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Joseph Eugene Stiglitz
 

Joseph Eugene Stiglitz

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    Joseph Eugene Stiglitz Joseph Eugene Stiglitz Presentation Transcript

    • JOSEPH EUGENE STIGLITZ Wowzers!!
    • Economist in the Making
      • Born in Gary, Indiana, 1943.
      • Graduated from Amherst College
      • Received his PHD from MIT in 1967
      • Became full professor at Yale in 1970
      • Awarded the John Bates Clark Award in 1979
    • Economist Fulfilled
      • Taught at Princeton, Stanford, MIT and Oxford.
      • Served on the Council for Economic Advisors under Clinton
      • Was the Chief Economist of World Bank
      • Chaired the Commission on
      • the Measurement of Economic
      • Performance and Social Progress
    • Contributions
      • Co-founder of Initiative for Policy Dialogue (IPD)
      • IPD helps developing countries explore alternative policies and ensures wider civic participation
      • Helped create a new branch of economics : “The Economics of Information”
    • Information Asymmetry
      • He received a Nobel Prize for his work on “Information Asymmetry” & “Screening”
      • A technique used by one economic agent to extract otherwise private information from another
      • This creates an imbalance, manipulating market results
    • Stiglitz-Shapiro Model
      • A major contribution resulting from research on efficiency wages in 1983
      • Explains unemployment and wages
      • How everyone can receive an occupation
      • Unemployment is driven by the information structure of employment
      • Challenges assumption that markets are always efficient
    • Graphs for Model
    • Impact on Society & World
      • Established foundation for modern economics
      • Displayed weaknesses of current economic system
      • Awareness of poverty in developing nations due to Globalization, shown via published books
    • Why should we care?
      • By educating ourselves we can only be prepared for the future
      • New economic crises, while Stiglitz’ contribution will serve us as aid
      • Time to start recovering the economy, through proper reform!!
    • Citations
      • &quot;Joseph E. Stiglitz.&quot; The Nobel Foundation . Joseph E. Stiglitz, Dec. 2002. Web. 21 Feb. 2010. <http://nobelprize.org/nobel_prizes/economics/laureates/2001/stiglitz-autobio.html>.
      • Stiglitz, Joseph. Globalization and its Discontents . New York: W.W. Norton & Company, 2003. Print.
      • Stiglitz, Joseph. Making Globalization Work . New York: W.W. Norton & Company, 2007. Print.
      • Stiglitz, Joseph E. Josephstiglitz.com . Columbia University. Web. 1 Mar. 2010. <http://www.josephstiglitz.com/
      • Autor, David H. Efficiency Wages, the Shapiro-Stiglitz Model . Working Paper no. 548. 2003. Print.
      • http://econ-www.mit.edu/files/548
      • Images:
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      • http://www.tribunejuive.com/wp-content/uploads/2009/10/SIPA_00585438_000019.jpg
      • http://profile.ak.fbcdn.net/object2/1990/120/n156726776473_6989.jpg
      • http://www.hipertext.net/english/imgdocs/1008/10000000000001E000000168AAB5B895.png
      • http://training.itcilo.it/actrav_cdrom1/english/global/art/1htm6.jpg
      • http://training.itcilo.it/actrav_cdrom1/english/global/art/1htm1.jpg
      • http://econ-www.mit.edu/files/548
      • http://www.timescontent.com/tss/photos/preview/156735/Warren%20Buffett-Joseph%20Stiglitz.jpg
      • http://www.davidosler.com/stiglitz%20book.jpg
      • http://www.bendib.com/newones/2008/october/small/10-2-Can%27t-afford-itF.jpg