Joseph Stiglitz: Widening the Scope of Economics
“Markets have clearly not been working the way that their boosters claim. Markets are supposed to be stable, but the global financial crisis showed that they could be very unstable, with devastating consequences. The bankers had taken bets that, without government assistance, would have brought them and the entire economy down.” – Stiglitz, J.E., 2012, The Price of Inequality: How Today’s Divided Society Endangers Our Future, W.W. Norton & Company.
Who is the man behind this sentence? What are his main contributions to economic theory? How has he fostered the political debate on globalization? This article gives a short presentation of Joseph Stiglitz (2001 Nobel Prize winner) and briefly illustrates the main findings of his research.