Toward a Just Society: Joseph Stiglitz and Twenty-First Century Economics

Published by Columbia University Press 2018

Toward a Just Society

Joseph Stiglitz and Twenty-First Century Economics

Edited by: Martin Guzman

https://doi.org/10.7312/guzm18672

Overview
Contents

About this book

This collection of essays reflects on how modern economics has been shaped by Joseph Stiglitz. High-profile authors spanning microeconomics, macroeconomics, inequality, development, law and economics, and public policy take up the central debates and discoveries of the field and provide insights on the future directions of academic economics.

Author / Editor information

Guzman Martin :

Martin Guzman is a Research Associate at the Department of Finance & Economics of Columbia University Graduate School of Business, and an Associate Professor at the Department of Economics of University of Buenos Aires. He is the co-editor, with Joe Stiglitz and Jose Antonio Ocampo, of Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (CUP, 2016).Martin Guzman is an economist based at the Columbia University Graduate School of Business and an associate professor of economics at the University of Buenos Aires. He is a leading economist in the field of public debt crisis resolution and is one of Joseph Stiglitz’s closest collaborators in the fields of macroeconomic theory and economic development.

Reviews

Felicia Wong, president and CEO, Roosevelt Institute:
Joseph Stiglitz's fundamental belief that more equality and more dignity are possible for all shines through in Toward a Just Society. This conversation among generations of Stiglitz’s students and coauthors perfectly celebrates his career as scholar, teacher, and public servant. With groundbreaking work on everything from rents and inequality to the cost of war, this is a fitting testament to the life of the mind and a life well-lived.

Steven Cassou, Kansas State University:
Joseph Stiglitz is one of the greatest economists of our day, and in his breadth and depth of influence in economics he has few rivals. This volume offers useful reviews and critiques of the many subfields Stiglitz has contributed to. Faculty, students, policy makers, and journalists will all appreciate this volume.

Glenn Hubbard, dean and Russell L. Carson Professor of Finance and Economics, Columbia Business School, and former chairman of the U.S. Council of Economic Advisers:
Economics is often derided as ‘the dismal science’ or technical abstraction. But Joe Stiglitz’s lifetime work has shone a light on distributive justice through economic reasoning. In this extraordinary volume, thirty leading economists examine inequality, networks, and public policy. Toward a Just Society is essential reading for economists and policy professionals.

Robert Johnson, president, Institute for New Economic Thinking:
This volume is filled with essays by a collection of brilliant scholars who share one thing in common: They were all mentored by Joseph E. Stiglitz. Stiglitz taught more than economics; he taught courage and creativity. These authors are the evidence of his success.

Joan E. Spero, Columbia University:
Joseph Stiglitz is a national treasure—a distinguished scholar with a Nobel Prize in Economics, a policy maker who played a key role in U.S. economic policy, and a teacher who has profoundly shaped the scholarship and values of his students. The essays in this volume attest to Joe’s enduring success in shaping economic research and dialogue and linking this research to ethical and real world issues.

Robert Solow, Massachusetts Institute of Technology:
Joe Stiglitz has touched almost every part of economic theory and economic practice, and every part he has touched is livelier for his influence. The great variety and high quality of the essays in this book are a fitting response to his fertility and energy.

Topics

Frontmatter Publicly Available Download PDF	i
Contents Publicly Available Download PDF	v
Preface Joseph Stiglitz Requires Authentication Unlicensed Licensed Download PDF	ix
Introduction Martin Guzman Requires Authentication Unlicensed Licensed Download PDF	1
PART I: Inequality
1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality Jason Furman and Peter Orszag Requires Authentication Unlicensed Licensed Download PDF	19
2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome Ravi Kanbur Requires Authentication Unlicensed Licensed Download PDF	48
3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class Arjun Jayadev, Rahul Lahoti and Sanjay Reddy Requires Authentication Unlicensed Licensed Download PDF	63
PART II: Microeconomics
4. Companies Are Seldom as Good or as Bad as They Seem at the Time Gary Smith Requires Authentication Unlicensed Licensed Download PDF	95
5. What’s So Special About Two-Sided Markets? Benjamin E. Hermalin and Michael L. Katz Requires Authentication Unlicensed Licensed Download PDF	111
6. Missing Money and Missing Markets in the Electricity Industry David Newbery Requires Authentication Unlicensed Licensed Download PDF	131
7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point? Anton Korinek Requires Authentication Unlicensed Licensed Download PDF	159
8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories Giovanni Dosi and Maria Enrica Virgillito Requires Authentication Unlicensed Licensed Download PDF	174
9. Deleterious Effects of Sustained Deficit Spending Edmund Phelps Requires Authentication Unlicensed Licensed Download PDF	196
10. The Rediscovery of Financial Market Imperfections John C. Williams Requires Authentication Unlicensed Licensed Download PDF	201
PART IV: Networks
12. Use and Abuse of Network Effects Hal Varian Requires Authentication Unlicensed Licensed Download PDF	227
13. Financial Contagion Revisited Franklin Allen and Douglas Gale Requires Authentication Unlicensed Licensed Download PDF	240
14. The Economics of Information and Financial Networks Stefano Battiston Requires Authentication Unlicensed Licensed Download PDF	277
PART V: Development
15. Joseph Stiglitz and China’s Transition Success Justin Yifu Lin Requires Authentication Unlicensed Licensed Download PDF	309
16. The Sources of Chinese Economic Growth Since 1978 Lawrence J. Lau Requires Authentication Unlicensed Licensed Download PDF	323
17. Knowledge as a Global Common and the Crisis of the Learning Economy Ugo Pagano Requires Authentication Unlicensed Licensed Download PDF	353
18. Conservatism and Switcher’s Curse Aaron Edlin Requires Authentication Unlicensed Licensed Download PDF	377
19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law Antara Haldar Requires Authentication Unlicensed Licensed Download PDF	422
PART VII: Public Policies
20. Joe Stiglitz and Representative and Equitable Global Governance José Antonio Ocampo Requires Authentication Unlicensed Licensed Download PDF	443
21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan Linda J. Bilmes Requires Authentication Unlicensed Licensed Download PDF	457
22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans Bruce Chapman Requires Authentication Unlicensed Licensed Download PDF	479
23. The Public Economics of Long-Term Care Pierre Pestieau and Gregory Ponthiere Requires Authentication Unlicensed Licensed Download PDF	493
24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics Célestin Monga Requires Authentication Unlicensed Licensed Download PDF	508
List of Contributors Requires Authentication Unlicensed Licensed Download PDF	523
Index Requires Authentication Unlicensed Licensed Download PDF	531

Language: English
Publisher: Columbia University Press
Audience: Professional and scholarly;
Illustrations
- Other: 57 b&w illustrations

eBook

Published: September 24, 2018
ISBN: 9780231546805