Evaluating economic change

Daedalus

Volumn 133, Issue 3, 2004, Pages 18-24

  Stiglitz, Joseph E ^a  

^a Och Spine at New York Presbyterian Hospitals   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 77950417895     PISSN: 00115266     EISSN: 15486192     Source Type: Journal    
DOI: 10.1162/0011526041504551     Document Type: Article

References (6)

1. See Joseph E. Stiglitz, The Roaring Nineties: A New History of the World's Most Prosperous Decade (New York: W. W. Norton, 2003).
2. See, in particular, Bruce Greenwald and Joseph E. Stiglitz, "Externalities in Economies with Imperfect Information and Incomplete Markets," Quarterly Journal of Economics 101 (2) (May 1986): 229-264.
3. Of course, it should have been obvious that something was wrong with Smith's conclusions. The Great Depression, during which a very large fraction of the country's resources were left idle, at great social cost, seemed to demonstrate that sometimes the market economy did not work well. Nevertheless, supporters of free markets claimed that the Great Depression was caused not by the failure of markets, but of government.
4. For an elaboration of these ideas, see Karla Hoff and Joseph E. Stiglitz, "Modern Economic Theory and Development," in Frontiers of Development Economics: The Future in Perspective, ed. Gerald Meier and Joseph E. Stiglitz (Oxford: Oxford University Press, 2000), 389-459.
5. These ideas are discussed briefly in Joseph E. Stiglitz, Whither Socialism? (Cambridge, Mass.: MIT Press, 1994).
6. See Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time (Boston: Beacon Press, 2001), with a foreword by Joseph E. Stiglitz, vii - xvii.