Joseph E. Stiglitz

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The recent literature on optimal taxation may be seen as attempting to clarify the structure of the arguments advanced to support changes in the tax system, tracing the implications of taxes and quantifying (analytically) the trade-offs between the various objectives of tax policy. This literature has examined the optimal structure for particular types of(More)
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you(More)
The research for which George Akerlof, Mike Spence, and I are being recognized is part of a larger research program which, today, embraces hundred, perhaps thousands, of researchers around the world. In this lecture, I want to set the particular work which was sited within this broader agenda, and that agenda within the broader perspective of the history of(More)
We characterize the evolution over time of a credit network as a system of coupled stochastic processes, each one of which describes the dynamics of individual financial robustness. The coupling comes from the connectivity of the network, since each agents’ financial robustness is associated with the financial robustness of the partners through risk(More)
We present a simple model of a production network in which firms are linked by supplier–customer relationships involving extension of trade–credit. Our aim is to identify the minimal set of mechanisms which reproduce qualitatively the main stylized facts of industrial demography, such as firms’ size distribution, and, at the same time, the correlation, over(More)
The past 50 years have seen marked changes in our understanding of development. We know that development is possible, but not inevitable. We have had a wealth of experiments. There are clearly no sure-fire formulas for success; if there were, there would be more successes. Some strategies seem to work for a while and then stall; some strategies seem to work(More)