Joseph Eugene Stiglitz

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Joseph Eugene Stiglitz

  1. 1. JOSEPH EUGENE STIGLITZ Wowzers!!
  2. 2. Economist in the Making <ul><li>Born in Gary, Indiana, 1943. </li></ul><ul><li>Graduated from Amherst College </li></ul><ul><li>Received his PHD from MIT in 1967 </li></ul><ul><li>Became full professor at Yale in 1970 </li></ul><ul><li>Awarded the John Bates Clark Award in 1979 </li></ul>
  3. 3. Economist Fulfilled <ul><li>Taught at Princeton, Stanford, MIT and Oxford. </li></ul><ul><li>Served on the Council for Economic Advisors under Clinton </li></ul><ul><li>Was the Chief Economist of World Bank </li></ul><ul><li>Chaired the Commission on </li></ul><ul><li>the Measurement of Economic </li></ul><ul><li>Performance and Social Progress </li></ul>
  4. 4. Contributions <ul><li>Co-founder of Initiative for Policy Dialogue (IPD) </li></ul><ul><li>IPD helps developing countries explore alternative policies and ensures wider civic participation </li></ul><ul><li>Helped create a new branch of economics : “The Economics of Information” </li></ul>
  5. 5. Information Asymmetry <ul><li>He received a Nobel Prize for his work on “Information Asymmetry” & “Screening” </li></ul><ul><li>A technique used by one economic agent to extract otherwise private information from another </li></ul><ul><li>This creates an imbalance, manipulating market results </li></ul>
  6. 6. Stiglitz-Shapiro Model <ul><li>A major contribution resulting from research on efficiency wages in 1983 </li></ul><ul><li>Explains unemployment and wages </li></ul><ul><li>How everyone can receive an occupation </li></ul><ul><li>Unemployment is driven by the information structure of employment </li></ul><ul><li>Challenges assumption that markets are always efficient </li></ul>
  7. 7. Graphs for Model
  8. 8. Impact on Society & World <ul><li>Established foundation for modern economics </li></ul><ul><li>Displayed weaknesses of current economic system </li></ul><ul><li>Awareness of poverty in developing nations due to Globalization, shown via published books </li></ul>
  9. 9. Why should we care? <ul><li>By educating ourselves we can only be prepared for the future </li></ul><ul><li>New economic crises, while Stiglitz’ contribution will serve us as aid </li></ul><ul><li>Time to start recovering the economy, through proper reform!! </li></ul>
  10. 10. Citations <ul><li>&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>. </li></ul><ul><li>Stiglitz, Joseph. Globalization and its Discontents . New York: W.W. Norton & Company, 2003. Print. </li></ul><ul><li>Stiglitz, Joseph. Making Globalization Work . New York: W.W. Norton & Company, 2007. Print. </li></ul><ul><li>Stiglitz, Joseph E. Josephstiglitz.com . Columbia University. Web. 1 Mar. 2010. <http://www.josephstiglitz.com/ </li></ul><ul><li>Autor, David H. Efficiency Wages, the Shapiro-Stiglitz Model . Working Paper no. 548. 2003. Print. </li></ul><ul><li>http://econ-www.mit.edu/files/548 </li></ul><ul><li>Images: </li></ul><ul><li>http://top-people.starmedia.com/tmp/swotti/cacheAM9ZZXBOIHN0AWDSAXR6UGVVCGXLLVBLB3BSZQ==/imgJoseph%20Stiglitz4.jpg </li></ul><ul><li>http://www.tribunejuive.com/wp-content/uploads/2009/10/SIPA_00585438_000019.jpg </li></ul><ul><li>http://profile.ak.fbcdn.net/object2/1990/120/n156726776473_6989.jpg </li></ul><ul><li>http://www.hipertext.net/english/imgdocs/1008/10000000000001E000000168AAB5B895.png </li></ul><ul><li>http://training.itcilo.it/actrav_cdrom1/english/global/art/1htm6.jpg </li></ul><ul><li>http://training.itcilo.it/actrav_cdrom1/english/global/art/1htm1.jpg </li></ul><ul><li>http://econ-www.mit.edu/files/548 </li></ul><ul><li>http://www.timescontent.com/tss/photos/preview/156735/Warren%20Buffett-Joseph%20Stiglitz.jpg </li></ul><ul><li>http://www.davidosler.com/stiglitz%20book.jpg </li></ul><ul><li>http://www.bendib.com/newones/2008/october/small/10-2-Can%27t-afford-itF.jpg </li></ul>

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