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The standard neoclassical model the formal articulation of Adam Smith's invisible hand, the contention that market economies will ensure economic eff… - Joseph E. Stiglitz
" "The standard neoclassical model the formal articulation of Adam Smith's invisible hand, the contention that market economies will ensure economic efficiency provides little guidance for the choice of economic systems, since once information imperfections (and the fact that markets are incomplete) are brought into the analysis, as surely they must be, there is no presumption that markets are efficient.
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About Joseph E. Stiglitz
Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and author. He is the winner of the John Bates Clark Medal in 1979 and the Nobel Memorial Prize in Economics in 2001, which he shared with George Akerlof and Michael Spence. Stiglitz previously served as Chief Economist of the World Bank between 1997 and 2000.
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Joseph Eugene Stiglitz
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Joseph Stiglitz
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TRIPs imposed on the entire world the dominant intellectual property regime in the United States and Europe, as it is today. I believe that the way that intellectual property regime has evolved is not good for the United States and the EU; but even more, I believe it is not in the interest of the developing countries.
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By changing the locus of caring and responsibility from the individual to the government not only for the needy, but for oneself, one's parents, one's children we change society and we change ourselves. Here again we see a certain irony: Attempts to improve society by having the government undertake a greater role in redistribution, may ultimately through their effects on individuals and the nature of the social contract have more ambiguous consequences.
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