American Philosophical Society
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302. Economics[X]
1Name:  Dr. Joseph E. Stiglitz
 Institution:  Columbia University
 Year Elected:  1997
 Class:  3. Social Sciences
 Subdivision:  302. Economics
 Residency:  Resident
 Living? :   Living
 Birth Date:  1943
Joseph E. Stiglitz was born in Gary, Indiana in 1943. A graduate of Amherst College, he received his Ph.D. from the Massachusetts Institute of Technology in 1967, became a full professor at Yale University 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 also taught at Princeton University, Stanford University and the Massachusetts Institute of Technology 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. In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information. Dr. Stiglitz has been credited with helping create "The Economics of Information," a new branch of economics exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only of theorists, but of policy analysts. He has made major contributions to macro-economics and monetary theory, to development economics and trade theory, to public and corporate finance, to the theories of industrial organization and rural organization, and to the theories of welfare economics and of income and wealth distribution. In the 1980s, he helped revive interest in the economics of research and development. His work has helped explain the circumstances in which markets do not work well and how selective government intervention can improve their performance. 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, and his book Globalization and Its Discontents (2001) has been translated into 35 languages and has sold more than one million copies worldwide. Other recent books include Freefall: America, Free Markets, and the Sinking of the World Economy; The Roaring Nineties; (with Bruce Greenwald) Towards a New Paradigm in Monetary Economics; (with Andrew Charlton) Fair Trade for All; Making Globalization Work (2006); and The Price of Inequality (2012); People, Power, and Profits: Progressive Capitalism for an Age of Discontent (2019). Dr. 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. He also holds a part-time appointment at the University of Manchester as Chair of the Management Board and Director of Graduate Summer Programs at the Brooks World Poverty Institute. In 2018 he was awarded the Sydney Peace Prize.
Election Year
1997 (1)