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Lives of the LaureatesTwenty-three Nobel Economists$
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Roger W. Spencer and David A. Macpherson

Print publication date: 2014

Print ISBN-13: 9780262027960

Published to MIT Press Scholarship Online: May 2015

DOI: 10.7551/mitpress/9780262027960.001.0001

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Joseph E. Stiglitz

Joseph E. Stiglitz

(p.363) Joseph E. Stiglitz
Lives of the Laureates

Roger W. Spencer

David A. Macpherson

The MIT Press

This chapter describes the work of Joseph E. Stiglitz as an economist. Stiglitz received a Nobel Prize in 2001. Stiglitz was born in 1943 and earned his Ph.D. at MIT in 1967. He was appointed professor of economics at Stanford University in 1974, and currently is a university professor at Columbia University. At MIT he tried to explain which assumption was responsible for fluctuations in the economy and the persistence of unemployment. He pointed out that the failure of neoclassical economics was due to the assumption of perfect information and that people were rational in their choices. From here, he developed his work in the economics of information and on the theory of screening. He also looked at macrostability issues related to economic efficiency and market stability. The Economic Role of the State and Globalization and Its Discontent are two of his key publications.

Keywords:   Joseph E. Stiglitz, economic fluctuations, persistence of unemployment, theory of screening, macrostability issues

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