Joseph E. Stiglitz

Joseph E. Stiglitz

Joseph E. Stiglitz, 2001 Nobel Laureate in Economics, helped create the theory of markets with asymmetric information and was one of the founders of modern development economics. He played a leading role in an intellectual revolution that changed...

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Bibliographic Details
Main Author:	Hoff, Karla
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADVERSE SELECTION AGENCY PROBLEMS AGGLOMERATION EFFECTS AGRICULTURE ASYMMETRIC INFORMATION ASYMMETRIES OF INFORMATION AVERAGE COSTS AVERAGE PRODUCTIVITY BANKRUPTCY BANKS BENCHMARK BEST PRACTICES BID BUSINESS CYCLES BUYERS CAPITAL ACCUMULATION CAPITAL MARKETS CAPITAL OUTFLOWS COMMODITIES COMMODITY COMPETITIVE ECONOMY COMPETITIVE EQUILIBRIUM CONFLICTS OF INTEREST CONSUMER CONSUMER CHOICE CONSUMERS CONTRIBUTION CONTRIBUTIONS COORDINATION FAILURES CORPORATE GOVERNANCE CREDIT MARKETS CREDIT RATIONING DAMAGES DEBT DEBTORS DEBTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ECONOMICS DIMINISHING RETURNS DISEQUILIBRIUM DISTRIBUTION OF WEALTH ECONOMIC ACTIVITY ECONOMIC CRISES ECONOMIC GEOGRAPHY ECONOMIC GROWTH ECONOMIC INEFFICIENCIES ECONOMIC POLICIES ECONOMIC RENTS ECONOMIC THEORY ECONOMICS ECONOMICS OF INFORMATION EFFICIENT MARKETS EFFICIENT MARKETS THEORY EFFICIENT OUTCOMES EQUILIBRIUM PRICES EQUILIBRIUM UNEMPLOYMENT EQUITY MARKETS EXPECTED RETURN EXTERNALITIES EXTERNALITY FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL STRUCTURE FINANCIAL SUPPORT FOREIGN DEBTS FOREIGN INVESTORS FREE CAPITAL GAME THEORY GOVERNMENT INTERVENTION GOVERNMENT OWNERSHIP GROWTH THEORY HIDDEN ACTIONS HOLDING HOMEOWNERSHIP IMPERFECT INFORMATION INCENTIVE PROBLEMS INCOME INCOMES INCOMPLETE MARKETS INCREASING RETURNS INCREASING RETURNS TO SCALE INDIFFERENCE CURVES INEFFICIENCY INFLATION INFORMATIONAL IMPERFECTIONS INNOVATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE FIRMS INSURANCE MARKET INSURANCE MARKETS INSURANCE POLICIES INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL TRADE INVESTMENT DECISIONS JOB LOSS LABOR MARKET LABOR MARKETS LABOUR LACK OF TRANSPARENCY LENDER LENDERS LOAN LOAN APPLICATIONS LOW-INCOME MACROECONOMIC FLUCTUATIONS MACROECONOMIC STABILITY MACROECONOMICS MARGINAL COST MARKET ECONOMIES MARKET ECONOMY MARKET EQUILIBRIUM MARKET FAILURE MARKET FAILURES MARKET MECHANISM MARKET PARTICIPANTS MARKET PRICES MATHEMATICS MEDICAL CARE MISSING MARKET MISSING MARKETS MONETARY FUND MONETARY POLICIES MONETARY POLICY MONITORING COSTS MONOPOLISTIC COMPETITION MORAL HAZARD MULTIPLE EQUILIBRIA MULTIPLIER EFFECTS NET WORTH OPTIMAL CONTRACT PARETO EFFICIENCY PECUNIARY EXTERNALITIES PER CAPITA INCOME PERFECT INFORMATION PERFECT MARKETS POLITICAL ECONOMY POLITICAL INSTITUTIONS PORTFOLIOS PRIVATE CAPITAL PRIVATE PROPERTY PROBABILITY PRODUCTIVITY PROVISION OF INFORMATION PUBLIC ECONOMICS PUBLIC FINANCE PUBLIC GOODS PURCHASES RECESSION RENTS RISK MARKETS RISK SHARING RISK-AVERSE INDIVIDUALS RISKY ASSETS RULE OF LAW SAVINGS SEARCH COSTS SENIOR STOCK MARKET TAX TAXATION TRANSACTION TRANSITION COUNTRIES TREASURY UNEMPLOYMENT UTILITY FUNCTION VALUABLE WAGE WAGES WEALTH WELFARE ECONOMICS
Online Access:	http://documents.worldbank.org/curated/en/2008/01/8943669/joseph-e-stiglitz http://hdl.handle.net/10986/6477

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Summary:	Joseph E. Stiglitz, 2001 Nobel Laureate in Economics, helped create the theory of markets with asymmetric information and was one of the founders of modern development economics. He played a leading role in an intellectual revolution that changed the characterization of a market economy. In the new paradigm, the price system only imperfectly solves the information problem of scarcity because of the many other information problems that arise in the economy: the selection over hidden characteristics, the provision of incentives for hidden behaviors and for innovation, and the coordination of choices over institutions.