Redefining the Role of the State: Joseph Stiglitz on Building A
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Reflections How to Create More Inclusive Economies
Reflections How to Create More Inclusive Economies: An Interview with Dani Rodrik Fikret Adaman Dani Rodrik (1957) is a Turkish-American political economist and Ford Foundation Professor of International Political Economy at Harvard’s John F. Kennedy School of Government.1 Published widely in the areas of in- ternational economics, economic growth and development, and political economy, Rodrik is currently Co-Director of the Economics for Inclusive Prosperity Network and, among others, affiliated with International Eco- nomic Association, National Bureau of Economic Research and Center for Economic Policy Research. After graduating from Robert College in Istan- bul, he earned an AB (Summa cum Laude) from Harvard College. He then acquired an MPA in public affairs from Princeton University and a PhD in economics, with a thesis titled ‘Studies on the Welfare Theory of Trade and Exchange-rate Policy’. He has been the recipient of grants from presti- gious foundations, such as the Carnegie Corporation, Ford Foundation and Rockefeller Foundation. Among other honours, he was presented the Leon- tief Prize for Advancing the Frontiers of Economic Thought from the Global Development and Environment Institute, the inaugural Albert O. Hirschman Prize of the Social Science Research Council and the Princess of Asturias Award for Social Sciences. On 21 January 2020, Pope Francis named him a member of the Pontifical Academy of Social Sciences. His monthly columns on global affairs are published by Project Syndicate. FA: Let me start with a personal question. We know that after spending your childhood and youth in Istanbul, you came to Harvard to study engi- neering, but you changed your mind. -
A Nobelist on Government's Role, the Power of Ideas, and How To
A Nobelist on government’s role, the power of ideas, and how to measure progress: An interview with Paul Romer “Ideas mean that we can have sustained economic growth, and we will not only have more stuff but be better people.” September 2019 Inequality is rising within developed economies, Protecting the ship and net incomes are flat or falling as well. But GDP per capita is steadily rising in these countries at A colleague of mine has a daughter who’s in the the same time. Are we measuring the wrong metric navy. And she told me that one of the things they when it comes to progress? say, at least if you’re the commander of a ship, is that you tell everybody on the ship that your In this interview with McKinsey’s Rik Kirkland, priorities are the ship, your shipmates, and yourself. the Nobel Prize-winning economist suggests an So, ship, shipmate, self. alternative measurement to GDP per capita and talks about how innovations, the market, and Part of the insight of economics is that if you governments work together to create progress structure things appropriately, self-interest for everybody. (which is always there) can lead to good outcomes. What we haven’t done effectively How ideas sustain growth enough is talk about protecting the ship. How do we protect the ship and commit together to build I worked on the specifics of how technology the values and systems that protect the nation? leads to economic growth. And I think it’s very How do we make sure everybody feels like they important with a term like growth that you have are protected and they’re part of this process of some idea of a metric. -
After the Phillips Curve: Persistence of High Inflation and High Unemployment
Conference Series No. 19 BAILY BOSWORTH FAIR FRIEDMAN HELLIWELL KLEIN LUCAS-SARGENT MC NEES MODIGLIANI MOORE MORRIS POOLE SOLOW WACHTER-WACHTER % FEDERAL RESERVE BANK OF BOSTON AFTER THE PHILLIPS CURVE: PERSISTENCE OF HIGH INFLATION AND HIGH UNEMPLOYMENT Proceedings of a Conference Held at Edgartown, Massachusetts June 1978 Sponsored by THE FEDERAL RESERVE BANK OF BOSTON THE FEDERAL RESERVE BANK OF BOSTON CONFERENCE SERIES NO. 1 CONTROLLING MONETARY AGGREGATES JUNE, 1969 NO. 2 THE INTERNATIONAL ADJUSTMENT MECHANISM OCTOBER, 1969 NO. 3 FINANCING STATE and LOCAL GOVERNMENTS in the SEVENTIES JUNE, 1970 NO. 4 HOUSING and MONETARY POLICY OCTOBER, 1970 NO. 5 CONSUMER SPENDING and MONETARY POLICY: THE LINKAGES JUNE, 1971 NO. 6 CANADIAN-UNITED STATES FINANCIAL RELATIONSHIPS SEPTEMBER, 1971 NO. 7 FINANCING PUBLIC SCHOOLS JANUARY, 1972 NO. 8 POLICIES for a MORE COMPETITIVE FINANCIAL SYSTEM JUNE, 1972 NO. 9 CONTROLLING MONETARY AGGREGATES II: the IMPLEMENTATION SEPTEMBER, 1972 NO. 10 ISSUES .in FEDERAL DEBT MANAGEMENT JUNE 1973 NO. 11 CREDIT ALLOCATION TECHNIQUES and MONETARY POLICY SEPBEMBER 1973 NO. 12 INTERNATIONAL ASPECTS of STABILIZATION POLICIES JUNE 1974 NO. 13 THE ECONOMICS of a NATIONAL ELECTRONIC FUNDS TRANSFER SYSTEM OCTOBER 1974 NO. 14 NEW MORTGAGE DESIGNS for an INFLATIONARY ENVIRONMENT JANUARY 1975 NO. 15 NEW ENGLAND and the ENERGY CRISIS OCTOBER 1975 NO. 16 FUNDING PENSIONS: ISSUES and IMPLICATIONS for FINANCIAL MARKETS OCTOBER 1976 NO. 17 MINORITY BUSINESS DEVELOPMENT NOVEMBER, 1976 NO. 18 KEY ISSUES in INTERNATIONAL BANKING OCTOBER, 1977 CONTENTS Opening Remarks FRANK E. MORRIS 7 I. Documenting the Problem 9 Diagnosing the Problem of Inflation and Unemployment in the Western World GEOFFREY H. -
Over the Past Decade Joseph Stiglitz Has Acquired a Considerable Reputa
CORRECTING STIGLITZ: FROM INFORMATION TO POWER IN THE WORLD OF DEVELOPMENT BEN FINE AND ELISA VAN WAEYENBERGE ver the past decade Joseph Stiglitz has acquired a considerable reputa- Otion for radicalism. It began with his launching of the post Washington Consensus after his appointment as Chief Economist at the World Bank, and was then reinforced by his subsequent ‘resignation’ from that post in 2000, followed by his extensive critique of the IMF, above all in his best-selling book, Globalization and Its Discontents.1 But on closer examination Stiglitz’s trajectory reveals a number of telling truths, not so much about himself, as about the World Bank’s policies and ideology, the influence on the Bank of the US government (most sharply revealed in the recent appointment of Wolfowitz as President of the Bank), and the dismal science of the Bank’s economics – from which Stiglitz has in some respects at most marginally departed. In reality the Bank has responded to its crisis of legitimacy in the early 1990s by de-emphasising neo-liberal theory in principle whilst supporting private capital ever more strongly in practice. Ideologically, this has been marked by a number of shifts in World Bank parlance, from ‘good governance’ to ‘poverty alleviation’, and especially its most recent claim to be first and foremost a ‘knowledge bank’. Tellingly, these elements are in fact entirely consistent with Stiglitz’s scholarly work and were, indeed, strongly endorsed by him during his time at the Bank. Only after he was forced out of the Bank was he forced to accept, however partially, unconsciously and implicitly, that the world – including the Bank – has to be understood in ways that depart from the scholarly tradition he has sought to promote. -
New Technologies, Global Value Chains, and the Developing Economies
New Technologies, Global Value Chains, and the Developing Economies Background Paper Dani Rodrik Dani Rodrik Harvard University Background Paper 1 September 2018 The Pathways for Prosperity Commission on Technology and Inclusive Development is proud to work with a talented and diverse group of commissioners who are global leaders from government, the private sector and academia. Hosted and managed by Oxford University’s Blavatnik School of Government, the Commission collaborates with international development partners, developing country governments, private sector leaders, emerging entrepreneurs and civil society. It aims to catalyse new conversations and to encourage the co-design of country-level solutions aimed at making frontier technologies work for the benefi t of the world’s poorest and most marginalised men and women. This paper is part of a series of background papers on technological change and inclusive development, bringing together evidence, ideas and research to feed into the commission’s thinking. The views and positions expressed in this paper are those of the author and do not represent the commission. Citation: Rodrik, D. 2018. New Technologies, Global Value Chains, and the Developing Economies. Pathways for Prosperity Commission Background Paper Series; no. 1. Oxford. United Kingdom www.pathwayscommission.bsg.ox.ac.uk @P4PCommission #PathwaysCommission Cover image © donvictorio/Shutterstock.com Table of contents Table of contents 1 1. Introduction 2 2. GVCs, trade, and disappointing impacts 3 3. GVCs, skills and complementarity 6 4. Technology and shifts in comparative advantage 8 5. Can services be the new escalator? 12 6. Concluding remarks 14 7. References 16 8. Figures 18 1 1. Introduction Do new technologies present an opportunity or a threat to developing economies? For the optimists, the knowledge economy, artificial intelligence, and advances in robotics represent a historical chance for developing economies to leapfrog to a more advanced-economy status. -
On Sticky Prices: Academic Theories Meet the Real World
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Monetary Policy Volume Author/Editor: N. Gregory Mankiw, ed. Volume Publisher: The University of Chicago Press Volume ISBN: 0-226-50308-9 Volume URL: http://www.nber.org/books/greg94-1 Conference Date: January 21-24, 1993 Publication Date: January 1994 Chapter Title: On Sticky Prices: Academic Theories Meet the Real World Chapter Author: Alan S. Blinder Chapter URL: http://www.nber.org/chapters/c8331 Chapter pages in book: (p. 117 - 154) 4 On Sticky Prices: Academic Theories Meet the Real World Alan S. Blinder Any theory of how nominal money affects the real economy must face up to the following conundrum: Demand or supply functions derived-whether precisely or heuristically-from basic micro principles have money, M,as an argument only in ratio to the general price level. Hence, if monetary policy is to have real effects, there must be some reason why changes in M are not followed promptly by equiproportionate changes in I.! This is the sense in which some kind of “price stickiness” is essential to virtually any story of how monetary policy works.’ Keynes (1936) offered one of the first intellectually coherent (or was it?) explanations for price stickiness by positing that money wages are sticky, and perhaps even rigid-at least in the downward direction. In that case, what Keynes called “the money supply in wage units,” M/W, moves in the same direction as nominal money, thereby stimulating the economy. In the basic Keynesian model,2 prices are not sticky relative to wages. -
Ten Nobel Laureates Say the Bush
Hundreds of economists across the nation agree. Henry Aaron, The Brookings Institution; Katharine Abraham, University of Maryland; Frank Ackerman, Global Development and Environment Institute; William James Adams, University of Michigan; Earl W. Adams, Allegheny College; Irma Adelman, University of California – Berkeley; Moshe Adler, Fiscal Policy Institute; Behrooz Afraslabi, Allegheny College; Randy Albelda, University of Massachusetts – Boston; Polly R. Allen, University of Connecticut; Gar Alperovitz, University of Maryland; Alice H. Amsden, Massachusetts Institute of Technology; Robert M. Anderson, University of California; Ralph Andreano, University of Wisconsin; Laura M. Argys, University of Colorado – Denver; Robert K. Arnold, Center for Continuing Study of the California Economy; David Arsen, Michigan State University; Michael Ash, University of Massachusetts – Amherst; Alice Audie-Figueroa, International Union, UAW; Robert L. Axtell, The Brookings Institution; M.V. Lee Badgett, University of Massachusetts – Amherst; Ron Baiman, University of Illinois – Chicago; Dean Baker, Center for Economic and Policy Research; Drucilla K. Barker, Hollins University; David Barkin, Universidad Autonoma Metropolitana – Unidad Xochimilco; William A. Barnett, University of Kansas and Washington University; Timothy J. Bartik, Upjohn Institute; Bradley W. Bateman, Grinnell College; Francis M. Bator, Harvard University Kennedy School of Government; Sandy Baum, Skidmore College; William J. Baumol, New York University; Randolph T. Beard, Auburn University; Michael Behr; Michael H. Belzer, Wayne State University; Arthur Benavie, University of North Carolina – Chapel Hill; Peter Berg, Michigan State University; Alexandra Bernasek, Colorado State University; Michael A. Bernstein, University of California – San Diego; Jared Bernstein, Economic Policy Institute; Rari Bhandari, University of California – Berkeley; Melissa Binder, University of New Mexico; Peter Birckmayer, SUNY – Empire State College; L. -
Preventing Deglobalization: an Economic and Security Argument for Free Trade and Investment in ICT Sponsors
Preventing Deglobalization: An Economic and Security Argument for Free Trade and Investment in ICT Sponsors U.S. CHAMBER OF COMMERCE FOUNDATION U.S. CHAMBER OF COMMERCE CENTER FOR ADVANCED TECHNOLOGY & INNOVATION Contributing Authors The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Copyright © 2016 by the United States Chamber of Commerce. All rights reserved. No part of this publication may be reproduced or transmitted in any form—print, electronic, or otherwise—without the express written permission of the publisher. Table of Contents Executive Summary ............................................................................................................. 6 Part I: Risks of Balkanizing the ICT Industry Through Law and Regulation ........................................................................................ 11 A. Introduction ................................................................................................. 11 B. China ........................................................................................................... 14 1. Chinese Industrial Policy and the ICT Sector .................................. 14 a) “Informatizing” China’s Economy and Society: Early Efforts ...... 15 b) Bolstering Domestic ICT Capabilities in the 12th Five-Year Period and Beyond ................................................. 16 (1) 12th Five-Year -
LETTER to G20, IMF, WORLD BANK, REGIONAL DEVELOPMENT BANKS and NATIONAL GOVERNMENTS
LETTER TO G20, IMF, WORLD BANK, REGIONAL DEVELOPMENT BANKS and NATIONAL GOVERNMENTS We write to call for urgent action to address the global education emergency triggered by Covid-19. With over 1 billion children still out of school because of the lockdown, there is now a real and present danger that the public health crisis will create a COVID generation who lose out on schooling and whose opportunities are permanently damaged. While the more fortunate have had access to alternatives, the world’s poorest children have been locked out of learning, denied internet access, and with the loss of free school meals - once a lifeline for 300 million boys and girls – hunger has grown. An immediate concern, as we bring the lockdown to an end, is the fate of an estimated 30 million children who according to UNESCO may never return to school. For these, the world’s least advantaged children, education is often the only escape from poverty - a route that is in danger of closing. Many of these children are adolescent girls for whom being in school is the best defence against forced marriage and the best hope for a life of expanded opportunity. Many more are young children who risk being forced into exploitative and dangerous labour. And because education is linked to progress in virtually every area of human development – from child survival to maternal health, gender equality, job creation and inclusive economic growth – the education emergency will undermine the prospects for achieving all our 2030 Sustainable Development Goals and potentially set back progress on gender equity by years. -
The 2018 Prize in Economic Sciences
PRESS RELEASE 8 October 2018 The Prize in Economic Sciences 2018 The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William D. Nordhaus Paul M. Romer Yale University, New Haven, USA NYU Stern School of Business, New York, USA “for integrating climate change into “for integrating technological innovations into long-run macroeconomic analysis” long-run macroeconomic analysis” Integrating innovation and climate with economic growth William D. Nordhaus and Paul M. Romer have Climate change – Nordhaus’ fndings deal with interac- designed methods for addressing some of our tions between society and nature. Nordhaus decided to time’s most basic and pressing questions about work on this topic in the 1970s, as scientists had become how we create long-term sustained and sustainable increasingly worried about the combustion of fossil economic growth. fuel resulting in a warmer climate. In the mid-1990s, he became the frst person to create an integrated assessment At its heart, economics deals with the management of model, i.e. a quantitative model that describes the global scarce resources. Nature dictates the main constraints on interplay between the economy and the climate. His economic growth and our knowledge determines how model integrates theories and empirical results from well we deal with these constraints. This year’s Laureates physics, chemistry and economics. Nordhaus’ model is William Nordhaus and Paul Romer have signifcantly now widely spread and is used to simulate how the eco- broadened the scope of economic analysis by constructing nomy and the climate co-evolve. -
Introduction of Joseph Stiglitz Jason Furman Chairman, Council Of
Introduction of Joseph Stiglitz Jason Furman Chairman, Council of Economic Advisers Sixth Annual Moynihan Prize Award Ceremony American Academy of Political and Social Science Washington, D.C. May 8, 2014 As prepared for delivery I am honored to be introducing my friend Joe Stiglitz as he accepts this acknowledgement of the enormous impact his work has had on public policy and the broader public dialogue. Since I expect that Joe’s speech will be critical of inequality, I want to point out one area where the limited degree of inequality is truly an injustice. Maybe not the world’s largest injustice, but an injustice nonetheless. I am talking about the awarding of the Nobel Prize for Economic Sciences. And the injustice is exemplified by the fact that Joe only has one more Nobel Prize than I do. If the Nobel Prize was awarded on merit Joe would have won more of them, including for his contributions to public finance, macroeconomics and other areas. In fact, we are lucky that Joe has conducted his research so tenaciously in the face of what is de facto a 50 to 75 percent tax rate on the prize- winning ideas he generates. Frequently when someone turns up what seems like a new idea in economics, it turns out that Joe had already explored the terrain decades before. For example, Joe published part of his dissertation in Econometrica, the top technical journal in economics, in 1969. The article was entitled “Distribution of Income and Wealth Among Individuals” and the abstract summarizes the topic as “Implications for the distribution of wealth and income of alternative assumptions about savings, reproduction, inheritance policies, and labor homogeneity are investigated in the context of a neoclassical growth model.” Sounds a bit like a current bestseller, doesn’t it? Reading Joe’s CV is an exercise that falls somewhere between dizzying and humbling. -
Alan Stuart Blinder February 2020
CURRICULUM VITAE Alan Stuart Blinder February 2020 Address Department of Economics and Woodrow Wilson School of Public & International Affairs 284 Julis Romo Rabinowitz Building Princeton University Princeton, NJ 08544-1021 Phone: 609-258-3358 FAX: 609-258-5398 E-mail: blinder (at) princeton (dot) edu Website : www.princeton.edu/blinder Personal Data Born: October 14, 1945, Brooklyn, New York. Marital Status: married (Madeline Blinder); two sons and four grandchildren Educational Background Ph.D., Massachusetts Institute of Technology, l97l M.Sc. (Econ.), London School of Economics, 1968 A.B., Princeton University, summa cum laude in economics, 1967. Doctor of Humane Letters (honoris causa), Bard College, 2010 Government Service Vice Chairman, Board of Governors of the Federal Reserve System, 1994-1996. Member, President's Council of Economic Advisers, 1993-1994. Deputy Assistant Director, Congressional Budget Office, 1975. Member, New Jersey Pension Review Committee, 2002-2003. Member, Panel of Economic Advisers, Congressional Budget Office, 2002-2005. Honors Bartels World Affairs Fellow, Cornell University, 2016. Selected as one of 55 “Global Thought Leaders” by the Carnegie Council, 2014. (See http://www.carnegiecouncil.org/studio/thought-leaders/index) Distinguished Fellow, American Economic Association, 2011-. Member, American Philosophical Society, 1996-. Audit Committee, 2003- Fellow, American Academy of Arts and Sciences, 1991-. John Kenneth Galbraith Fellow, American Academy of Political and Social Science, 2009-. William F. Butler Award, New York Association for Business Economics, 2013. 1 Adam Smith Award, National Association for Business Economics, 1999. Visionary Award, Council for Economic Education, 2013. Fellow, National Association for Business Economics, 2005-. Honorary Fellow, Foreign Policy Association, 2000-. Fellow, Econometric Society, 1981-.