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"If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?"
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"CAPITALISM: If everything worked without need of repair, upgrade or replacement, then peaceful minds and prosperity would prevail among the masses rather than just the few who control markets."
"Bling" is not an indication of riches. It is a product of value-based spending, to enrich the pockets of those outside of ones sphere of influence...the haves' bleeding the have-nots'."
"So far, therefore, as the science of exchange relates to the advantage of one of the exchanging persons only, it is founded on the ignorance or incapacity of the opposite person. . . . It is therefore a science founded on nescience. . . . This science, alone of sciences, must, by all available means, promulgate and prolong its opposite nescience. . . . It is therefore peculiarly and alone science of darkness."
"We aren't leveraging this great economic engine, the strongest economy in the world. And yet we have this totally weak response. We import $500 billion a year more in products than we export."
"An economy growing at 7 percent per year, can and must find the resources to improve the lives of its millions of poor."
"You can't tax business. Business doesn't pay taxes. It collects taxes."
Explore more quotes by Joseph E. Stiglitz
"Amherst is a liberal arts college, committed to providing students with a broad education."
"I, like many members of my generation, was concerned with segregation and the repeated violation of civil rights."
"Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist."
"The notion that every well educated person would have a mastery of at least the basic elements of the humanities, sciences, and social sciences is a far cry from the specialized education that most students today receive, particularly in the research universities."
"But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs."
"The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy."
"In debate, one randomly was assigned to one side or the other. This had at least one virtue - it made one see that there was more than one side to these complex issues."
"I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life."
"As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns."
"I knew that discrimination existed, even though there were many individuals who were not prejudiced."
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