectations Hypotheses for Choices of Technique and Patterns of Growth" with D. Cass, 1969, JPE [cwls]
  • "The Structure of Investor Preferences and Asset Returns and Separability in Portfolio Allocation", with D. Cass, 1970, JET [cwls]
  • "A Consumption-Oriented Theory of the Demand for Financial Assets and the Term Structure of Interest Rates", 1970, RES. [cwls]
  • "Non-Substitution Theorems with Durable Capital Goods", 1970, RES  [cwls]
  • "Factor Price Equalization in a Dynamic Economy", 1970, JPE [cwls]
  • "Increasing Risk I: A definition", with M. Rothschild, 1970, JET. [cwls]
  • "Increasing Risk II: Its economic consequences", with M. Rothschild, 1971, JET. [cwls]
  • "Differential Taxation, Public Goods, and Economic Efficiency", with P.S. Dasgupta, 1971, RES [cwls]
  • "On the Optimality of the Stock Market Allocation of Investment", 1972, QJE [cwls]
  • "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-overs", 1972, Bell JE [cwls]
  • "The Structure of Indirect Taxation and Economic Efficiency" with A.B. Atkinson, 1972, JPubE [cwls]
  • "Portfolio Allocation with Many Risky Assets, Parts I, Part II, Part III, Part IV", 1972, in Szego and Shell, editors,  Mathematical Methods in Investment and Finance
  • "Taxation, Corporate Financial Policy, and the Cost of Capital", 1973, JPubE 
  • "Some Further Results on the Measurement of Inequality" with M. Rothschild, 1973, JET. [cwls]
  • "Approaches to the Economics of Discrimination", 1973, AER [cwls]
  • "Risk Aversion and Wealth Effects on Portfolios with Many Assets", with  D. Cass, 1973, RES [cwls]
  • "On the Irrelevance of Corporate Financial Policy", 1974, AER.
  • "Incentives and Risk-Sharing in Sharecropping", 1974, RES.
  • "Increases in Risk and Risk-Aversion" with P.A.Diamond, 1974, JET. [cwls]
  • "Benefit-Cost Analysis and Trade Policies", with P.S. Dasgupta, 1974, JPE [cwls]
  • "Alternative Theories of Wage Determination and Unemployment in LDC's: The Labor Turnover Model", 1974, QJE
  • "The Cambridge–Cambridge Controversy in the Theory of Capital: A View from New Haven", 1974, JPE  [cwls]
  • "Incentives and Risk Sharing in Sharecropping", 1974, RES [cwls]
  • "The Design of Tax Structure: Direct versus indirect taxation", with A.B. Atkinson, 1976, JPublicE.
  • "Equilibrium in Competitive Insurance Markets: The economics of markets with imperfect information", with M.D. Rothschild, 1976, QJE.
  • "The Efficiency Wage Hypothesis, Surplus Labour and the Distribution of Income in LDCs", 1976, Oxford EP.
  • "Monopolistic Competition and Optimum Product Diversity", with A.K. Dixit, 1977, AER
  • "Monopoly Non-Linear Pricing and Imperfect Information: The insurance market", 1977, RES.
  • "Notes on Estate Taxes, Redistribution, and the Concept of Balanced Growth Path Incidence", 1978, JPE.
  • Lectures in Public Economics, with A.B. Atkinson, 1980
  • "On the Impossibility of Informationally Efficient Markets", with S.J. Grossman, 1980, AER.
  • "Industrial Structure and the Nature of Innovative Activity", with P.S. Dasgupta, 1980, JPE
  • The Theory of Commodity Price Stabilization, with D.M.G. Newbery, 1981.
  • "Credit Rationing in Markets with Imperfect Information", with A. Weiss, 1981, AER.
  • "Ownership, Control and Efficient Markets: Some paradoxes in the theory of capital markets", 1982, in Boyer and Shepherd, editors, Economic Regulation.
  • "Money, Credit Constraints and Economic Activity", with A.S. Blinder, 1983, AER.
  • "Incentive Effects of Termination" with A. Weiss, 1983, AER.
  • "Informational Imperfections and Macroeconomic Fluctuations" with B.C. Greenwald and A.M.Weiss, 1984, AER.
  • "Equilibrium Unemployment as a Worker Discipline Device" with C. Shapiro, 1984, AER.
  • "Labor Turnover, Wage Structures and Moral Hazard: The inefficiency of competitive markets", with R. Arnott, 1985, JLaborE.
  • "Credit Markets and Control of Capital", 1985, JMCB.
  • "Theories of Wage Rigidities", 1986, in Butkiewicz et al., editors, Keynes's Economic Legacy.
  • "Externalities in Economies with Imperfect Information and Incomplete Markets", with B.C. Greenwald, 1986, QJE.
  • "Credit Rationing and Collateral", with A. Weiss, 1986, in Edwards et al., editors, Recent Developments in Corporate Finance.
  • Economics of the Public Sector, 1986
  • "The Causes and Consequences of the Dependence of Quality on Price", 1987, JEL.
  • "Credit Rationing with Many Borrowers", with A. Weiss, 1987, AER.
  • "Keynesian, New Keynesian and New Classical Economics", with B.C. Greenwald, 1987, Oxford EP.
  • "Imperfect Information, Finance Constraints and Business Fluctuations", with B.C. Greenwald, 1988, in Kohn and Tsiang, editors, Financial Constraints, Expectations and Macroeconomics.
  • "Money, Imperfect Information and Economic Fluctuations" with B.C. Greenwald, 1988, in Kohn and Tsiang, editors, Financial Constraints, Expectations and Macroeconomics
  • The Economic Role of the State, 1989
  • "Credit Rationing" with D.M. Jaffee, 1990, in Friedman and Hahn, Handbook of Monetary Economics. [pdf]
  • "Symposium on Bubbles", 1990, JEP [aea]
  • "Peer Monitoring and Credit Markets", 1990, World Ban ER [pdf]
  • "Asymmetric Information in Credit Markets and Its Implications for Macro-economics", with A. Weiss, 1992, Oxford EP [pdf]
  • Peasants versus City-Dwellers: Taxation and the burden of economic development, with R. Sah, 1992
  • "New and Old Keynesians", with B.C. Greenwald, 1993, JEP. [pdf]
  • "Endogenous Growth and Cycles", 1993, NBER [repr. in Y. Shionnoya and Perlman, M. eds., Innovation in Technology, Industries and Institutions) [nber]
  • Economics, 1993
  • Whither Socialism?, 1994
  • "Bad Private-Sector Decisions", 1998, Wall Street Journal
  • "What I Learned at the World Economic Crisis: The Insider:", 2000, New Republic
  • "Information and the Change of Paradigm in Economics", 2001, [nobel]
  • Joseph Stiglitz and the World Bank: The Rebel Within, (World Bank speeches ed. by H.J. Chang), 2001
  • "There is no Invisible Hand" (on Kahnemann and Smith), 2002, The Guardian [online]
  • Globalization and its Discontents, 2002
  • The Roaring Nineties: A New History of the World’s Most Prosperous Decade, 2003
  • Towards a New Paradigm in Monetary Economics, with B. Greenwald, 2003
  • Fair Trade for All, with Andrew Charlton, 2005
  • "The Ethical Economist: Review of B. Friedman", 2005, Foreign Affairs [pdf]
  • "The Phelps Factor", 2006, Project Syndicate [online]
  • "John Kenneth Galbraith understood the market as lived, not as theorized", 2006, CSM [online]
  • Making Globalization Work, 2006
  • Stability with Growth, wtih J.A. Ocampo, S. Spiegel, R. French-Davis and D. Nayyar, 2006
  • The Three Trillion Dollar War: the true cost of the Iraq conflict, with L. Bilmes, 2008
  • "The Imperative of Improved Global Economic Coordination", 2009, World Bank Development Outreach [pdf]
  • "The Non-existent Hand: Review of Skidelsky's Keynes", 2009, London RB [online]
  • Mismeasuring Our Lives: Why GDP doesn't add up, with J.P. Fitoussi and A. K Sen, 2010
  • The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis, 2010
  • Freefall: America, free markets and the sinking of the world economy, 2010
  • The Price of Inequality: How today's divided society endangers our future, 2012
  • Creating a Learning Society: A new approach to growth, development and social progress, with B. Greenwald, 2014
  • Rewriting the Rules of the American Economy, 2015
  • The Great Divide: Unequal societies and what we can do about them, 2015

 


HET

 

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Resources on Joseph E. Stiglitz

  • Joseph Stiglitz's homepage at Columbia (including CV)
  • Joseph Stiglitz's page at Institute for New Economic Thinking (INET)
  • Joseph Stiglitz's page at Project Syndicate
  • Joseph Stiglitz's columns in the Guardian
  • 2001 Nobel Memorial Prize website: press relese (advanced pdf), facts, autobiography, lecture
  • "Joseph Stiglitz Wins Nobel Prize for Economics: Third Economist to Win Prize in Six Years" by James Devitt, 2001, Columbia News [online]
  • "Columbia University Hires Star Economist" by Louis Uchitelle, 2001, New York Times [online]
  • Citation on induction into NAS
  • "Review of Stiglitz's Wither Socialism" by Peter Boettke, 1996, JEL [pdf]
  • Remarks at Paris Ministerial on OECD's Future, by J.E. Stiglitz, May, 22, 1996. [txt]
  • Testimony for the Joint Economic Committee of Congress by J.E. Stiglitz  March 22, 1996 [pdf]
  • Testimony for the Joint Economic Committee of Congress by J.E. Stiglitz, February 10th, 1997 [pdf]
  • Interview with Stiglitz, 1997 at Region, FRB Minneapolis [online]
  • Stiglitz at the World Bank: short profile, former blog
  • Interview with Stiglitz, 1999 at PBS Frontline (transcript)
  • "Unemployed Can't Bank on Stiglitz: More of the Same From the World Bank" by Mercia Andrews and George Dor, 1999 at Global Policy Forum [online]
  • “The Paternalistic Attitude of the North Must Change” Why Joseph Stiglitz Retired from the World Bank", by Development & Cooperation, 2000 (at DSE).[defunct link]
  • "Stiglitz, Maverick World Bank Economist, Pushed Out", by Soren Ambrose, 1999, at 50 Years Is Enough Network [link defunct]
  • "Redifining the Role of the State: Joseph Stiglitz on rebuilding the Washington Consensu", intervew by Brian Snowden, 2001, World Economics [pdf]
  • "An Open Letter to Joseph Stiglitz", by Kenneth Rogoff, IMF, 2002 [online]
  • "Stiglitz vs. the IMF: Another View" - Rudiger Dornbusch's letter to the editor of the New Republic [pdf  - defunct link]
  • "Rebel with a Cause", 2002, The Nation [online]
  • "Stiglitz: time to snuff the IMF?", 2002, Left Bus Obs [online]
  • "Stiglitz and his Discontent", by Timothy Koechlin, 2006, ROPE [pdf]
  • "The People's Professor", by Prakash Lougani, 2009, IMF Finance and Development [pdf]
  • Stiglitz papers at repec/ideas
  • Stiglitz entry in  Concise Encycl of Economics, LibertyFund
  • Stiglitz entry at Britannica
  • Wikipedia

 

 
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