Word: stiglitz
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...wobbly economy. "We need to address the fragility of markets, the stability of our economy," House Speaker Nancy Pelosi said as she prepared to meet behind closed doors to talk about the contours of a $150 billion stimulus plan with a high-powered squad of liberal economists including Joseph Stiglitz and Lawrence Summers, both of whom held senior posts during the Clinton Administration...
...There was remarkable agreement among all the economists here about what needed to be done," said Nobel economics laureate Stiglitz, who served as chairman of Clinton's Council of Economic Advisers. Any package must be "a comprehensive recovery program, not just based on trickle-down economics, not just giving money to the financial markets, but at least some of the money going directly to households, to meet infrastructure needs, to meet the variety of challenges facing our society today," he said...
...Globalization might be creating rich countries with poor people," economist Joseph Stiglitz has noted. That is apparent in South Africa, whose postapartheid government adopted an open-market economy that drew cheers from Wall Street and the international banking community and helped achieve an impressive, steady annual economic growth rate of 4-5%. But that growth has done little to reverse inequality or dangerously high levels of unemployment. In November last year, the South African Institute of Race Relations estimated 4.2 million South Africans were living on $1 a day in 2005, up from 1.9 million in 1996, two years after...
...hear somebody arguing that GDP ought to be shelved in favor of some more holistic measure of economic well-being. Somebody like, say, French President Nicolas Sarkozy, who early this year appointed a high-powered task force--boasting not just one but two economics Nobelists, Amartya Sen and Joseph Stiglitz--to devise a GDP replacement. Similar "ditch-GDP" noises can be heard frequently from enlightened sorts who care a lot about the environment, health care, education and happiness...
...standards--and in 1990 he helped create the United Nations' Human Development Index, which combines health and education data with per capita GDP to give a more complete view of the wealth of nations (the U.S. currently comes in 12th, while on per capita GDP alone, it ranks second). Stiglitz, a Columbia professor and former World Bank chief economist, advocates a "green net national product" that takes into account the depletion of natural resources. Also sure to come up in the French discussion is the currently fashionable idea of trying to include happiness in the equation...