Joseph Stiglitz is one of the world’s greatest economists. He has made fundamental contributions to economic theory in areas such as inequality, the implications of imperfect and asymmetric information, and competition, and he has been a major figure in policy making, a leading public intellectual, and a remarkably influential teacher and mentor. This collection of essays influenced by Stiglitz’s work celebrates his career as a scholar and teacher and his aspiration to put economic knowledge in the service of creating a fairer world.
Toward a Just Society brings together a range of essays whose breadth reflects how Stiglitz has shaped modern economics. The contributions to this volume, all penned by high-profile authors who have been guided by or collaborated with Stiglitz over the last five decades, span microeconomics, macroeconomics, inequality, development, law and economics, and public policy. Touching on many of the central debates and discoveries of the field and providing insights on the directions that academic economics could take in the future, Toward a Just Society is an extraordinary celebration of the many paths Stiglitz has opened for economics, politics, and public life.
- Table of Contents
- Preface, by Joseph E. Stiglitz
- Introduction, by Martin Guzman
- Part I. Inequality
- 1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality, by Jason Furman and Peter Orszag
- 2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome, by Ravi Kanbur
- 3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class, by Arjun Jayadev, Rahul Lahoti, and Sanjay Reddy
- Part II. Microeconomics
- 4. Companies Are Seldom as Good or as Bad as They Seem at the Time, by Gary Smith
- 5. What’s So Special About Two-Sided Markets?, by Benjamin E. Hermalin and Michael L. Katz
- 6. Missing Money and Missing Markets in the Electricity Industry, by David Newbery
- Part III. Macroeconomics
- 7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point?, by Anton Korinek
- 8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories, by Giovanni Dosi and Maria Enrica Virgillito
- 9. Deleterious Effects of Sustained Deficit Spending, by Edmund Phelps
- 10. The Rediscovery of Financial Market Imperfections, by John C. Williams
- 11. Ambiguity and International Risk Sharing, by Brian Hill and Tomasz Michalski
- Part IV. Networks
- 12. Use and Abuse of Network Effects, by Hal Varian
- 13. Financial Contagion Revisited, by Franklin Allen and Douglas Gale
- 14. The Economics of Information and Financial Networks, by Stefano Battiston
- Part V. Development
- 15. Joseph Stiglitz and China’s Transition Success, by Justin Yifu Lin
- 16. The Sources of Chinese Economic Growth Since 1978, by Lawrence J. Lau
- 17. Knowledge as a Global Common and the Crisis of the Learning Economy, by Ugo Pagano
- Part VI. Law and Economics
- 18. Conservatism and Switcher’s Curse, by Aaron Edlin
- 19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law, by Antara Haldar
- Part VII. Public Policies
- 20. Joe Stiglitz and Representative and Equitable Global Governance, by José Antonio Ocampo
- 21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan, by Linda J. Bilmes
- 22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans, by Bruce Chapman
- 23. The Public Economics of Long-Term Care, by Pierre Pestieau and Gregory Ponthiere
- 24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics, by Célestin Monga
- List of Contributors
- Index
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