The State of the Global Economy: An Agenda for Job Creation
September 26, 2011Washington, DC

Professor Joseph E. Stiglitz graduated from Amherst College, he received his Ph.D from MIT in 1967, became a full professor at Yale in 1970, and in 1979 was awarded the John Bates Clark Award, given biennially by the American Economic Association to the economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, MIT and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now University Professor at Columbia University and Chair of Columbia University's Committee on Global Thought. He is also the co-founder and Executive Director of the Initiative for Policy Dialogue at Columbia. In 2001, He was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.

Stiglitz was a member of the Council of Economic Advisers from 1993–95, during the Clinton administration, and served as CEA chairman from 1995–97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997–2000.

Recognized around the world as a leading economic educator, he has written textbooks that have been translated into more than a dozen languages. He founded one of the leading economics journals, The Journal of Economic Perspectives. His latest book, The Price of Inequality: How Today’s Divided Society Endangers Our Future was published by W,W, Norton & Company in June 2012.

It is not inevitable, Professor Joseph E. Stiglitz has argued, that the parts of the world experiencing weak economic growth are doomed to an extended period of Japanese-style malaise. But to create jobs in countries like the United States, we must dispel with two myths: one, that reducing deficits will restore the economy; and two, that stimulus does not work. In the U.S., with its weak and uneven recovery from recession, smart government support will be crucial. Remarkably low interest rates provide an excellent opportunity for investment in infrastructure, technology, and education—and there are many high-return investments to be made in these areas. Even if deficit fetishism continues to be an obstacle, there is still room to boost GDP by achieving a balanced budget through spending, and in taxes on the wealthiest Americans. In this presentation, Professor Stiglitz discusses strategies available for the United States and countries around the world that are trying to put their people back to work in the wake of the crisis.

The Development Economics Vice Presidency (DEC) launched its lecture series in April 2005 to bring distinguished academics to the Bank to present and discuss new knowledge on development. The purpose of the Lecture Series is to introduce ideas on cutting edge research, challenge and contribute to the Bank's intellectual climate, and reexamine current development theories and practices. The Lectures revisit issues of long-standing concern and explore emerging issues that promise to be central to future development discourse. The Lecture Series reflects DEC’s commitment to intellectual leadership and openness in embracing future challenges to reduce poverty.

The DEC Lecture Series is chaired by Kaushik Basu, Senior Vice President and Chief Economist, and includes a presentation and floor discussion.

Lecture Details
  • Date: September 26, 2011
  • Time: 12:30 PM – 2:00 PM
  • Venue: Preston Auditorium