Joseph Stiglitz

Joseph Stiglitz is an American economist whose work on information asymmetry, inequality, and globalization shaped economic theory and policy. He received the 2001 Nobel Memorial Prize in Economic Sciences.

Information asymmetry: A condition in which parties to an exchange possess different amounts or quality of relevant information. This is the central problem underlying several theories that earned Stiglitz the economics Nobel.
Screening (economics): A strategy by an uninformed party to induce an informed party to reveal private information through choices. Stiglitz studied how insurers and other firms design options that separate customer types.
George Akerlof: An American economist whose research on markets with asymmetric information shared the 2001 Nobel Memorial Prize. Akerlof’s work on market quality and Stiglitz’s research helped establish information economics.
Globalization and Its Discontents: A 2002 book by Joseph Stiglitz criticizing how the IMF and other institutions managed globalization. Stiglitz used his experience at the World Bank to critique international economic policy.
2001 Nobel Memorial Prize in Economic Sciences: The economics Nobel awarded to George Akerlof, Michael Spence, and Joseph Stiglitz for analyses of markets with asymmetric information. The prize recognized the research program to which Stiglitz made foundational contributions.
Adverse selection: A market problem in which hidden characteristics cause lower-quality participants or products to be disproportionately represented. Stiglitz showed how hidden information can unravel markets such as insurance.
Signaling (economics): An informed party’s costly action that credibly communicates private information to others. Signaling complements screening in the analysis of markets with unequal information.
Michael Spence: An American economist whose theory of signaling shared the 2001 Nobel Memorial Prize in Economic Sciences. Spence and Stiglitz were co-recipients for foundational analyses of markets with asymmetric information.
The Price of Inequality: A 2012 book by Joseph Stiglitz arguing that inequality harms economic performance and democratic life. The book extends his policy criticism from global institutions to inequality within the United States.
New Keynesian economics: A school of macroeconomics explaining economic fluctuations through imperfect competition and nominal rigidities. Stiglitz’s work on imperfect information helped explain why prices and wages may not clear markets.

Linked from 11 pages