EXPERT REPORT 

OF 

JOSEPH E. STIGLITZ, PH.D. 

University Professor, Columbia University 

Kelsey Cascadia Rose Juliana; Xiuhtezcatl Tonatiuh M., 

through his Guardian Tamara Roske-Martinez; et al., 

Plaintiffs, 

v. 

The United States of America; Donald Trump, 

in his official capacity as President of the United States; et al., 

Defendants. 

IN THE UNITED STATES DISTRICT COURT 

DISTRICT OF OREGON 

(Case No.: 6:15-cv-01517-TC) 

Prepared for Plaintiffs and Attorneys for Plaintiffs: 

Julia A. Olson 

JuliaAOlson@gmail.com 

Wild Earth Advocates 

1216 Lincoln Street 

Eugene, OR 97401 

Tel: (415) 786-4825 

Philip L. Gregory 

pgregory@gregorylawgroup.com 

Gregory Law Group 

1250 Godetia Drive 

Redwood City, CA 94062 

Tel: (650) 278-2957 

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TABLE OF CONTENTS 

I. QUALIFICATIONS AND PROFESSIONAL BACKGROUND .......................................1

II. ASSIGNMENT AND SUMMARY OF CONCLUSIONS .................................................6

III. BACKGROUND ON THE RELATIONSHIP BETWEEN ATMOSPHERIC 

CONCENTRATIONS OF GREENHOUSE GASES AND CLIMATE CHANGE ............9

IV. DEFENDANTS’ ACTIONS THAT PERPETUATE A FOSSIL FUEL ENERGY 

SYSTEM AND INSUFFICIENT ACTION ON CLIMATE CHANGE ARE IMPOSING 

AND WILL CONTINUE TO IMPOSE ENORMOUS COSTS ON YOUTH 

PLAINTIFFS .....................................................................................................................12

V. TRANSITIONING THE U.S. ECONOMY OFF OF FOSSIL FUELS IS NOT ONLY 

FEASIBLE BUT WILL BENEFIT THE ECONOMY .....................................................27

A. TRANSITIONING OFF OF FOSSIL FUELS IS FEASIBLE ................................................27

B. POLLUTION IS A CLASSIC EXTERNALITY THAT CAN BE COMBATED WITH STANDARD 

ECONOMIC TOOLS THAT PROMOTE SOCIAL WELFARE ............................................33

C. DEFENDANTS’ USE OF DISCOUNTING IN DECISION-MAKING UNDERESTIMATES THE 

COSTS OF CLIMATE CHANGE ON YOUTH PLAINTIFFS AND FUTURE GENERATIONS 

AND THE BENEFITS OF MITIGATION, WITH DELETERIOUS CONSEQUENCES .............41

VI. CONCLUSION ..................................................................................................................47

EXHIBIT A: CURRICULUM VITAE 

EXHIBIT B: PREVIOUS EXPERT TESTIMONY 

EXHIBIT C: MATERIALS CONSIDERED 

 

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TABLE OF ACRONYMS AND ABBREVIATIONS 

C: Celsius 

CAFE: Corporate Average Fuel Economy 

CAD: Canadian Dollar 

CBO: Congressional Budget Office 

CO2: carbon dioxide 

CPI: consumer price index 

EPA: U.S. Environmental Protection Agency 

GDP: gross domestic product 

GHGs: greenhouse gases 

IMF: International Monetary Fund 

IPCC: Intergovernmental Panel on Climate Change 

NASA: National Aeronautics and Space Administration 

NOAA: National Oceanic and Atmospheric Administration 

OECD: Organisation for Economic Co-operation and Development 

OMB: Office of Management and Budget 

ppm: parts per million 

R&D: research and development 

USGCRP: U.S. Global Change Research Program 

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I. QUALIFICATIONS AND PROFESSIONAL BACKGROUND 

1. I am one of sixteen University Professors at Columbia University with joint appointments 

in the Faculty of Arts and Sciences (Department of Economics), the Graduate School of 

Business (Department of Finance), and the School of International and Public Affairs. 

Prior to assuming this position, I held professorships at Stanford University, Yale 

University, Princeton University, and the University of Oxford, where I taught a wide 

variety of graduate and undergraduate courses in economics and finance. I received my 

Ph.D. in Economics from MIT in 1967. 

2. Over the course of my career I have published hundreds of peer-reviewed articles, written 

or edited more than 50 academic and popular books, testified several times before 

Congress, and written numerous opinion pieces for newspapers and magazines. My 

publications and research have extended into many different areas, including 

macroeconomics and monetary theory, development economics and trade theory, public 

and corporate finance, industrial organization and rural organization, welfare economics, 

and income and wealth distribution, many of which are germane to this case. Oxford 

University Press is in the process of publishing a six-volume set based on my research, 

Selected Works of Joseph E. Stiglitz. The first two volumes have been published and are 

entitled Information and Economic Analysis: Basic Principles and Information and 

Economic Analysis: Applications to Capital, Labor, and Products Markets. 

3. Public economics and public finance, which study how governments raise funds and 

make expenditures, have been major pillars of my academic work. I served as a co-editor 

of the Journal of Public Economics, the leading economics journal dealing with matters 

of taxation and public economics, and have published broadly in this area. My textbook, 

Economics of the Public Sector, is a leading text first published in 1986 with the mostrecent version released in 2015. Another of my books, Lectures on Public Economics, 

published in 1980 and reprinted in 2015 with a new introduction, has been widely 

translated. Many of my popular texts, including my recent books The Great Divide and 

The Price of Inequality, published in 2015 and 2012, respectively, critically examine our 

public institutions, and comment on public finance and public economics generally. 

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4. Environmental economics and economic policy around natural resources has been 

another focus of my academic and professional work. I was one of the lead authors of the 

1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 

Nobel Peace Prize with former Vice President Gore. I was co-chair of the High-Level 

Commission on Carbon Prices (we released our report in May 2017). I was also involved 

in environmental economic policy during my time on the Council of Economic Advisors, 

where one of my responsibilities was evaluating, designing, and implementing public 

policies that affect the environment, and while Chief Economist of the World Bank, 

where one of my responsibilities was evaluating and designing environmentally 

sustainable economic policies. I have also published many peer-reviewed articles that 

examine how we treat externalities (e.g., pollution) and public goods (e.g., the 

environment). 

5. I have received numerous fellowships and honors over my career. In 2001, I was 

awarded the Nobel Memorial Prize in Economics for my work on Information 

Economics. This work includes the study of how information asymmetries affect 

economic behavior, the determination of the conditions under which efficient sharing of 

risk occurs, and the economics of financial markets, which are directly relevant to this 

case. In 1979, I was awarded the John Bates Clark Medal by the American Economic 

Association, given biennially to the economist under 40 who has made the most 

significant contribution to economics.1

6. I was the founding editor of the Journal of Economic Perspectives. I have served (or am 

currently serving) on the Editorial Board of numerous journals, including The 

Economists’ Voice, the Journal of Globalization and Development, the World Bank 

Economic Review, the Journal of Public Economics, the American Economic Review, the 

Journal of Economic Theory, The Review of Industrial Organization, Managerial and 

Decision Economics, Energy Economics, the Review of Economic Design, and the Review 

of Economic Studies. 

 

1

 The John Bates Clark Medal has been given annually since 2009. 

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7. I served as President of the International Economic Association from 2011–2014 and as 

President of the Eastern Economic Association in 2008. I also served as Vice President 

of the American Economic Association in 1985. 

8. I have received more than 40 honorary degrees, and have received awards from foreign 

governments, including the Legion of Honor from France. I have also been elected to 

numerous academic and scientific societies in the United States and abroad, including the 

National Academy of Sciences, the Royal Society, the American Academy of Arts and 

Sciences, the American Philosophical Society, and the British Academy. In 2011, Time

magazine named me to their Time 100 list as one of the 100 most influential people in the 

world. 

9. From 1993 to 1997, I served as a member of President Clinton’s Council of Economic 

Advisers, and from 1995 to 1997, as Chairman of the Council and a member of the 

President’s Cabinet. As Chairman and Cabinet Member, I was heavily involved in 

formulating fiscal policy, sustainable economic policies (including environmental 

economic policies), financial sector regulation and banking policy, and coordinating 

policy with the U.S. Treasury. 

10. From 1997 to 2000, I served as Chief Economist and Senior Vice President of the World 

Bank, in which capacity I had the responsibility of advising countries around the world 

on the design of fiscal, tax, and monetary policies, competition policies, sustainable 

economic policies (including those regarding natural resources and the environment), 

intellectual property regimes, financial regulations, and trade policy. 

11. I have served or am serving currently on many commissions and advisory committees 

addressing a myriad of economic policy issues, both in the U.S. and abroad, including the 

Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues, the United 

Nations’ International Labour Organization World Commission on the Social 

Dimensions of Globalization, the High Level Panel of the African Development Bank, 

and the Economic Advisory Panel in South Africa. 

12. At the behest of the President of the General Assembly of the United Nations, I served as 

Chair of the Commission of Experts on Reforms of the International Monetary and 

Financial System, to review the workings of the global financial system in the wake of 

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the 2008 economic crisis and suggest steps for U.N. member states to secure a sustainable 

economic future. Our final report was published in September 2009. In addition, I was 

appointed President of the Commission on the Measurement of Economic Performance 

and Social Progress by President Sarkozy of France, in 2008. This commission was 

formed to consider flaws in traditional macroeconomic indicators measuring economic 

performance and social progress and consider what might be the more relevant metrics, 

which are relevant to this case. Our final report was released in September 2009. 

13. In 2000, I founded the Initiative for Policy Dialogue, for which I continue to serve as coPresident. The Initiative for Policy Dialogue is a global network of academics and 

practitioners to enhance democratic processes for decision-making in developing 

countries. I am also Co-Chair of the High-Level Expert Group on the Measurement of 

Economic Performance and Social Progress, Organisation for Economic Co-operation 

and Development (OECD) and the Chief Economist of, and a Senior Fellow at, the 

Roosevelt Institute. 

14. Previously, I served as Chair of the Management Board at the Brooks World Poverty 

Institute at the University of Manchester, on the Board of Trustees of Amherst College, 

my undergraduate alma mater, and as Co-Chair of Columbia University’s Committee on 

Global Thought. 

15. I have provided expert testimony in various fora throughout the United States, and before 

foreign courts and international tribunals. I have submitted amicus curiae briefs before 

the Supreme Court of the United States and before U.S. Circuit Courts of Appeal. My 

expert testimonies have related broadly to financial markets and derivatives, taxes, 

antitrust and competition, patent enforcement, and public interest generally (e.g., 

promotion of efficiency and/or minimization of welfare costs). I have also offered 

testimony regarding environmental economics, specifically, around offshore drilling. 

16. My curriculum vitae, which provides more details of my qualifications, including a list of 

my publications, is attached as Exhibit A. Exhibit B contains a list of my previous 

expert testimony within the last five years. The materials that I, and volunteers 

supporting me at my direction, considered in preparing this report are cited in the 

footnotes and listed in Exhibit C. 

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17. I am working pro bono to prepare this expert report. My usual rate for work in litigation 

matters is $2,000 per hour, which is the rate I will charge if another party seeks discovery 

under Federal Rule 26(b). I have no present or intended financial interest in the outcome 

of this matter. My work in this matter is ongoing, and I reserve the right to revise or 

augment the opinions set forth in this report should additional relevant information 

become available to me, or as I perform further analysis. 

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II. ASSIGNMENT AND SUMMARY OF CONCLUSIONS 

18. Julia Olson and Philip Gregory, counsel for Plaintiffs in this matter, have asked me to 

provide my expert opinion on the economics of transitioning to a non-fossil fuel 

economy.2

 In particular, I have been asked: (a) to analyze from an economic perspective 

how climate change will harm the Youth Plaintiffs (and Affected Children) if Defendants 

continue to pursue policies that perpetuate a fossil-fuel-based energy system and defer 

action to mitigate climate change; and (b) to assess the economic benefits of transitioning 

to a non-fossil-fuel economy now rather than later. The opinions expressed in this report 

are my own. All opinions expressed herein are to a reasonable degree of scientific 

certainty, unless otherwise specifically stated. 

19. I have formed four primary conclusions in this case, the bases for which are set forth 

more fully below: 

a. Scientific evidence shows further incremental increases in global temperature will 

lead to disproportionately greater costs imposed on our society. This has important 

consequences for how Defendants’ actions harm the Youth Plaintiffs and Affected 

Children more generally. Continuation of the national fossil fuel-based energy system 

by Defendants is causing imminent, significant, and irreparable harm to the Youth 

Plaintiffs and Affected Children more generally. This kind of environmental harm, by 

its nature, cannot be adequately remedied by money damages and is often permanent 

or at least of long duration, i.e., irreparable. There is a point at which, once this harm 

occurs, it cannot be undone at any reasonable cost or in any reasonable period of 

time. Based on the best available science, our country is close to approaching that 

point.3

 

 

2

 I understand that the plaintiffs in this litigation are young people, who I will refer to as the “Youth 

Plaintiffs.” However, my analysis also looks at the impact on other young people who are not named 

plaintiffs (and as-yet-unborn youth, the so-called future generations), but are just as (or even more) 

affected, whom I collectively refer to as “Affected Children.” 

3

 This is a global problem. However, as I discuss below in Section V.B, the U.S. is a significant 

contributor to GHG emissions, and so actions by the U.S., have a significant impact on these global 

outcomes. 

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b. Defendants’ continuing support and perpetuation of a national fossil fuel-based 

energy system and continuing delay in addressing climate change is saddling and will 

continue to saddle Youth Plaintiffs with an enormous cost burden, as well as 

tremendous risks, which is causing substantial harm to the economic and personal 

well-being and security of Youth Plaintiffs. These costs and risks will be borne over 

each ensuing year that progress towards remediation is not undertaken by Defendants. 

Such costs and risks arise both from damage caused by accumulated greenhouse gas 

emissions and from the required outlays on future remediation and adaptation efforts, 

which grow more expensive as the accumulation of greenhouse gases in the 

atmosphere increases. There are particularly consequential risks arising from the 

potentially catastrophic impacts of climate change, which increase each year that 

Defendants defer action on greenhouse-gas mitigation efforts. 

c. Moving the U.S. economy away from fossil fuels is both feasible and beneficial, 

especially over the next 30 years (as technological and scientific evidence discussed 

below makes clear). Defendants could facilitate this transition with standard 

economic tools for dealing with externalities, for example a tax or levy on carbon (a 

price on the externality) and the elimination of subsidies on fossil-fuel production. 

Relatedly, decisions concerning the transition off of fossil fuels can be reached more 

systematically and efficiently by revising current government discounting practices, 

the methodology by which future costs are compared to present costs. Current and 

historical government decision making practices based on incorrect discount rates 

lead to inefficient and inequitable outcomes that impose undue burdens on Youth 

Plaintiffs and future generations. Basing decisions (policies, programs, and actions) 

on appropriate discount rates would help minimize the burdens that Defendants’ 

current policies place on Youth Plaintiffs and future generations. That is to say, if 

Defendants’ discounting policies and practices more accurately reflected the expected 

changes in relative prices over time (and their distribution, implicitly putting a lower 

discount rate on climate change benefits), the basis for Defendants’ policy-making 

decisions would more closely align with economic principles and yield more efficient 

outcomes. 

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d. Based on this reasoning, I conclude that Defendants can and should take meaningful 

actions to reduce GHG emissions from fossil fuels and mitigate climate change 

impacts now rather than defer action to some future date. Acting now will yield 

benefits for both Defendants and Youth Plaintiffs and reduce harm to Youth 

Plaintiffs, and the costs of mitigating climate change now are manageable. 

Defendants could make meaningful progress on climate change mitigation by acting 

today in accordance with the best available science. Moreover, Defendants meeting 

their constitutional and public trust obligations to redress climate change would 

improve societal well-being by any reasonable economic standard. In fact, some of 

the actions that Defendants could take to meet these obligations would actually have a 

negative cost. That is to say, in the long run, the net present value of benefits to 

society would exceed the net present value of costs that society would have to incur.4

 

This is referred to as Kaldor–Hicks efficiency in standard economic analysis, 

typically a hallmark of sound policymaking, from an economic perspective, whereby 

the net benefits of a policy change outweigh the net costs of such policy change. 

Thus, if Defendants were to make such changes as are argued for by other of 

Plaintiffs’ experts, the net societal gain would more than outweigh the net societal 

loss. In contrast, Defendants’ current policies of perpetuating the fossil fuel-based 

energy system impose unacceptably high costs and risks on the Youth Plaintiffs 

specifically and Affected Children more generally, and will continue to do so, well 

out of portion to the amounts that Defendants save currently by avoiding taking the 

appropriate actions. 

20. The body of my report sets out the factual and analytical bases for my conclusions and 

opinions. The balance of my report proceeds as follows: Section III summarizes the 

scientific evidence on increasing greenhouse gases affecting global temperatures and why 

the time to act is now; Section IV discusses the costs that Youth Plaintiffs will face if 

Defendants continue to promote and permit a fossil-fuel-based energy system and no 

 

4

 This is not to say that each party is better off (which would be a Pareto improvement); but those 

parties who are better off by the policy change (e.g.., non-polluters) are made better off by more than 

the parties made worse off by the policy change (e.g.., polluters) are made worse off. 

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actions (or insufficient actions) are taken to wean society off fossil fuels; Section V 

analyzes how the transition away from fossil fuels is feasible and can be facilitated with 

standard economic tools; and, finally, Section VI concludes. 

III. BACKGROUND ON THE RELATIONSHIP BETWEEN ATMOSPHERIC 

CONCENTRATIONS OF GREENHOUSE GASES AND CLIMATE CHANGE 

21. The climate change young people are experiencing today is caused by the historic 

emissions of carbon dioxide (CO2) and other greenhouse gases (GHGs), primarily from 

burning fossil fuels and other anthropogenic activities, including deforestation and 

agricultural practices.5

 It is scientifically established that human activities produce GHG 

emissions, which accumulate in the atmosphere and the oceans, resulting in warming of 

Earth’s surface and the oceans6

, acidification of the oceans,7 increased variability of 

climate, with a higher incidence of extreme weather events, and other changes in the 

climate. 

22. Dangerous impacts are already occurring from the current level of global warming of 

around 1C above preindustrial temperatures. Climate scientists have established through 

the paleo record that warming of 1.5C or 2C above pre-industrial levels would be well 

outside the Holocene range of global temperatures within which humans have lived and 

 

5

 See, for example, Intergovernmental Panel on Climate Change, “Climate Change 2014: Synthesis 

Report Summary for Policymakers,” pp. 4-5. Other Greenhouse Gases, like Methane, also trap heat 

within the earth. They differ in key technical properties, like the rate of dissipation. Throughout this 

report, I use the terms GHG and CO2 emissions interchangeably. 

 There is a popular but misguided debate among so-called climate “skeptics” about the extent to which 

the observed increase in temperature is a result of the emissions of CO2 and other GHGs. The 

scientific literature is clear (and has been clear for a long time): the increase in atmospheric 

concentration of GHGs predictably increases the Earth’s temperature in the manner observed. This 

has been most recently reaffirmed by “Climate Science Special Report: Fourth National Climate 

Assessment, Volume I” U.S. Global Change Research Program, November 2017, pp. 96-97 

https://science2017.globalchange.gov/downloads/CSSR2017_FullReport.pdf. (Hereinafter USGCRP 

Climate Science Special Report). 

 But even if there were other factors contributing to climate change, the analysis here is unchanged: 

Defendants could, with mild costs, take actions now that would avoid imposing the undue and 

excessive burdens and risks imposed on the Youth Plaintiffs in this case. 

6

 USGCRP Climate Science Special Report, p. 364. 

7

 USGCRP Climate Science Special Report, pp. 371-372. 

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societies developed.8

 Moreover, leading experts believe that there is already more than 

enough excess heat in the climate system to do severe damage and that 2C of warming 

would have very significant adverse effects, including resulting in multi-meter sea level 

rise.9

 NOAA projects up to 0.63 m (2.1 feet) of sea level rise by 2050, 1.2 m (3.9 feet) by 

2070, 2.5 m (8.2 feet) by 2100, 5.5 m (18 feet) by 2150, and 9.7 m (31.8 feet) by 2200.10

A 2-3 foot sea level rise would inundate and render uninhabitable large portions of the 

world’s barrier islands and deltas and place major pressures on the infrastructure of lowlying coastal zones like South Florida, and 3 feet of seal level rise would “permanently 

inundate 2 million American’s homes and communities.”11 Sea level rise of this 

magnitude would impose irreversible harm and an immense financial burden on young 

people in coastal areas, along with significant indirect costs on young people elsewhere. 

23. Experts have identified a number of known “feedback loops” in the climate system. 

These feedback loops cause warming to catalyze still further warming. For example, 

warmer arctic temperatures result in melting permafrost that releases methane, a GHG 

that further warms the planet. These feedbacks, in conjunction with the fact that CO2

persists in the atmosphere for centuries, mean that the longer we delay action, the greater 

the risk that warming will trigger tipping points in the climate system and become 

irreversible, or reversible only at much increased cost. Given the self-reinforcing nature 

 

8

 J. Hansen et al., “Assessing ‘’Dangerous Climate Change’: Required Reduction of Carbon Emissions 

to Protect Young People, Future Generations and Nature,” PLOS One, 8:12, e81648, 2013, p. 9. 

9

 J. Hansen, et al., “Ice melt, sea level rise and superstorms: evidence from paleoclimate data, climate 

modeling, and modern observations that 2C global warming is highly dangerous,” Atmospheric 

Chemistry and Physics Discussions, 15, 20059-179, 2015, 

http://faculty.sites.uci.edu/erignot/files/2017/06/Ice-melt-sea-level-rise-and-superstorms-evidencefrom-paleoclimate-data-climate-modeling-and-modern-observations-that-2C-global-warming-ishighly-dangerous.pdf. 

10 “Global and regional sea level rise scenarios for the United States,” NOAA Technical Report NOS 

CO-OPS 083, January 2017, p. 23, 

https://tidesandcurrents.noaa.gov/publications/techrpt83_Global_and_Regional_SLR_Scenarios_for_t

he_US_final.pdf. 

11 H. Wanless, “Declaration of Dr. Harold R. Wanless in Support of Answer of Real Parties in Interest 

to Petition for Writ of Mandamus”, in United States of America et al. v. United States District Court 

for the District of Oregon et al., Case No. 17-71692, Doc. No. 14-3, paras. 31-32, citing “Global and 

regional sea level rise scenarios for the United States,” NOAA Technical Report NOS CO-OPS 083, 

January 2017.

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of climate change, prompt action is needed to both minimize future emissions and reduce 

the effects of historic emissions. 

24. Experts have observed an increased incidence of climate-related extreme weather events, 

including increased frequency and intensity of extreme heat and heavy precipitation 

events and more severe droughts and associated heatwaves. Experts have also observed 

an increased incidence of large forest fires; and reduced snowpack affecting water 

resources in the western U.S. The most recent National Climate Assessment projects 

these climate impacts will continue to worsen in the future as global temperatures 

increase.12

25. Although the scale of the problems and risks that we face are immense, it is possible to 

reduce these risks by acting now to avoid irreversible harm to essential natural systems 

with its catastrophic consequences such as sea level rise, increased ocean temperatures, 

ocean acidification, heat waves, increased drought, and the associated impacts on water 

quality and availability, human health, and agriculture. Such impacts would harm our 

economy directly and introduce much increased risk in the form of variability in and 

uncertainty around climate outcomes. 

26. Dr. Hansen and other experts in this case have provided a prescription for an emissions 

reduction and carbon sequestration pathway back to CO2 levels below 350 ppm by 2100, 

which they say would substantially lessen the risk of catastrophic sea level rise and other 

climate harms.13 Returning to temperatures and atmospheric CO2 levels that avoid 

dangerous anthropogenic climate change has a limited window (because of tipping points 

in the climate system), which is still open but is closing rapidly. Defendants must take 

action now to reduce these risks. 

 

12 USGCRP Climate Science Special Report, pp. 19-22. 

13 James Hansen et al., “Assessing ‘’Dangerous Climate Change’: Required Reduction of Carbon 

Emissions to Protect Young People, Future Generations and Nature,” PLOS One, 8:12, e81648, 2013. 

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IV. DEFENDANTS’ ACTIONS THAT PERPETUATE A FOSSIL FUEL ENERGY 

SYSTEM AND INSUFFICIENT ACTION ON CLIMATE CHANGE ARE 

IMPOSING AND WILL CONTINUE TO IMPOSE ENORMOUS COSTS ON 

YOUTH PLAINTIFFS 

27. The current national energy system, in which approximately 80 percent of energy comes 

from fossil fuels, is a direct result of decisions and actions taken by Defendants.14 

Defendants control and dictate the U.S. national energy policy in a myriad of ways. For 

example, they provide billions of dollars annually in subsidies to the fossil fuel 

industry;15 control the fuel economy of cars and trucks through the Corporate Average 

Fuel Economy (“CAFE”) standard; set efficiency standards for appliances; permit the 

extraction, transportation, import, export, and combustion of fossil fuels; and provide 

funding for research and development.16 The fact that the U.S. national energy system is 

so predominately fossil fuel-based is not an inevitable consequence of history. With the 

oil crises of the 1970s, recognition of the risks of dependence on oil was developed 

(though these risks were markedly different from those with which we are concerned 

today). Even then, it was clear that there were viable alternatives, and with the 

appropriate allocation of further resources to R&D, it is likely that these alternatives 

would have been even more competitive. Thus, the current level of dependence of our 

energy system on fossil fuels is a result of intentional actions taken by Defendants over 

many years (including subsidization of fossil fuels and inactions in the form of not 

providing adequate support for alternatives).17 Cumulatively, these actions promote the 

use of fossil fuels, contribute to dangerous levels of CO2 emissions, and cause climate 

change. The economic impacts of these actions are deleterious to Youth Plaintiffs and 

the nation as a whole. In other words, Defendants’ actions promoting a fossil fuel based 

 

14 U.S. Energy Information Administration, Table 1.3 Primary Energy Consumption by Source, August 

2017 Monthly Energy Review, 

https://www.eia.gov/totalenergy/data/browser/xls.php?tbl=T01.03&freq=m. 

15 See, Section V, below. 

16 “Direct Federal Financial Interventions and Subsidies in Energy in Fiscal Year 2013”, U.S. Energy 

Information Administration, March 2015, 

https://www.eia.gov/analysis/requests/subsidy/pdf/subsidy.pdf. 

17 I would note that inactions in this sense are affirmative decisions by Defendants not to act. 

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energy system are serving to undermine the legitimate government interests of national 

security and economic prosperity that they purport to advance.18

28. When conducting an economic analysis of the effects of climate change and appropriate 

responses thereto, Defendants must take into account a number of salient aspects of 

climate change. I have already noted some of these aspects: not just global warming in 

the sense of on-average increases in temperature, but also an increase in extreme (and 

damaging) weather events, rising sea levels, the public health consequences, and many 

other direct and indirect impacts of climate change. Still another aspect of climate 

change that is crucial in framing an appropriate response are the long lag times inherent 

in the climate system, implying that the full climate impact of any given accumulation of 

GHGs may not be apparent for many years.19 Moreover, critical to the effects (as already 

noted) is the increase in concentration of GHGs. The fact that GHGs dissipate very 

slowly from the atmosphere (particularly in the case of CO2

20) and that the costs of taking 

 

18 Daniel R. Coats, Director of National Intelligence, “Statement for the Record: Worldwide Threat 

Assessment of the US Intelligence Community,” Office of the Director of National Intelligence, 

February 13, 2018, https://www.intelligence.senate.gov/sites/default/files/documents/os-dcoats021318.PDF (at page 16: “The impacts of the long-term trends toward a warming climate, more air 

pollution, biodiversity loss, and water scarcity are likely to fuel economic and social discontent—and 

possibly upheaval....”). 

19 Because of these lags, we have not yet seen the full rise in temperature that will occur as a result of 

the CO2 that has already been emitted. As noted above, the Earth’s average surface temperature has 

already risen by approximately 1C since the Industrial Revolution. The concentration of CO2 in the 

atmosphere is increasing at the rate of 2-3 ppm per year. Scientists tell us that even if CO2 were 

stabilized at current levels, there would be at least another 0.5C “in the pipeline.” The delayed 

response is known as climate lag. The reason the planet takes several decades to respond to increased 

CO2 is the thermal inertia of the oceans. Consider a saucepan of water placed on a gas stove. 

Although the flame has a temperature measured in hundreds of degrees C, the water takes a few 

minutes to reach boiling point. This simple analogy explains climate lag. The mass of the oceans is 

around 500 times that of the atmosphere. The time that it takes to warm up is measured in decades. 

For example, a paper by Dr. Hansen (and others) estimates the time required for 60 percent of global 

warming to take place in response to increased emissions to be in the range of 25 to 50 years. See, 

Hansen, J.E. et al., “Earth’s Energy Imbalance: Confirmation and Implications,” Sciencexpress, April 

28, 2004, http://science.sciencemag.org/content/early/2005/04/28/science.1110252. 

20 Accumulations of CO2 are particularly problematic because they dissipate so slowly. See, e.g., 

“Carbon is forever,” Nature Reports Climate Change, November 20, 2008. This article discusses 

results from Dr. Hansen’s research, stating: “Several long-term climate models, though their details 

differ, all agree that anthropogenic CO2 takes an enormously long time to dissipate. If all recoverable 

fossil fuels were burnt up using today’s technologies, after 1,000 years the air would still hold around 

Continued on next page

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 16 of 193
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CO2 out of the atmosphere through non-biological carbon capture and storage are very 

high21 means that the consequences of GHG emissions should be viewed as effectively 

irreversible. Accordingly, if Defendants do not take serious action to mitigate climate 

change now, Youth Plaintiffs and Affected Children will largely shoulder the costs 

caused by Defendants’ actions that contribute to the further accumulation of GHGs and 

Defendants’ failure to act to redress the harm. We can expect these burdens to manifest 

themselves in at least four ways. 

29. First, despite their relative lack of economic power in society today, Youth Plaintiffs 

themselves will suffer the disproportionate, increased financial burdens of climate change 

as the impacts of climate change propagate throughout the economy. For example, rising 

sea levels will lead to massive reductions in property value (indeed, the value of land that 

is underwater will fall to zero). Some Youth Plaintiffs, such as Levi D., and Affected 

Children will (with high probability) be deprived of the use of submerged lands, and 

many of them will almost surely experience large capital losses, as markets eventually 

fully reflect the realities of climate change. In addition, Youth Plaintiffs and Affected 

Children will, as future taxpayers, help bear the enormous cost of relocating the people 

and infrastructure that are now on this land to higher ground. Youth Plaintiffs and 

Affected Children will also bear the cost of instituting temporary stopgap measures, such 

as dikes to hold back rising sea levels, and some of them will have to bear directly 

themselves relocation costs. 

 

Continued from previous page 

a third to a half of the CO2 emissions. ‘For practical purposes, 500 to 1000 years is ‘forever,’’ as 

Hansen and colleagues put it. In this time, civilizations can rise and fall, and the Greenland and West 

Antarctic ice sheets could melt substantially, raising sea levels enough to transform the face of the 

planet.” 

21 See, for example, House, K.Z., et al., “Economic and energetic analysis of capturing CO2 from 

ambient air,” Proceedings of the National Academy of Sciences, 108(51) (December 2011): 20428-

20433, http://www.pnas.org/content/108/51/20428.full.pdf. The authors concluded: “Our empirical 

analysis of energetic and capital costs of existing, mature, gas separation systems indicates that air 

capture processes will be significantly more expensive than mitigation technologies aimed at 

decarbonizing the electricity sector. Unless a technological breakthrough that departs from 

humankind’s accumulated experience with dilute gas separation can be shown to “break” the 

Sherwood plot and the second-law efficiency plot—and the burden of proof for such a process will lie 

with the inventor—direct air capture is unlikely to be cost competitive with CO2 capture at power 

plants and other large point sources.” 

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30. Second, Youth Plaintiffs and Affected Children will face increased burdens as taxpayers 

because, as Defendants and climate scientists project, climate change will increase future 

losses related to climate variability, sometimes of a catastrophic nature.22 In previous 

cases of catastrophic loss, society as a whole has borne much of the cost in the form of 

disaster relief payments from the public sector.23 Recent examples of catastrophes in 

which a large proportion of the losses were borne by the public sector include Hurricane 

Katrina, Hurricane Sandy, Hurricane Harvey, Hurricane Irma, and Hurricane Maria. 

Each of these disasters has (or will) cost the public sector billions of dollars in disaster 

relief. For instance, Hurricane Sandy cost the U.S. government over $50 billion, which is 

three times larger than the $18.7 billion of insured losses from that disaster, and over 70 

 

22 “The Impact of Climate Change on Natural Disasters,” NASA, 

https://earthobservatory.nasa.gov/Features/RisingCost/rising_cost5.php. “Global Warming and 

Hurricanes,” National Oceanic and Atmospheric Association, https://www.gfdl.noaa.gov/globalwarming-and-hurricanes/. “Climate Change Indicators: Weather and Climate,” EPA, 

https://www.epa.gov/climate-indicators/weather-climate. See also, K. Trenberth et al., “Attribution 

of climate extreme events,” Nature Climate Change 5 (2015): 725-730. 

23 “Potential Increases in Hurricane Damage in the United States: Implications for the Federal Budget”, 

Congressional Budget Office (CBO), June 2016, https://www.cbo.gov/sites/default/files/114thcongress-2015-2016/reports/51518-hurricane-damage.pdf. 

 Public sector relief is needed in these cases because private risk-pooling solutions, such as property 

and casualty insurers, do not and cannot cover even a majority of the realized losses. This is true for 

three primary reasons. First, a significant portion of the population is uninsured or underinsured for 

certain types of losses such as the risk of flood, especially in areas that have not been historically 

prone to flooding. Second, public property may not be insured at all. Third, property and casualty 

insurers are sometimes insufficiently capitalized to cover the enormous losses that such events can 

potentially cause, and their insolvency forces policyholders to turn to the government for assistance. 

 This point is illustrated by Hurricane Harvey in 2017, where some estimates of the costs run to nearly 

$200 billion, which represents about 1 percent of gross national product. See, e.g., Doyle Rice, 

“Harvey to be costliest natural disaster in U.S. history, estimated cost of $190 billion,” USA Today, 

August 31, 2017, https://www.usatoday.com/story/weather/2017/08/30/harvey-costliest-naturaldisaster-u-s-history-estimated-cost-160-billion/615708001/ and Reuters, “Hurricane Harvey Damages 

Could Cost up to $180 Billion,” Fortune, September 3, 2017, 

http://fortune.com/2017/09/03/hurricane-harvey-damages-cost/. The Treasury Secretary went so far 

as to speculate that the Federal government’s debt limit would have to be raised to free up spending 

for disaster recovery, and the Governor of Texas estimated that such relief could require $180 billion. 

Id.

 Estimates for Hurricane Maria have been on the order of $100 billion. See, Jill Disis, “Hurricane 

Maria could be a $95 billion storm for Puerto Rico,” CNN, September 28, 2017, 

http://money.cnn.com/2017/09/28/news/economy/puerto-rico-hurricane-maria-damageestimate/index.html. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 18 of 193
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percent of the total economic damage of the disaster as estimated by the CBO.24 

Hurricane Katrina cost the U.S. government over $110 billion, 75 percent of the total 

economic damages of the disaster.25 With increased catastrophic losses due to climate 

change, we can expect that the U.S. government’s role as a safety net will expand.26 As 

this trend continues, taxpayers of the future, including Youth Plaintiffs, will have to make 

whole the losses of property owners. The continuation, let alone the expansion, of the 

public sector’s role as a safety net will be enormously costly, impose an increased burden 

and economic disadvantage on Youth Plaintiffs and Affected Children compared to older 

generations, and result in fewer government resources to be spent on public services.27 

31. The National Centers for Environmental Information tracks the impact of weather events 

on the United States. As they report, from 1980 to 2017 the U.S. has experienced “219 

weather and climate disasters since 1980 where overall damages/costs reached or 

exceeded $1 billion (including CPI adjustment to 2017). The total cost of these 219 

events exceeds $1.5 trillion.”

28 (Emphasis in original.) In describing the impact on the 

U.S. in 2017 (the last full year):29

 

24 “Catastrophes: U.S.,” Insurance Information Institute, http://www.iii.org/fact-statistic/catastrophes-us. 

“Potential Increases in Hurricane Damage in the United States: Implications for the Federal Budget”, 

Congressional Budget Office (CBO), June 2016, https://www.cbo.gov/sites/default/files/114thcongress-2015-2016/reports/51518-hurricane-damage.pdf. 

25 “Potential Increases in Hurricane Damage in the United States: Implications for the Federal Budget,” 

Congressional Budget Office (CBO), p. 17, https://www.cbo.gov/sites/default/files/114th-congress2015-2016/reports/51518-hurricane-damage.pdf. 

26 “Underinsurance of Property Risks: Closing the Gap,” Swiss Re, No. 5/2015, 

http://institute.swissre.com/research/overview/sigma/5_2015.html. 

27 The CBO estimates that, by 2075, hurricane losses alone will total 0.22 percent of GDP, or $39 

billion in 2016 dollars, an increase of 40 percent from today’s annual levels, and over half of that loss 

will be borne by the U.S. government. “Potential Increases in Hurricane Damage in the United States: 

Implications for the Federal Budget,” Congressional Budget Office, 

https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51518-hurricanedamage.pdf. 

28 “Billion-Dollar Weather and Climate Disasters: Overview,” National Centers for Environmental 

Information, 2018, https://www.ncdc.noaa.gov/billions/. 

29 Id.

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In 2017, there were 16 weather and climate disaster events with losses 

exceeding $1 billion each across the United States. These events included 

1 drought event, 2 flooding events, 1 freeze event, 8 severe storm events, 3 

tropical cyclone events, and 1 wildfire event. Overall, these events 

resulted in the deaths of 362 people and had significant economic effects 

on the areas impacted. 

32. As the above makes clear, it is not just hurricanes that can cause such costly events. The 

2017 wildfire season in California was particularly harsh. Insurance claims at the end of 

2017 were approximately $9.4 billion (with many properties being underinsured or not 

insured, the total damage is higher),30 and estimates of the total impact on economic 

activity were $180 billion (including damages, closures, costs to fight fires, lost sales, 

etc.).31 In 2016, Canada had a similar experience in Fort McMurray, Alberta; insurance 

payments were the costliest in Canadian history at CAD 3.58 billion,32 and this covered 

only 70 percent of the total economic loss.33 Particularly insidious with forest fires is that 

they also lead to massive injections of CO2 into the atmosphere. As the Climate Science 

Special Report (a compilation by the U.S. Global Change Research Program, spanning 

multiple government agencies) noted about the Alberta wild fires specifically: “They can 

also radically increase emissions of greenhouse gases, as demonstrated by the amount of 

carbon dioxide produced by the Fort McMurray fires of May 2016—more than 10% of 

Canada’s annual emissions.”34 The federal government expends significant financial 

 

30 W. Richter, “We may never be able to know the true cost of California’s massive wildfires,” Business 

Insider, December 7, 2017, http://www.businessinsider.com/santa-rosa-california-fires-cost-damage2017-12. 

31 “AccuWeather predicts 2017 California wildfire season cost to rise to $180 billion,” AccuWeather, 

December 8, 2017, https://www.accuweather.com/en/weather-news/accuweather-predicts-2017-

california-wildfire-season-cost-to-rise-to-180-billion/70003495. 

32 “Northern Alberta Wildfire Costliest Insured Natural Disaster in Canadian History – Estimate of 

insured losses: $3.58 billion,” Insurance Bureau of Canada, July 7, 2016, 

http://www.ibc.ca/ab/resources/media-centre/media-releases/northern-alberta-wildfire-costliestinsured-natural-disaster-in-canadian-history. 

33 W. Koblensky, “Fort McMurray in top 10 worst insured losses globally,” Insurance Business Canada, 

March 29, 2017, http://www.insurancebusinessmag.com/ca/news/environmental/fort-mcmurray-intop-10-worst-insured-losses-globally-63960.aspx. 

34 USGCRP Climate Science Special Report, p. 415. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 20 of 193
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resources each year on both fire suppression efforts and in the aftermath of wildfires, and 

while costs do vary from year to year, in general, they are rising.35

33. Other potential examples include agricultural losses. Whether or not insurance 

reimburses farmers for their crops, there can be food shortages that lead to higher food 

prices (that will be borne by consumers, that is, Youth Plaintiffs and Affected Children). 

There is a further risk that as our climate and land use pattern changes, disease vectors 

may also move (e.g., diseases formerly only in tropical climates move northward).36 This 

could lead to material increases in public health costs in terms of vaccinations and 

treatments, at least some portion of which will be borne by future taxpayers, i.e., Youth 

Plaintiffs and Affected Children. Moreover, the Youth Plaintiffs and Affected Children 

will be at risk of experiencing directly one or more of these increased health hazards, 

only a portion of the costs of which will be picked up by insurance or public assistance. 

There is a risk too that the increased health costs will be reflected in increased insurance 

premiums, affecting all those relying on private insurance, including some or all of the 

Youth Plaintiffs and Affected Children. 

34. All of these factors will also lead to increasing inequality, as those with financial means 

are more able to privately bear the costs of these disasters, while those without financial 

means will not. Those with means will also be able to relocate, perhaps avoiding (for 

themselves) the burdens of rising sea levels. This will impose a greater burden on those 

less able to pay for the direct, local consequences of climate change. Such increasing 

inequality is bad not only for those made worse off, but also for society as a whole, as a 

more unequal society is one with poorer economic performance.37 This will impose 

 

35 See, e.g., K. Hoover & B. Lindsay, “Wildfire Suppression Spending: Background, Issues, and 

Legislation in the 115th Congress,” Congressional Research Service, October 5, 2017, 

https://fas.org/sgp/crs/misc/R44966.pdf.

36 See, e.g., G. Mercer, “The Link Between Zika and Climate Change,” The Atlantic, February 24, 2016, 

https://www.theatlantic.com/health/archive/2016/02/zika-and-climate-change/470643/. 

37 See, e.g., OECD, “Inequality hurts economic growth, finds OECD research,” September 12, 2014, 

http://www.oecd.org/newsroom/inequality-hurts-economic-growth.htm and Prakash Loungani and 

Jonathan D. Ostry, “The IMF’s Work on Inequality: Bridging Research and Reality,” IMF, February 

22, 2017, https://blogs.imf.org/2017/02/22/the-imfs-work-on-inequality-bridging-research-andreality/ (“Another important conclusion of IMF research: rising inequality poses risks to durable 

Continued on next page

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further costs on the Youth Plaintiffs and Affected Children as they have to adapt to a 

structurally weaker economy due to increasing inequality (as elaborated on below, 

inequality is also exacerbated by Defendants’ subsidy system that takes from taxpayers 

and gives to fossil-fuel corporations). 

35. Third, Youth Plaintiffs will face increased burdens because the more time that passes, the 

more expensive it becomes to address climate change.38 It is highly likely that, as the 

consequences and magnitude of climate change become manifest, there will finally be a 

global consensus for a globally equitable and efficient response.39 At that juncture, the 

only way to prevent the accumulation of greenhouse gases beyond a tolerable level will 

be “negative emissions,” i.e. taking carbon out of the atmosphere, effectively attempting 

to undo the damage that is currently being done.40 That will be enormously expensive 

relative to what it would have cost to begin curtailing emissions today.41 Further, there is 

no guarantee that Youth Plaintiffs will be able to timely and effectively repair this 

 

Continued from previous page 

economic growth. This puts addressing inequality squarely within the IMF's mandate to help 

countries improve economic performance.”). 

38 See, e.g., “Climate change in the United States: Benefits of Global Action”, EPA. Beccherle, Julien 

and Tirole, Jean, “Regional Initiatives and the Cost of Delaying Binding Climate Change 

Agreements”, Journal of Public Economics 95 (December 2011): 1339-1348. Jakob, Michael and 

Tavoni, Massimo, “Time to act now? Assessing the costs of delaying climate measures and benefits 

of early action”, Climate Change 114 (2012): 79-99. 

39 See, for example, Climate change in the United States: Benefits of Global Action, EPA, 

https://www.epa.gov/sites/production/files/2015-06/documents/cirareport.pdf. 

40 See, for example, “The cost of delaying action to stem climate change,” Executive Office of the 

President of the United States, July 2014, p. 13, 

https://obamawhitehouse.archives.gov/sites/default/files/docs/the_cost_of_delaying_action_to_stem_

climate_change.pdf. 

41 Even as these costly actions to undo the damage are undertaken, the effects of failing to act now will 

likely be felt, in ways described earlier in this report. Each and every one of the Youth Plaintiffs will 

face a risk of being personally affected, e.g., by increased taxes, increased direct losses, and increased 

exposure to health risks and to climate variability itself. 

 A recent estimate pegged the costs of CO2 extraction to be on the order of $8 to $18.5 trillion, or over 

$100 billion per year over 80 years, to return to a 350 ppm target by 2100. These costs are much 

higher with continued high emissions (i.e., if we do not cease fossil fuel use and rely only on carbon 

capture and storage), being on the order of $100 trillion or more. See, J. Hansen et al., “Young 

People’s Burden: Requirement of Negative CO2 Emissions,” Earth System Dynamics, vol. 8, 2017, 

pp. 577-616, at 591-592. 

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damage. In other words, the actions of Defendants in promoting and perpetuating a fossil 

fuel-based energy system impose a disproportionately higher financial burden and 

economic disadvantage on Youth Plaintiffs and Affected Children, undermining their 

economic security and depriving them of the stronger economy that they would have had 

in the absence of unmitigated climate change. 

36. Fourth, in the absence of mitigation efforts, there is a significant risk of catastrophic 

impacts of climate change; indeed, there is overwhelming evidence that such catastrophic 

impacts are likely to result. Defendants’ failure to invest in climate change mitigation 

and thereby insure against that outcome imposes an enormous degree of risk on Youth 

Plaintiffs, not experienced by older generations. Events such as the rapid melting of ice 

sheets and consequent increases in global sea levels or temperature increases on the 

higher end of the range of scientific forecasts have the potential to entail severe, perhaps 

even irreparable, consequences.42 To confront properly the possibility of climate 

catastrophes, Defendants must take prudent steps now to reduce the chance of the most 

severe consequences of climate change. The longer Defendants postpone such action, the 

greater will be the atmospheric concentration of GHGs and the risk (due to the selfreinforcing and path-dependent43 nature of climate systems and long lags between actions 

and results, as discussed above). Just as businesses and individuals guard against severe 

financial risks by purchasing various forms of insurance, Defendants can take actions 

now that reduce the chances of triggering the most severe climate events. There is no 

third party from which Defendants could purchase insurance to protect Youth Plaintiffs 

from the damages that are consequent to Defendants’ actions. The only alternative for 

Defendants is to take actions without delay to reduce the atmospheric concentration of 

CO2 in order to restore Earth’s energy balance and avert catastrophic and irreversible 

 

42 See, Section III, above. 

43 By path dependence, I mean that prior actions affect the future trajectory of the economy in ways that 

are not irreversible, or reversible only at high costs. Accordingly, what is a prudent strategy today 

depends on decisions made yesterday (and many years ago). Put differently, prior decisions are not 

something that we can now just walk away from; those prior decisions directly affect the world we 

live in today and affect the analysis of what is a prudent strategy going forward. 

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climate change impacts.44 Unlike conventional insurance policies, climate and energy 

policy that serves the purpose of climate insurance also results in cleaner air, improved 

energy security, and other benefits, many of which are difficult to monetize, like 

biological diversity or preserving culturally important places, but are nonetheless 

significant. 

37. The benefits of undertaking such actions are disproportionate to the costs, even without 

taking account of the huge benefits that arise from the reduction of risk itself. This has 

been documented, for example, in the High-Level Commission on Carbon Prices.45 Due 

to feedback loops, the magnitude of climate change may change much more than the 

proportionate increase in atmospheric concentrations of GHGs. Likewise, the increases 

in atmospheric concentrations of GHGs may increase disproportionately relative to 

emissions,46 and the cost of damage wrought by climate change can increase much faster 

still.47 More is being learned about the behavior of the climate system, including the 

potential timing and likelihood of these worst-case scenarios. However, the paleo-climate 

record gives scientists at least one good indication of the consequences of different levels 

of atmospheric CO2. The last time in the geologic record that CO2 levels were over 400 

ppm, the seas were 70-90 feet higher than sea level today.48 The experience of the last 

 

44 J. Hansen, “Exhibit A: Declaration of Dr. James E. Hansen in Support of Plaintiffs’ Complaint for 

Declaratory and Injunctive Relief,” in Juliana et al. v. United States et al., Case No. 6:15-cv-01517-

TC, Doc. No. 7-1., 2015, paras. 39, 67, 85. 

45 The Commission showed that even a modest tax on carbon combined with the elimination of 

subsidies and certain other regulatory measures and modest public investments would be able to 

prevent a rise of temperature beyond the 1.5C to 2C. 

46 See, for example, “The study of Earth as an integrated system,” NASA,

https://climate.nasa.gov/nasa_science/science/ and National Research Council of the National 

Academies, “Climate Change: Evidence, Impacts, and Choices,” The National Academies of 

Sciences, Engineering, and Medicine, 2012, http://nassites.org/americasclimatechoices/files/2012/06/19014_cvtx_R1.pdf. 

47 This is discussed in the Stern Review. See, for example, Figure 6.6 showing the exponential increase 

in reduced GDP per capita as global mean temperature increases. Nicholas Stern, “Stern Review: The 

Economics of Climate Change”, p. 159, http://unionsforenergydemocracy.org/wpcontent/uploads/2015/08/sternreview_report_complete.pdf. 

48 H. Wanless, “Declaration of Dr. Harold R. Wanless in Support of Answer of Real Parties in Interest 

to Petition for Writ of Mandamus”, in United States of America et al. v. United States District Court 

for the District of Oregon et al., Case No. 17-71692, Doc. No. 14-3, para. 52. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 24 of 193
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quarter century is that there have been many surprises of underestimating adverse climate 

impacts (e.g., early estimates of sea level rise had not taken into account the effect of the 

melting of the arctic icecap or the release of methane gases from the tundra).49 

38. Fair treatment of Youth Plaintiffs by Defendants requires taking due account of some of 

the worst, but still plausibly possible, cases. In such cases, national income will be lower 

because of the adverse effects of climate change,50 imposing doubly an increased 

financial burden and economic disadvantage on Youth Plaintiffs and Affected Children: 

they will face the costs of remediation and adaptation with fewer resources with which to 

do so. Even if national incomes continue to rise in real terms, the costs of taking remedial 

climate action are an ever-increasing burden on Youth Plaintiffs and Affected Children as 

well. Moreover, as discussed in the climate science summary above, we are quickly 

approaching (or some argue we may have already passed) certain “tipping points” that 

will dramatically increase costs in a non-linear fashion.51 Thus, it is not a practical 

solution to say Youth Plaintiffs and future generations may be more wealthy in the future 

(in fact, GDP may be lower in the future because of climate effects) and can bear the 

costs more efficiently than Defendants today (because those costs continue to increase 

disproportionately and have long-lasting adverse effects). The assumption of everincreasing national income has significant implications for Defendants’ cost-benefit 

 

49 See, for example, Schneider, Stephen H. and Root, Terry L. Ecological implications of climate 

change will include surprises, Biodiversity and Conservation 5 (1996): 1109-1119. 

50 In one recent study, researchers found that temperature change due to unmitigated global warming 

will leave global GDP per capita 23 percent lower in 2100 than it would be without any warming. See 

Burke, M., Hsiang, S. M., & Miguel, E., (2015) “Global non-linear effect of temperature on economic 

production,” Nature, 527 (7577): 235-239. 

 A per capita 23 percent lowering of GDP is the on-average result, which understates the full potential 

impact in two ways (much as the on-average temperature increases understate the increase in 

catastrophic events, as I discussed above). First, a 23 percent on-average result includes many states 

of the world where the average may be much worse. Second, a 23 percent on-average result will not 

affect all persons or all regions equally; those near the bottom of the income distribution that have no 

savings will suffer from lack of ability to consume, and almost surely these effects will be felt more in 

coastal regions, from which those near the bottom of the income distribution will lack the financial 

resources to relocate, further exacerbating their financial difficulties. 

51 See also, “The study of Earth as an integrated system,” NASA, 

https://climate.nasa.gov/nasa_science/science/. 

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analysis and development of discount rates and the social cost of carbon, as described in 

more detail in Section V.C, below. 

39. Moreover, it will be necessary to devote a significant proportion of national income to 

dealing with the consequences of climate change; the standard term is that there will be 

high costs of adaptation.52 Especially disturbing are the impacts on developing countries, 

many of which are in tropical zones, which will be particularly hard hit. In the U.S., 

Youth Plaintiffs will not be able to insulate themselves from the global repercussions. 

The costs of adaptation to climate change by developing countries are well beyond 

anything that those countries can afford (or will be able to afford in the future). Youth 

Plaintiffs may recognize that they have a moral responsibility to global citizens elsewhere 

in the world because of the actions of the U.S., including Defendants, and thus they will 

bear a burden because of the failure of Defendants to take appropriate actions.53 

However, even were they not to do so, the markedly lower incomes in developing 

countries will set off large migration pressures, which we are already seeing today.54

 

52 According to the United Nations Environment (UNEP) report, the cost of adapting to climate change 

in developing countries could rise to between $280 and $500 billion per year by 2050. There will be a 

significant financing gap unless new and additional finance for adaptation is made available. See 

UNEP 2016. The Adaptation Finance Gap Report 2016. United Nations Environment Programme 

(UNEP), Nairobi, Kenya 

53 Of course, Defendants do not control global climate emissions. The U.S. is the second-largest current 

emitter of CO2 at 15 percent of global emissions (behind only China), and by far the largest historical 

emitter of CO2 and GHGs. See, EPA, “Global Greenhouse Gas Emissions Data,” United States 

Environmental Protection Agency, data as of 2014, https://www.epa.gov/ghgemissions/globalgreenhouse-gas-emissions-data#Country and J. Gillis and N. Popovich, “The U.S. Is the Biggest 

Carbon Polluter in History. It Just Walked Away From the Paris Climate Deal,” The New York Times, 

June 1, 2017, https://www.nytimes.com/interactive/2017/06/01/climate/us-biggest-carbon-polluter-inhistory-will-it-walk-away-from-the-paris-climate-deal.html. 

 However, action by the world’s largest historical contributor of GHGs and the world’s largest 

economy (the U.S.) would help further the goals of the Paris agreement and other countries’ efforts to 

reduce GHG emissions. Moreover, it could reduce the incentive for other countries to shirk their 

climate change efforts by attempting to gain a competitive edge by not addressing climate change (a 

race to the bottom, so to speak). In any event, however, the fact that other countries, particularly 

developing countries, may not take as strong as action as is needed is not justification for Defendants 

using out-dated economic models and analysis to foist high costs on Youth Plaintiffs and Affected 

Children more generally. 

54 See, for example, Coral Davenport and Campbell Robertson, “Resettling the First American ‘Climate 

Refugees,’” The New York Times, May 3, 2016, https://www.nytimes.com/2016/05/03/us/resettlingContinued on next page

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Managing this migration (including possibly putting up hard-and costly-to-enforce 

barriers to it) will impose large costs on Youth Plaintiffs, undermining their economic 

security.55 Moreover, in a globally interconnected system, lower incomes abroad will 

adversely affect the demand for American goods and services, thereby reducing U.S. 

GDP from what it otherwise would be, with consequent risks for Youth Plaintiffs and 

Affected Children. 

40. I understand that Defendants argue their policies were necessary for the economic and 

national security of the U.S.56 Such arguments do not withstand economic scrutiny. 

Whatever benefits might have existed in the middle of the 20th century, it has been 

decades since such policies were rational. This has been recognized by leading security 

experts. For example, since at least 2007, members of the U.S. military have recognized 

that “serious consequences to our national security ... are likely from unmitigated climate 

 

Continued from previous page 

the-first-american-climate-refugees.html and Aryn Baker, “How Climate Change is Behind the Surge 

of Migrants to Europe,” Time, September 7, 2015, http://time.com/4024210/climate-changemigrants/. 

55 As discussed in the Stern Review, some estimates suggested up to 200 million people may become 

permanently displaced by climate change by the middle of this century, noting that almost as many 

people leave their homes because of environmental disasters as flee political oppression. See, 

Nicholas Stern, “Stern Review: The Economics of Climate Change”, p. 77, 

http://unionsforenergydemocracy.org/wp-content/uploads/2015/08/sternreview_report_complete.pdf. 

See also, K. Burrows & P. Kinney, “Exploring the Climate Change, Migration and Conflict Nexus,” 

International Journal of Environmental Research and Public Health 13(4) (2016): 443, noting that 

the number of people displaced by climate change by 2050 is estimated to be between 50 million, on 

the low end, and 1 billion, on the high end. 

56 See, e.g., “Office of Fossil Energy FY 2019 Budget,” U.S. Department of Energy, 

https://www.energy.gov/fe/about-us/our-budget (“The Office of Fossil Energy (FE) programs are 

focused on activities related to the reliable, efficient, affordable, and environmentally sound use of 

fossil fuels that are essential to our Nation’s security and economic prosperity.”). 

 See also, Jason Furman and Gene Sperling, “Reducing America’s Dependence on Foreign Oil As a 

Strategy to Increase Economic Growth and Reduce Economic Vulnerability,” Obama White House 

Archives, August 29, 2013, https://obamawhitehouse.archives.gov/blog/2013/08/29/reducingamerica-s-dependence-foreign-oil-strategy-increase-economic-growth-and-redu (“...the President’s 

focus on increasing America’s energy independence is not just a critical national security strategy, it 

is also part of an economic plan to create jobs, expand growth and cut the trade deficit.” The first 

element of President's Obama plan was “Increasing domestic production of oil.”). 

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change.”57 In a report released in 2007, eleven retired military generals and admirals 

detailed the variety of threats to America’s national and economic security that climate 

change poses:58

In already-weakened states, extreme weather events, drought, flooding, 

sea level rise, retreating glaciers, and the rapid spread of life-threatening 

diseases will themselves have likely effects: increased migrations, further 

weakened and failed states, expanded ungoverned spaces, exacerbated 

underlying conditions that terrorist groups seek to exploit, and increased 

internal conflicts. In developed countries, these conditions threaten to 

disrupt economic trade and introduce new security challenges, such as 

increased spread of infectious disease and increased immigration. Overall, 

climate change has the potential to disrupt our way of life and force 

changes in how we keep ourselves safe and secure by adding a new hostile 

and stressing factor into the national and international security 

environment. 

41. From an economic perspective, one of the key insights is that, just at the time when 

money is scarce (and our economy is weak) because of climate change, there will be 

greater need for funds. Thus, government will be less able to provide the requisite 

finance for key public services, depriving Youth Plaintiffs and Affected Children of the 

economic benefits enjoyed by older generations. This makes it even more compelling for 

Defendants to take all the precautionary measures today that they can. 

42. As noted by the High-Level Commission on Carbon Prices (the “High-Level 

Commission”), which I co-chaired, the estimated economic costs of climate change in 

many of the standard models, and in particular Defendants’ estimates of the social cost of 

carbon (under the Obama administration), are:59

 

57 “National Security and the Threat of Climate Change,” The CNA Corporation, 2007, p. 44, 

https://www.cna.org/cna_files/pdf/national%20security%20and%20the%20threat%20of%20climate%

20change.pdf. 

58 “National Security and the Threat of Climate Change,” The CNA Corporation, 2007, pp. 44-45, 

https://www.cna.org/cna_files/pdf/national%20security%20and%20the%20threat%20of%20climate%

20change.pdf. 

59 High-Level Commission on Carbon Prices, “Report of the High-Level Commission on Carbon 

Prices”, 2017, Washington, DC: World Bank, Appendix A. 

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...biased downward because they fail to consider many vitally important 

risks and costs associated with climate change—particularly the 

widespread biodiversity losses, long-term impacts on labor productivity 

and economic growth, impacts on the poorest and most vulnerable, rising 

political instability and the spread of violent conflicts, ocean acidification, 

large migration movements, as well as the possibility of extreme and 

irreversible changes. 

43. Thus, it is prudent for Defendants to take precautionary actions, not based on the 

“average” estimate of what the damage might be, but rather based on estimates of 

realistically plausibly possible “worst cases.” Because, as detailed below, Defendants 

could take actions at modest costs, and it would be reckless not to undertake those 

actions; it would be needlessly endangering the future prospects and the economic and 

personal security of Youth Plaintiffs and Affected Children. 

 

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V. TRANSITIONING THE U.S. ECONOMY OFF OF FOSSIL FUELS IS NOT 

ONLY FEASIBLE BUT WILL BENEFIT THE ECONOMY 

A. TRANSITIONING OFF OF FOSSIL FUELS IS FEASIBLE

44. There is broad consensus among economists, and the High-Level Commission concluded, 

that limiting temperature increase to “well below 2C” is achievable with reasonable and 

modest measures, and that the costs of those measures are far smaller than the costs of the 

damage that climate change could inflict.60

45. The High-Level Commission estimated that the costs of curtailing emissions to a level to 

achieve the goals set forth by the Paris Agreement (“well below 2C”) would be 

modest.61 The High-Level Commission noted that the carbon tax, that they explained 

could induce the requisite change in emissions, could substitute for other more 

distortionary taxes. If governments made such a substitution, the aggregate cost of 

curtailing carbon emissions could even be less than zero, providing net benefits to the 

economy. Furthermore, at a time when so much discussion focuses on the Federal 

government’s deficit spending (and our national debt), the elimination of billions of 

dollars of often-hidden subsidies to the fossil fuel industry would improve the country’s 

fiscal situation and economic performance generally. As discussed below in Section 

V.B, the full amount of post-tax subsidies in the U.S. has been estimated at nearly $700 

billion a year, more than half of the Federal government’s forecasted deficit for the next 

fiscal year.62 Eliminating all fossil fuel subsidies (implicit and explicit, many of which 

 

60 High-Level Commission on Carbon Prices, “Report of the High-Level Commission on Carbon 

Prices”, 2017, Washington, DC: World Bank, p. 1. 

61 When I use the term “costs” here, I refer to the net effect of undertaking such policy changes—that is, 

such costs can be negative (when the benefits outweigh the costs). As is standard in economic 

analysis, I analyze the marginal effects, that is, the marginal (i.e., additional as compared to the status 

quo) net outlays that will be required for effectuating a given policy choice. Because certain policy 

choices can have long-term benefits that outweigh long-term costs, negative costs are a distinct 

possibility. 

62 Coady et al., “How Large Are Global Energy Subsidies?”, IMF Working Paper, Fiscal Affairs 

Department, 2015, paper and underlying data available at: 

https://www.imf.org/en/News/Articles/2015/09/28/04/53/sonew070215a. 

Continued on next page

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go to large corporations) could, therefore, both curtail fossil-fuel production, through 

forcing companies to bear more of the true costs of fossil-fuel production, and 

substantially reduce our national deficit in one fell swoop. Equity would also be 

improved with corporations paying more and individuals, such as the Youth Plaintiffs 

and Affected Children, benefiting. 

46. There are many reasons to be optimistic that emissions could be curtailed further than 

previously thought. These benefits are a result of continued technological development 

in the renewables sector. Because of technological improvements, the costs of 

renewables and storage are decreasing. The price of solar panels has dropped by more 

than half in recent years (80 percent reduction from 2008 to 2016).63 In 2016 alone, the 

average dollar capital expenditure per megawatt for solar photovoltaics and wind dropped 

by over 10 percent.64 As these technologies continue to improve and the efficiency 

increases, while manufacturing costs drop, these technologies will more easily substitute 

for existing fossil fuel infrastructure. 

47. Transitioning to a non-fossil-fuel-based economy will require additional investment in 

our energy sector. Such sectoral shifts in our economy are not uncommon. In fact, a 

hallmark of a well-functioning market economy is its ability to shift between sectors as 

 

Continued from previous page 

 See also a report published by the Overseas Development Institute and Oil Change International, 

which found that as of 2014, the U.S. government provides approximately $20 billion annually in 

producer side subsidies through various tax exceptions/deductions. 

 Doukas, Alex, “G20 subsidies to oil, gas and coal production: United States”, Overseas Development 

Institute, 2015, https://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinionfiles/9979.pdf). 

 With the recent tax cuts, the deficit is currently forecasted to be about $1 trillion in the next fiscal 

year. See, Associated Press in Washington, “US deficit to approach $1tn after Trump tax cuts and 

spending bill, CBO says,” The Guardian, April 9, 2018, https://www.theguardian.com/usnews/2018/apr/09/us-deficit-trump-tax-cuts-trillion-cbo-projection. 

63 See, e.g., Ryan Whitman, “We could be headed for a solar power renaissance as costs keep 

dropping,” ExtremeTech, December 19, 2016, https://www.extremetech.com/extreme/241300-

headed-solar-power-renaissance-costs-keep-dropping. 

64 Frankfurt School-UNEP Centre/BNEF, “Global Trends in Renewable Energy Investment 2017,” 

2017, http://fs-unepcentre.org/sites/default/files/publications/globaltrendsinrenewableenergyinvestment2017.pdf. 

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technology changes and demand fluctuates. For example, we have seen shifts from 

agriculture to manufacturing to services over the course of the twentieth century, and we 

saw a shift towards the financial sector (from less than 3 percent to over 8 percent of 

GDP) from the 1950s to its peak in 2006 (immediately before the financial crisis).65 Our 

spending on our energy sector has also fluctuated, as the chart below shows energy 

expenditures as a percent of GDP from 1970 to 2015. While the high levels of spending 

in the early 1980s (over 10 percent) were during periods of economic turbulence with 

high inflation and an energy crisis, there have been other periods, such as the 2000s and 

the early 1970s where there was economic growth and high spending on our energy 

system. Moreover, our economy has endured sudden, unplanned disruptions in the past 

(again, for example, the financial crisis); moving our economy to one without fossil fuels 

would come with a slight cost, but would be an event we can plan for to minimize 

disruptions (and would bring net benefits in the form of risk reduction). 

 

65 See, e.g., Robin Greenwood and David Scharfstein, “The Growth of Finance,” Journal of Economic 

Perspectives, 27(2) (Spring 2013): 3-28. 

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Figure 1: Energy Expenditures as Share of GDP (Percent) 

48. There are a number of important new “energy smart” technologies that can play a role in 

reducing dependence on energy, making our existing energy infrastructure more 

efficient.66 Smart grids, for example, can turn on appliances when renewable electricity 

is plentiful—and ramp down electric loads when renewable power wanes. Advanced 

energy storage technologies are increasingly diverse and many, like ice energy storage, 

are simpler and can be more cost effective than chemical batteries. Electric vehicles can 

also be considered “energy smart” technology, as their charging and discharging of 

batteries can be flexible, creating great potential to improve the efficiency of our national 

energy infrastructure. These technologies reduce overall energy consumption, so that 

even without the introduction of less carbon intensive energy sources, they can reduce 

 

66 Frankfurt School, UNEP Centre, “Global Trends In Renewable Energy Investment 2017,” http://fsunep-centre.org/sites/default/files/publications/globaltrendsinrenewableenergyinvestment2017.pdf.

0%

2%

4%

6%

8%

10%

12%

14%

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Source:   U.S. Energy Information Administration, March 2018 Monthly Energy Review, Table 1.7 Primary Energy Consumption,

Energy Expenditures, and Carbon Dioxide Emissions Indicators.

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carbon emissions. Many energy efficiency technologies actually have a negative cost to 

implement, especially if one includes in the costs the implicit costs associated with GHG 

emissions (costs to society that are currently externalized).67

49. The major U.S. corporations that have committed themselves to dramatic emissions 

reductions—as well as state and local governments that have committed to emissions 

reductions—support the feasibility of a swift transition.68 Creating predictability is of 

significant economic value in aggressively seeking to reduce emissions; i.e., it makes 

clear to players in the future economy that they can plan accordingly with very high 

confidence. In addition, this greater certainty facilitates the production of goods and 

services at lower costs. For instance, the Chief Executive Officers of Apple, BHP 

Billiton, BP, DuPont, General Mills, Google, Intel, Microsoft, National Grid, Novartis 

Corporation, Rio Tinto, Schneider Electric, Shell, Unilever, and Walmart all called on the 

President to stay the course with respect to United States’ participation in the Paris 

Agreement.69 So too, were the Defendants to adopt a high and reliable price of carbon, 

households and firms would know that it paid economically to adopt low- or zeroemission technologies and products. 

50. In pursuing clean-energy technology, there is also the potential for increasing overall 

economic production and stimulating aggregate demand and economic growth. As I 

 

67 See, e.g., European Commission, “The Macroeconomic and Other Benefits of Energy Efficiency”, 

https://ec.europa.eu/energy/sites/ener/files/documents/final_report_v4_final.pdf. 

68 In 2017, for example, nine states making up the Regional Greenhouse Gas Initiative consortium 

agreed to a cap-and-trade program that seeks a 30 percent reduction in carbon pollution from energy 

plants by 2030. See, Colin Young, “9 states, including Mass., Agree to Accelerate Emission 

Reductions in Next Decade,” WBUR, August 23, 2017, http://www.wbur.org/news/2017/08/23/9-

states-including-mass-agree-to-extend-carbon-reduction-goals-to-2030. 

 Other state-driven strategies include California’s January 2018 announcement to have 5 million zeroemission vehicles in use by 2030; Hawaii mandating that all of the state’s electricity come from 

renewable sources by the mid-21st century; and Vermont’s commitment to reduce emissions to 80-95 

percent below 1990 levels by 2050. See, “U.S. Leads in Greenhouse Gas Reductions, but Some 

States are Falling Behind,” Environmental and Energy Study Institute, March 27, 2018, 

http://www.eesi.org/articles/view/u.s.-leads-in-greenhouse-gas-reductions-but-some-states-arefalling-behind. 

69 See, e.g., Center for Climate and Energy Solutions, “Top companies urge White House to stay in the 

Paris Agreement,” Center for Climate and Energy Solutions Press Release, April 2017, 

https://www.c2es.org/newsroom/releases/major-companies-urge-white-house-stay-paris. 

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wrote a few years ago in The Guardian, “retrofitting the global economy for climate 

change would help to restore aggregate demand and growth.”70 Consistent with this, the 

High-Level Commission, which I co-chaired with Lord Stern,71 found that “climate 

policies, if well designed and implemented, are consistent with growth, development, and 

poverty reduction. The transition to a low-carbon economy is potentially a powerful, 

attractive, and sustainable growth story, marked by higher resilience, more innovation, 

more livable cities, robust agriculture, and stronger ecosystems.”72

51. However, instead of supporting existing clean energy technology that would benefit the 

economy and create jobs, Defendants are acting in ways to suppress and hinder clean 

energy, which also leads to job losses and harms the economy. For example, in January 

2018, President Trump approved tariffs on imported solar cells that start at 30 percent. 

The tariffs are unlikely to benefit American solar manufacturing jobs, but, according to 

the Solar Energy Industries Association, are likely to result in the loss of 23,000 

American jobs this year and the delay or cancelation of billions in solar investments. The 

tariffs are also expected to lead to a net reduction in solar installations by roughly 11 

percent between 2018 and 2022, a 7.6-gigawatt reduction in solar PV capacity, which 

means approximately 1.2 million homes will not be powered by renewable solar energy. 

Such tariffs are both harmful for the environment and the economy.73

52. Not promptly undertaking actions to pursue clean-energy technology continues to expose 

Youth Plaintiffs and Affected Children to the risk of extreme costs and damages, not just 

from climate change itself, but from the required outlays on future remediation and 

adaptation efforts and a weaker, less efficient, and more expensive U.S. economy. 

 

70 Stiglitz, J., “Climate Change and Poverty Have Not Gone Away,” The Guardian, January 7, 2013, 

https://www.theguardian.com/business/2013/jan/07/climate-change-poverty-inequality

71 Lord Stern succeeded me as Chief Economist of the World Bank and subsequently was a leading 

economic advisor to the UK Treasury, as Second Permanent Secretary and head of the Government 

Economic Service. 

72 High-Level Commission on Carbon Prices, “Report of the High-Level Commission on Carbon 

Prices,” 2017, Washington, DC: World Bank, p. 1. 

73 Julia Pyper, “New Tariffs to Curb US Solar Installations by 11% Through 2022,” Greentech Media, 

January 23, 2018, https://www.greentechmedia.com/articles/read/tariffs-to-curb-solar-installationsby-11-through-2022#gs.YNyvdYQ 

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B. POLLUTION IS A CLASSIC EXTERNALITY THAT CAN BE COMBATED WITH 

STANDARD ECONOMIC TOOLS THAT PROMOTE SOCIAL WELFARE

53. Currently, around 80 percent of the energy consumed in the U.S. comes from fossil 

fuels.74 In contrast, renewable energy sources comprise 11 percent of total energy 

consumption. That percentage has only risen by 2 percent (9 to 11 percent) from 1949 to 

2017.75 

54. The burning of fossil fuels generates large amounts of pollution. Pollution is the 

archetypal negative externality. In economics, an externality arises when the cost or 

benefit of an activity of one party imposes a cost or benefit on another. In the pollution 

example, the polluter makes a good (its primary activity), but in the course of doing so 

generates pollution that imposes a cost or burden on another (e.g., a fisherman who fishes 

in the waters that become polluted will catch fewer fish). A positive externality example 

might be a technological development that benefits more than the inventor alone (e.g., the 

developer of the worldwide web who made it freely available). 

55. The issue that arises with a negative externality is that the producer of the externality 

(e.g., the polluter) considers only their private costs when making production decisions 

and not the total costs of their activity (the costs borne by the polluter and the fisherman). 

Standard economic theory argues that private markets can be relied on to make efficient 

decisions, if, and only if, the (marginal private) costs confronting individuals equal the 

(marginal) social costs, and the (marginal private) benefits confronting them equal the 

(marginal) social benefits. When there is an externality, social and private costs and/or 

benefits are not aligned. A classic way to intervene in this situation is for government to 

tax the causes of negative externalities (thereby raising the effective private cost closer to 

 

74 U.S. Energy Information Administration, Table 1.3 Primary Energy Consumption by Source, March 

2018 Monthly Energy Review, 

https://www.eia.gov/totalenergy/data/browser/xls.php?tbl=T01.03&freq=m. 

75 U.S. Energy Information Administration, Table 1.3 Primary Energy Consumption by Source, March 

2018 Monthly Energy Review, 

https://www.eia.gov/totalenergy/data/browser/xls.php?tbl=T01.03&freq=m. 

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the social cost and forcing the producer to bear the full cost of their actions).76 Having a 

well-functioning price system—where price setters take into account all costs—is 

important for economic efficiency and overall social welfare. 

56. At present, the U.S. lacks a comprehensive carbon-pricing regime that accounts for the 

negative externalities of burning fossil fuels such that private markets can be relied on to 

make efficient decisions. Thus, producers and sellers of fossil fuels consider only their 

private costs and benefits, and the costs that their activities are imposing on society 

through, among other factors, increased GHG emissions and long-term climate effects of 

the sort I discussed earlier are not considered or internalized as part of the price. 

57. Beyond the lack of a comprehensive carbon-pricing regime, a faulty system that is full of 

hidden subsidies for fossil fuels, as noted above, hinders the transition towards a less 

carbon-intensive economy. These subsidies also accelerate and exacerbate the costs to 

Youth Plaintiffs from climate change. 

58. These subsidies take many forms. For instance, upstream oil and gas exploration and 

production companies in the U.S. receive several tax breaks that go beyond those 

afforded to businesses generally, such as deducting intangible drilling costs as a current 

business expense (not capitalized over the life of the well), depletion allowances,77 and 

offshore drilling tax royalty relief (which permits the claiming of foreign royalties as 

taxes (and makes them creditable against U.S. taxes) for taxpayers taxed in two 

countries). When companies make an investment, it is natural that they be allowed to 

depreciate the cost of the capital as a tax-deductible expense over the lifetime of the asset. 

 

76 Sometimes, governments have to rely on “second best” interventions. Thus, government can 

subsidize alternatives (or positive-externality activities), which lowers the effective price of substitute 

products. Lowering the price of a substitute product can have the effect of increasing demand for the 

substitute (e.g., clean energy) and reducing the demand for the original product (e.g., fossil fuel-based 

energy). But leaving the negative externality-generating activity without a “charge” for its external 

effects leaves a distortion in place. 

77 I have studied the economics of depletion allowances, together with Sir Partha Dasgupta, in my 

academic work. See, J.E. Stiglitz, “Monopoly and the Rate of Extraction of Exhaustible Resources,” 

The American Economic Review 66(4) (September 1976): 655-661 and P. Dasgupta and J.E. Stiglitz, 

“Uncertainty and the Rate of Extraction Under Alternative Arrangements,” Institute Mathematical 

Studies in the Social Sciences, tech. rep. no. 179 (September 1975). 

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But with depletion allowances, an oil company can deduct 15 percent of the revenue as a 

“depletion allowance,” regardless of the amount of investment it made to find the oil.78 

The company receives the depletion allowance—as if it invested money—even if it 

makes no investment. The value of this provision itself is enormous; some estimates say 

it could save the U.S. Treasury over $11 billion in 10 years if it were eliminated.79 

(Money not received by Treasury is, in effect, money given to the fossil fuel industry.) 

Coal companies can receive similar corporate tax reductions, and are able to purchase or 

lease land from Defendants at below market rates.80 These tax breaks artificially reduce 

the private cost of fossil fuels to producers and consumers (but not the social cost), which 

makes renewable sources of energy appear less competitive to consumers.81 In the U.S., 

these tax breaks for fossil fuel companies have resulted in an economy heavily dependent 

on fossil fuels and infrastructure designed around fossil fuels. 

59. Similarly, at various times, oil, gas, and coal leases have been conducted in ways in 

which fossil fuel companies are able to obtain leases at prices far below what the 

competitive equilibrium price would be, depriving taxpayers of money they need for a 

variety of public purposes, while distorting the market to make participation in oil, gas, 

and coal more economically attractive.82 The efficient auctions that have been used in 

 

78 This provision dates to 1913. See, e.g., Rebecca Leber, “Happy 100th Birthday, Big Oil Tax Breaks,” 

Think Progress, March 1, 2013, https://thinkprogress.org/happy-100th-birthday-big-oil-tax-breaks3c9731c4bc85/. See also, Seth Hanlon, “Big Oil’s Misbegotten Tax Gusher,” Center for American 

Progress, May 5, 2011, 

https://www.americanprogress.org/issues/economy/news/2011/05/05/9663/big-oils-misbegotten-taxgusher/.

79 See, Seth Hanlon, “Big Oil’s Misbegotten Tax Gusher,” Center for American Progress, May 5, 2011, 

https://www.americanprogress.org/issues/economy/news/2011/05/05/9663/big-oils-misbegotten-taxgusher/. 

80 Doukas, Alex, “G20 subsidies to oil, gas and coal production: United States”, Overseas Development 

Institute, 2015, https://www.odi.org/sites/odi.org.uk/files/odi-assets/publications-opinionfiles/9979.pdf. 

81 Bridle, Richard, Kitson, Lucy, “The Impact of Fossil-Fuel Subsidies on Renewable Electricity 

Generation”, International Institute for Sustainable Development, December 2014, 

http://www.iisd.org/sites/default/files/publications/impact-fossil-fuel-subsidies-renewable-electricitygeneration.pdf. 

82 This was the case, for instance, in the early 1980s, when large numbers of tracts were simultaneously 

put up for auctions, so many that the average tract had less than two bidders. I discussed some of the 

Continued on next page

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other areas (e.g., for the auctioning of the electro-magnetic spectrum) were typically 

never used. A 2016 report from the President’s Council of Economic Advisors regarding 

coal leases recognized several of these points explicitly, noting, for example, that the coal 

leasing program “has been widely criticized in recent years by economic and 

environmental experts for providing a poor return to the taxpayer and for not adequately 

addressing the environmental costs of coal extraction, processing, and combustion.”83 

The report also found that previous and then-current policies of Defendants had 

misaligned incentives: “the program has been structured in a way that misaligns 

incentives going back decades, resulting in a distorted coal market with an artificially low 

price for most Federal coal and unnecessarily low government revenue from the leasing 

program.”84 The report suggests that to fully reflect the social costs of coal extraction—

i.e., price the externality completely—the costs are so high that the resulting royalty rate 

may be “well-over 100 percent.”85

 

Continued from previous page 

research in this instance in my Nobel lecture. See, J.E. Stiglitz, “Information and the Change in the 

Paradigm in Economics,” Prize Lecture, December 8, 2001, pp. 489-490, 

https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2001/stiglitz-lecture.pdf. 

 See also, J.J. Leitzinger and J.E. Stiglitz, “Information Externalities in Oil and Gas Leasing,” 

Contemporary Policy Issues 5 (March 1984): 44-57 and J.E. Stiglitz, “What is the Role of the State?” 

Chapter 2 in M. Humphreys, J.D. Sachs, and J.E. Stiglitz (eds.) “Escaping the Resource Curse,” 2007, 

Columbia University Press, pp. 23-52 at p. 31: “When competition for the resources is limited—and 

especially when it is known that it is limited—then the prices that prevail will be lower. There are 

three ways of limiting competition. The first is suddenly to put up for lease a large number of tracts—

increase the supply so that the bidding on each tract is limited. This is what President Reagan did in 

the early 1980s. It was like a fire sale—as if the government had to get rid of its holdings 

immediately. But in fact, there was no reason for it; it was not as if the oil was going to disappear, or 

as if the United States needed to raise cash quickly. On a very large fraction of tracts, there was only 

one bidder (and, of course, the oil companies knew this). In a study I conducted with Jeff Leitzinger 

(1984) we quantified the impact on the price the government received. The government got a fraction 

of what it would have earned had the tracts been put up in a more orderly process, and the extra 

profits went into the coffers of the oil companies.” 

83 “The Economics of Coal Leasing on Federal Lands: Ensuring a Fair Return to Taxpayers,” 

Executive Office of the President of the United States, June 2016, at p. 2, 

https://obamawhitehouse.archives.gov/sites/default/files/page/files/20160622_cea_coal_leasing.pdf. 

84 Id.

85 Id. at p. 29. 

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60. An important source of protection against global warming is carbon-sequestration—

holding carbon in trees, plants, wetlands, or soils. Carbon molecules that are thus held 

are carbon molecules that are not in the atmosphere.86 There are large amounts of public 

land holding millions of acres of trees, but the government has an industry-driven policy 

framework in which (a) the timber industry, which acquires the right to cut down the 

timber, does not pay for the carbon costs of their activities; (b) the timber industry is 

typically subsidized through roads constructed by the Department of Agriculture, which 

manages these public forests; (c) the timber industry, like the fossil fuel industry, receives 

favorable tax benefits; and (d) the timber industry acquires these assets at prices that are 

below prices that would prevail in a competitive market that accounted for all private and 

public costs of logging.87

61. The provision of these tax benefits and the sale and/or lease of these public assets at 

below competitive market prices by Defendants harms the U.S. today, and these Youth 

Plaintiffs and Affected Children, in multiple ways. The harm to the U.S. arises because 

improper pricing that ignores the externalities of logging leads to inefficient uses of 

forests, logs, and wood products that would not materialize if the price of logs reflected 

the carbon costs of cutting down the trees and releasing CO2 into the atmosphere. These 

actions by Defendants support the destruction of forests, which are needed to sequester 

CO2 (not to mention all the critical ecosystem benefits forests provide). The poorly 

functioning price mechanism deprives our society of governmental revenues that could 

be used for multiple purposes, including investment in emission reductions and 

investments in R&D that would facilitate the transition towards a green economy; and 

forces taxes to be imposed elsewhere, with distortionary costs—so that total costs to 

society are well in excess of the losses of tax revenues. The resulting weaker economy 

 

86 For a more thorough articulation of this framework, see J.E. Stiglitz, “Sharing the Burden of Saving 

the Planet: Global Social Justice for Sustainable Development: Lessons from the Theory of Public 

Finance,” Columbia University Academic Commons, https://doi.org/10.7916/D8KD24MX and Mary 

Kaldor and Joseph E. Stiglitz, eds., The Quest for Security: Protection without Protectionism and the 

Challenge of Global Governance, New York: Columbia University Press, pp. 161-190. 

87 See, e.g., “Congressional Subsidies for Private Logging,” Taxpayers for Common Sense, December 

13, 2001, http://www.taxpayer.net/library/article/congressional-subsidies-for-private-logging. 

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means that Youth Plaintiffs are inheriting an economy that is not only dirtier than it 

otherwise would have been, but also weaker. 

62. There are also indirect explicit subsidies that contribute to the continued reliance on fossil 

fuels, such as government investments and policies that promote emission producing 

methods of transportation or manufacturing. 

63. Another implicit subsidy granted by governments is to not charge the fossil fuel industry 

for the negative externalities they create, such as carbon emissions. As discussed above, 

carbon emissions, and pollution in general, are negative externalities that can affect 

society and the economy, yet the vast majority of negative-externality carbon emissions 

across the globe are not priced.88 Pricing CO2 emissions and emissions of other GHGs 

would greatly enhance revenues available to government to address a variety of societal 

needs, as I discussed in Section IV above. A basic principle of taxation is that it is better 

to tax bad things like pollution than good things like savings and work. Again, the 

resulting weaker economy means that Youth Plaintiffs are inheriting an economy that is 

not only dirtier than it otherwise would have been, but also weaker. In this instance, not 

only are Defendants not raising revenue in an efficient way (subsidizing rather than 

taxing carbon emissions), Youth Plaintiffs are burdened with the socioeconomic costs 

that arise with pollution, such as additional healthcare costs. 

64. Defendants have recognized for at least 40 years that these direct and indirect subsidies to 

fossil fuel producers hinder the adoption of renewable energy and improvements in 

 

88 See, e.g., High-Level Commission on Carbon Prices, “Report of the High-Level Commission on 

Carbon Prices,” 2017, Washington, DC: World Bank, at p. 35: “The carbon prices observed span 

from less than US$1/tCO2e to US$126/tCO2e, 85 percent of global emissions are not priced 

today...” 

 Because all emissions generate externalities, for an efficient economy, all emissions should be taxed. 

In a few instances, the adverse effects of not taxing the emissions can be mitigated by the imposition 

of regulations. 

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renewable energy technologies. For example, a 1978 memo to President Carter regarding 

solar power found that:89

Widespread use of solar energy is also hindered by Federal and state 

policies and market imperfections that effectively subsidize competing 

energy sources. These policies include Federal price controls on oil and 

gas, a wide variety of direct and indirect subsidies, and utility rate 

structures that are based on average, rather than marginal costs. Also, the 

market system fails to reflect the full social benefits and costs of 

competing energy sources, such as the costs of air and water pollution. 

65. If Defendants stopped providing subsidies and/or implemented carbon pricing policies 

that allow the U.S. government to further fund research and development of green 

technologies to decarbonize the economy, such measures would have a large positive 

impact in the long term. These positive effects are not limited to mitigating the 

environmental effects; there are monetary gains, too. Some estimates of the financial 

benefit to the U.S. economy of accelerating technological developments for lowering 

carbon emissions suggest that they would amount to $1 trillion by 2050.90 

66. This monetary estimate does not take into account possible spillover effects from 

advancing technology that could provide further value to the economy (e.g., in the same 

way that the space race or developments in the world wars brought us many 

advancements in basic science that made their way into consumer and industrial 

products). Even without technological change, the net financial costs to the economy 

may be negative, taking into account the financial benefits of eliminating carbon 

subsidies and replacing them with carbon taxes and the consequent development of a 

more efficient low-carbon energy system. 

67. A short-term measure Defendants can readily implement is to cease approvals for any 

new fossil fuel infrastructure, pending completion of a national climate recovery plan. 

Any new coal projects or coal extraction harms Youth Plaintiffs. For example, it 

 

89 Attachment to Memorandum from Jim Schlesinger to The President, “Domestic Policy Review of 

Solar Energy: A Response Memorandum to The President of the United States,” December 5, 1978, 

at p. iv. 

90 Richard G. Richels, Geoffrey J. Blanford, “The value of technological advance in decarbonizing the 

U.S. economy,” Energy Economics 30(6) (2008): 2930-2946, ISSN 0140-988.3. 

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increases GHG emissions locking in higher concentrations of GHGs in the atmosphere as 

Youth Plaintiffs grow up and live their lives, with all the attendant costs and impacts that 

I have described thus far. Enabling investments in long-lasting “fossil” infrastructure 

(like coal-burning power plants and oil and natural gas pipelines) means that for decades 

going forward, there will continue to be incentives to engage in costly carbon emissions. 

Once the plants are built, the owners have an incentive to continue using it to recover 

their investment (and in so doing, generate GHG emissions). Furthermore, should a 

fossil-fuel plant be shut down before the natural end of its economic life, there will be 

allegations of lost economic value (the owners’ private loss on their investment). Such 

allegations will become a political argument against taking further actions curbing 

emissions. (These arguments will almost surely be put forward even though the public 

benefits of shutting down the coal fired plants may be enormous—as I have noted—and 

even though a standard argument in economics is that bygones-are-bygones. Mistaken 

investments in the past should not continue to justify distorted power generation. 

Elsewhere, however, the “politics” of stranded assets has played an important role—that 

is to say; private owners of large, sunk investments have (successfully) argued for 

preferential treatment for them to recoup their private investments, despite the attendant 

social costs.) 

68. I should also respond to an expected argument from Defendants that, even if the U.S. 

were to lower its GHG emissions, other countries would increase their production of 

goods that create GHGs. This might be referred to as a “substitution” argument. There 

are two rejoinders to this: 

a. First, I turn to standard economic theory. That is, that in any given equilibrium the 

lowest-cost providers are providing any given resources. Thus, if the U.S. is 

providing GHG-dependent products today, it is because the marginal cost of the U.S. 

providing such products is below the next-cheapest alternative. If the U.S. were to 

cease producing, say, 100 “units” of GHGs, the next-cheapest alternative would 

increase its production by less than 100 “units” (because if it made economic sense 

for the next-cheapest alternative to produce more than 100 “units” they would already 

be doing so). As such, any substitution will be less than perfect and reductions in 

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U.S. emissions will be offset less than one-to-one by alternative supplies (i.e., there 

will be a net reduction). 

b. Second, specific to GHG emissions, recent technical studies have shown that U.S. 

emissions will not be perfectly offset.91 This is consistent with the general theory I 

mentioned above. While climate change is a global problem, the U.S. is a significant 

contributor to GHG emissions, and so actions by the U.S., both directly, and by the 

leadership which such actions provide, has a significant impact on these global 

outcomes. Indeed, the U.S. stands out as the sole country announcing that it is not 

committed to the reduction of carbon emissions, having announced that it will leave 

the Paris Agreement. Despite the U.S.’s actions, other countries remain committed. 

Thus, if the U.S. were to recommit itself to climate action, there is no significant risk 

of other countries polluting more, so as to offset the benefits of U.S. reductions in 

carbon emissions. 

69. The government has recognized since the 1980s that the U.S. will need to take a 

leadership role in climate change. For example, a government memorandum from 1989 

discusses the desire for the U.S. to have a leadership role in addressing climate change. 

The memorandum also makes clear that when it comes to addressing climate change the 

U.S. “simply cannot wait -- the costs of inaction will be too high.”92 

C. DEFENDANTS’ USE OF DISCOUNTING IN DECISION-MAKING UNDERESTIMATES 

THE COSTS OF CLIMATE CHANGE ON YOUTH PLAINTIFFS AND FUTURE 

GENERATIONS AND THE BENEFITS OF MITIGATION, WITH DELETERIOUS 

CONSEQUENCES

70. In running the government, Defendants must repeatedly make decisions about projects 

and policies. They must evaluate alternative choices with which they are confronted. In 

this section, I explain that the way Defendants do this systematically undermines the 

 

91 See, e.g., P. Erickson and M. Lazarus, “Would constraining US fossil fuel production affect global 

CO2 emissions? A case study of US leasing policy,” Climatic Change, 2018, 

https://doi.org/10.1007/s10584-018-2152-z. 

92 Memorandum from Frederick M. Bernthal to Richard T. McCormack, Department of State, February 

9, 1989, attachment “Environment, Health and Natural Resources Issues,” and responses to “Question 

#1.” 

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interests of Youth Plaintiffs in a way which cannot be justified. Indeed, economic 

science provides sound alternative methodologies for the evaluation of policies and 

projects which systemically lead to better outcomes for society in general, and would not 

systematically discriminate against Youth Plaintiffs in the way that existing policies do. 

71. While there are a number of longstanding and well-established perspectives in economics 

which recognize that delaying the kinds of precautionary actions suggested above is 

deleterious to societal welfare, government practices and procedures underlying 

important decision-making systematically undervalue the costs to be borne by future 

generations (including Youth Plaintiffs and Affected Children). 

72. The issue devolves around how governments should value benefits and costs that arise at 

some future date relative to those that occur today. Typically, less value is given to 

future effects than to current effects. The question is, how much less. Since the most 

catastrophic effects of climate change may not be felt for years (see paragraph 27 and 

footnote 19, above), saying that what happens in the future does not matter much biases

public decision making against taking actions to protect Youth Plaintiffs. 

73. The standard methodology for making such assessments is called cost-benefit analysis. 

In a cost-benefit analysis, using a discount rate is commonplace; however, that discount 

rate must be appropriate. As I have noted, issues around discounting are especially 

important in the context of climate change because the full benefits may not accrue for 

many years after society incurs costs to limit the emissions of GHGs.93

74. Formal intertemporal analysis on which so much of modern economics is based 

originated with the path breaking work of Frank Ramsey, who argued that there was no 

ethically defensible justification for discounting the well-being (utility) of future 

 

93 There is also a problem with how discounting is often applied when we consider future costs 

compared to future benefits. Standard economic theory says that risky future benefits (e.g., 

uncertainty regarding an investment’s return) are discounted to account for that risk. That is, risky 

benefits are worth less than riskless benefits. When we consider costs, however, analysts often 

reduce risky costs: uncertainty regarding future costs should decrease the value of a project (i.e., 

increase its costs), not increase the value of a project. 

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generations.94 In the almost one century since his work, no one has developed a 

persuasive argument to the contrary.95 

75. There is an argument that future consumption should be discounted, since future incomes 

are assumed to be higher, and standard arguments of diminishing marginal utility imply 

that if that is the case, the value of consumption will be lower. But the high discount 

rates used by Defendants can only be justified by the assumption of high future increases 

in standards of living. Since 2008, there is overwhelming evidence that the pace of 

productivity has declined markedly, implying that we cannot count on past rates of 

increases prevailing in the future. There is one school of thought (studied and advocated 

by Prof. Robert Gordon at Northwestern) that argues even the current pace of 

 

94 Clearly, if one thought that the world would end, say in 50 years, as a consequence of a nuclear war, 

unrelated to climate change, one would not need to take into account events beyond the 50-year 

extension. We rule out such possibilities, or assume that they are of sufficiently low probability as 

not to affect our analysis. 

 For mathematical tractability, many analyses assume a small, positive pure intergenerational discount 

rate. While ethically indefensible for our purposes, the results are not much different from those 

obtained with a zero discount rate. 

95 In the middle of the twentieth century, two teams of researchers, each with a prominent Nobel Prize 

winner, formulated “guides” to cost benefit analysis. See Dasgupta, Sen, and Marglin, prepared for 

UNIDO (the United Nations Industrial Development Organization) (P. Dasgupta, S.A. Marglin, A. 

Sen, Guidelines for project evaluation, United Nations Industrial Development Organization, Vienna 

(1972) (United Nations publication sales no.: E.72.II.B.11)) and Little and Mirrlees, prepared for 

OECD Development Center (I.M.D. Little and J.A. Mirrlees, Manual of Industrial Project Analysis in 

Developing Countries vols. 1 and 2, OECD, Paris (1968, 1969). Amartya Sen received the Nobel 

prize in 1998, Partha Dasgupta was knighted in 2002, Ian Little was the Deputy Director of the 

Economic Section at the U.K. Treasury and a distinguished Oxford development economist, and Sir 

James Mirrlees received the Nobel Prize in 1996. 

In the 1970s, discounting became important as the country thought through how to respond to the oil 

price shocks: what were the requisite changes to its energy system? Though this was done in an era 

before the costs of carbon emissions were widely understood, the principles are still relevant. See 

J.E. Stiglitz, “The Rate of Discount for Cost-Benefit Analysis and the Theory of the Second Best,” 

Discounting for Time and Risk in Energy Policy, R. Lind (ed.), Baltimore: The Johns Hopkins 

University Press, 1982, pp. 151-204. 

There have been various guidelines published on this topic for internal government use, see, for 

example: OMB Circular No. A-94, “Discount Rates to be Used in Evaluating Time-Distributed Costs 

and Benefits” (Mar. 27, 1972) and OMB Circular No. A-94, “Guidelines and Discount Rates for 

Benefit-Cost Analysis of Federal Programs”, Oct. 1992.

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productivity—far lower even than in the recent past—may decline still more.96 Whether 

one agrees with Gordon’s assessment or not, this recent discussion has brought out four 

key points: 

a. There is considerable uncertainty about the pace of increase in living standards. 

b. The pace of increase in living standards is endogenous—it depends on what actions 

we take. 

c. If there is significant climate change, and if we continue on our current path, there is a 

significant risk of a decrease in standards of living. 

d. The marginal value of consumption is likely to be high in those states of nature where 

climate change is greater, and where the adverse effects of climate change are large. 

That is to say, the value of additional consumption—the ability to build or consume 

more—and therefore its price will be higher when the effects of climate change are 

greater. Thus, in those places where the effects of climate change are most 

pronounced—where damage is the greatest and remediation need and costs are the 

highest—the social cost of such remediation will also be at its highest, exacerbating 

the damages to Youth Plaintiffs (both because when damages are high, the cost of 

remediation is also high, and because levels of consumption—what is left over after 

paying for remediation costs, and taking into account the damage done by climate 

change—are low). 

76. It would be foolhardy—and wrong—for public policy to proceed as if there were no risk, 

either of a decrease in living standards, and especially of a lowering of those standards as 

a result of a failure to appropriately curtail emissions. 

77. Standard economics over the past half century has emphasized the importance of risk 

aversion, and that risk affects our actions. Common usage of discounting in public 

finance fails to take account of risk appropriately. When individuals are risk averse, they 

 

96 See, R.J. Gordon, The Rise and Fall of American Growth: The U.S. Standard of Living since the 

Civil War, Princeton University Press, 2016. See also, R.J. Gordon, “Is U.S. Economic Growth 

Over? Faltering Innovation Confronts the Six Headwinds,” NBER Working Paper, No. 18315, 

August 2012, http://www.nber.org/papers/w18315.pdf. 

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are willing to buy insurance against a risk—to pay a considerable risk premium. This is 

also true for the business sector and society in general. This is especially important when 

we assess the appropriate response to the threat of climate change. The planet Earth 

cannot buy insurance from another planet against the risk of climate change here, but we 

can take precautionary actions. At the very least, this implies that the discount rate used 

for assessing climate change actions should be markedly different from that used for 

conventional short-term projects. As Chairman of the Council of Economic Advisers, I 

headed a review committee for the Office of Management and Budget (OMB) reviewing 

the guidelines for discounting, and that was the conclusion we reached in the late 

1990s—that one must account for changes in relative price over time, and when our 

environment becomes more valuable in the future (i.e., as the value of preserving it 

becomes higher) that must be reflected in the economic analysis.97 This was consistent 

with the position taken in the 2nd assessment of the IPCC, and in a paper I co-authored 

with the late Nobel laureate Kenneth Arrow and others.98 

78. More than half a century ago, President Johnson sent a message to Congress that we 

faced two paths: the cheaper option, in the short-term, of carrying down the path of 

pollution, or the more expensive option (at the time), of restoring the country and its 

natural heritage to the people.99 

We are able to see the magnitude of the choice before us, and its 

consequences for every child born on our continent from this day forward. 

Economists estimate that this generation has already suffered losses from 

pollution that run into billions of dollars each year. But the ultimate cost of 

 

97 Our report was issued in 1996: “Economic Analysis of Federal Regulations Under Executive Order 

12866,” The White House, January 11, 1996, 

https://obamawhitehouse.archives.gov/omb/inforeg_riaguide/. 

98 K. Arrow, W.R. Cline, K-G. Maler, M. Munasinghe, J. E. Stiglitz, and R. Squitieri, “Intertemporal 

Equity and Discounting,” in Global Climate Change: Economic and Policy Issues, M. Munasinghe 

(ed.), World Bank Environment Paper 12, Washington, D.C. 1995, pp. 1-32. Reprinted in an 

abbreviated format as “Intertemporal Equity, Discounting, and Economic Efficiency,” Climate 

Change 1995: Economic and Social Dimensions of Climate Change, J. Bruce, H. Lee, and E. Haites 

(eds.), Cambridge: Cambridge University Press, 1996, pp. 125-144. 

99 “Preserving Our Natural Heritage,” Message from the President of the United States, transmitting 

“Programs for Controlling Pollution and Preserving our Natural and Historical Heritage,” February 

23, 1966. 

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pollution is incalculable. We see that we can corrupt and destroy our 

lands, our rivers, our forests, and the atmosphere itself all in the name of 

progress and necessity. Such a course leads to a barren America, bereft of 

its beauty, and shorn of its sustenance. We see that there is another course 

more expensive today, more demanding. Down this course lies a natural 

America restored to her people. The promise is clear rivers, tall forests, 

and clean air – a sane environment for man. 

79. For the last 50 years, Defendants have shirked from the “more demanding” course of 

restoring “America ... to her people.” Defendants’ policies that discount the future of 

Youth Plaintiffs and Affected Children at inappropriately high rates continue to steer 

America on the path of incalculable losses and away from that more demanding and sane 

course. The costs of fixing the damage today are much higher than they would have been 

in 1966 when President Johnson sent his message; but, the costs today are much lower 

than what they will be after another 50 years of fossil fuel pollution and inaction. 

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VI. CONCLUSION 

80. The choice between incurring manageable costs now and the incalculable, perhaps even 

irreparable, burden Youth Plaintiffs and Affected Children will face if Defendants fail to 

rapidly transition to a non-fossil fuel economy is clear. While the full costs of the climate 

damages that would result from maintaining a fossil fuel-based economy may be 

incalculable, there is already ample evidence concerning the lower bound of such costs, 

and with these minimum estimates, it is already clear that the cost of transitioning to a 

low/no carbon economy are far less than the benefits of such a transition. No rational 

calculus could come to an alternative conclusion. Defendants must act with all deliberate 

speed and immediately cease the subsidization of fossil fuels and any new fossil fuel 

projects, and implement policies to rapidly transition the U.S. economy away from fossil 

fuels. 

81. This urgent action is not only feasible, the relief requested will benefit the economy. 

More importantly, this action is necessary if Defendants are to prevent the extreme cost 

and damages Youth Plaintiffs and Affected Children are facing and will face to an even 

greater extent if Defendants continue on a path that does not account for what is 

scientifically necessary to protect the climate system they depend on for their future wellbeing and their personal and economic security. 

–––––––––––––––––––––––––––––– 

Joseph E. Stiglitz, Ph.D. 

April 13, 2018 

 

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EXHIBIT A: 

CURRICULUM VITAE

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CURRICULUM VITAE 

JOSEPH E. STIGLITZ 

Born

February 9th, 1943 

Address

Uris Hall, Room 212 

Columbia University 

3022 Broadway 

New York, NY 10027 

Phone: (212) 854-0671 

Fax: (212) 662-8474 

jes322@columbia.edu 

Current Positions

University Professor, Columbia University. Teaching at the Columbia Business School, 

the Graduate School of Arts and Sciences (Department of Economics) and the School of 

International and Public Affairs. 

Co-founder and Co-President of the Initiative for Policy Dialogue (IPD) 

Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance 

and Social Progress, Organisation for Economic Co-operation and Development 

(OECD)

Chief Economist of The Roosevelt Institute 

Previous Positions 

Co-Chair, Columbia University Committee on Global Thought 

Chair of the Management Board, Brooks World Poverty Institute, University of 

Manchester

Chair, International Commission on the Measurement of Economic Performance and 

Social Progress, appointed by President Sarkozy, 2008-2009. 

Chair, Commission of Experts on Reforms of the International Monetary and Financial 

System, appointed by the President of the General Assembly of the United Nations, 

2009. 

Professor of Economics and Senior Fellow, Hoover Institution, Stanford University, 1988–

2001; professor emeritus, 2001--

Stern Visiting Professor, Columbia University, 2000 

 A-1

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Senior Vice President and Chief Economist, World Bank, 1997–2000 

Senior Fellow, Brookings Institution, 2000 

Chairman, Council of Economic Advisers (Member of Cabinet), 1995–1997 

Member, Council of Economic Advisers, 1993–1995 

Research Associate, National Bureau of Economic Research

Senior Fellow, Institute for Policy Reform

Professor of Economics, Princeton University, 1979–1988 

Drummond Professor of Political Economy, Oxford University, 1976-1979 

Oskar Morgenstern Distinguished Fellow and Visiting Professor, Institute for Advanced 

Studies and Mathematica, 1978-1979 

Professor of Economics, Stanford University, 1974-1976 

Visiting Fellow, St. Catherine's College, Oxford, 1973-1974 

Professor of Economics, Cowles Foundation and Department of Economics, Yale 

University, 1970-1974 

Senior Research Fellow, Social Science Division, Institute for Development Studies, 

University College, Nairobi (under Rockefeller Foundation Grant), 1969-1971 

Associate Professor, Cowles Foundation, 1968-1970 

Assistant Professor, Cowles Foundation, 1967-1968 

Tapp Research Fellow, Gonville and Caius College, Cambridge, 1966-1970 

Visiting Professor, Department of Economics, University of Canterbury, Christchurch, 

New Zealand, June-August, 1967 

Assistant Professor of Economics, M.I.T., 1966-1967 

Education 

B.A. Amherst College, 1964 

Ph.D. in Economics, M.I.T., 1966-1967 

Unearned Degrees

M.A., Cambridge University, 1970 

M.A., Oxford, 1976 

Honorary doctorates 

D.H.L., Amherst College, 1974 

University of Leuven, 1996 

Ben Gurion University, 1997 

Academia de Studii Economice, Bucharest, December 1999 

University of Namur, March 2000 

Technical University, Lisbon, June 2000 

 A-2

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Northwestern University, Doctor of Laws, June 2000 

New School University, February 2001 

Bard College, May 2001 

University of Toronto, June 2001 

Charles University, Prague, June 2001 

Glasgow University, July 2001 

University of Buenos Aires, November 2001 

University of Andes, October 2001 

Sofia State University “Saint Clement Ohridski,” Bulgaria, 2002 

Wirtschafts Universitat, Vienna, January 2002 

University of Macau, March 2002 

Pomona College, May 2002 

Université catholique de Louvain la Neuve Belgium, February 2003 

Doshisha University, April 2003 

University of Barcelona, May 2003 

Azerbaijan State Economic University, 2003 

Waseda University, April 2004 

Georgetown University, May, 2004 

Indiana University, May 2004 

Pace University, May, 2004 

University of Oxford, June 2004 

University of Bergamo, Italy, July 2004 

Université d’Antananarivo, Madagascar, August 2004 

Drexel University, June 2005 

Universidad de La Plata, August 2005 

Durham University, September 2005 

Lingnan University, Hong Kong, December 2005 

University of the Basque Country, May 2006 

Università degli Studi di Genova, May 2006 

Universidad Mayor de San Andrés, Bolivia, May 2006 

Renmin University, China, March 2007 

University of Venice, Italy, May 2008 

University of Liège, Belgium, May 2008 

University of Manchester, UK, October 2008 

Luiss Guido Carli University, Rome, February 2010 

University of Hyderabad, India, January 2013 

 A-3

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University of Córdoba, Argentina, August 2012 

University of Hyderabad, India, January 2013 

Cambridge University, United Kingdom, June 2013 

Universite Paris-Dauphine, France, June 2013 

Harvard University, May 2014 

Arizona State University, May 2014 

HEC Paris, January 2015 

University of Split, May 2015 

University of the Republic of Uruguay, December 2015 

Chinese University of Hong Kong (CUHK), May 2016 

Sant'Anna School of Advanced Studies, University in Pisa, Italy, May 2017 

Università Politecnica delle Marche, Ancona, Italy, November 2017 

Fellowships and Honors 

National Science Foundation Fellowship, 1964–1965 

Fulbright Fellowship, 1965-66 

Social Science Research Council Faculty Fellowship, 1969-1970 

Guggenheim Fellowship, 1969-70 

Fellow of the Econometric Society, 1972 

John Bates Clark Award, American Economic Association, 1979 

Fellow, American Academy of Arts and Sciences, 1983 

Fellow, National Academy of Science, 1988

International Prize of the Academia Lincei, 1988 

UAP Scientific Prize, Paris, France, 1989 

Corresponding Fellow of the British Academy, 1993 

Rechtenwald Prize, Germany, 1998 

Fellow, American Philosophical Society, 1998 

Nobel Prize in Economics, 2001 

Honorary Fellow, Gonville and Caius College, University of Cambridge, 2001 

Distinguished Leadership in Government award, Columbia Business School, 2002 

Le Prix Europeén du Livre d’Économie, Special Mention for Globalization and its 

Discontents, November 2002 

Honorary Professor, Al Farabi Kazakh National University, November 2003 

Honorary Fellow, St. Catherine’s College, Oxford, 2003 

Order of the Gran Cruz con Placa de Oro, Republica de Colombia, 2003 

Le Prix Européen du Livre d’Économie, First Prize, for Roaring Nineties, Paris, 2003 

Bruno Kreisky Prize for Political Books, Vienna, 2003 

 A-4

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Ordinary Academician, Pontifical Academy of Social Sciences, May 2003

John Kenneth Galbraith Award, American Agricultural Economics Association, August 

2004 

Serbian Scientific Society, December 2005

Honorary Professorship, Wuhan University, Hubei Province, China, March 2006 

Changjiang Scholar, China Center for Economic Research, Peking University, China, 

March 2006 

La Medalla de la Orden Nacional "Al Mérito," Ecuador, July 2006 

National Center for Law and Economic Justice Benefit Award, May 2006 

Honorary Fellowship, Fitzwilliam College, May 2006

Honorary Professorship, Guizhou University, China, March 2007 

Honorary Professorship, Yunnan University, China, March 2007 

Honorary Professorship, Central University of Finance and Economics, Beijing, China, 

March 2007 

Honorary Dean, Hanqing School, Renmin University, Beijing, March 2007 

Le Prix Manpower for Making Globalization Work, October 2007 

Honorary Professor, Universidad de San Martin De Porres, Lima, Peru, December 2007 

Honorary Professor, Universidad Nacional de San Antonio Abad del Cusco, Peru, 

December 2007

Lead author and member of the Steering Committee, Working Party 3, of the 1995 (Second 

Assessment) Report of the Intergovernmental Panel on Climate Change, which shared 

the 2007 Nobel Peace Prize

John F. Kennedy Memorial Fellowship, Fulbright New Zealand, March 2008 

Honorary Professorship, Tsinghua University, Beijing, China, March 2008 

International Labour Organization, Decent Work Research Prize, June 2008 

The Royal Society, Foreign Member, May 2009 

Gerald Loeb Award, Commentary category, June 2010. (Among the highest honors in 

journalism, the Loeb Awards recognize the work of journalists whose contributions 

illuminate the world of business, finance and the economy for readers and viewers 

around the world.) 

Inaugural Rodney Wylie Eminent Visiting Fellow, University of Queensland, July 2010 

Francis Perkins Working People's Award, 2010 presented by the Fiscal Policy Institute, 

October 7, 2010, for recognizing the importance of sound economic analysis to the wellbeing of working people everywhere; for groundbreaking work on the circumstances 

under which government can improve market performance; and for vital contributions 

to public policy at the international, national, and state levels. 

The Karel Englis Honorary Medal for Merit in the Social and Economic Sciences, awarded 

by the Academy of Sciences of the Czech Republic, 2010

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100 Years of American Economic Review: The Top 20 Articles, February 2011, for

“Monopolistic Competition and Optimum Product Diversity,” with A. Dixit, American 

Economic Review, 67(3), June 1977, pp. 297-308 and “On the Impossibility of 

Informationally Efficient Markets,” with S. Grossman, American Economic Review, 

70(3), June 1980, pp. 393-408. 

2011 100 Most Influential People in the World List, Time Magazine, “TIME 100”, April 

2011 

Legion of Honor, rank of Officier, France, February 2012 

Economic Theory Fellow, Society for the Advancement of Economic Theory, July 2012 

Corresponding Academic, Royal Academy of Economic Sciences and Finance, Spain, 

September, 2012 

Global Economy Prize, Kiel Institute, Germany, June 2013 

Robert F. Kennedy Book Award, for The Price of Inequality, September 2013 

Daniel Patrick Moynihan Prize, May 2014 

Member, the American Academy of Political and Social Science, 2014

Jean-Jacques Laffont Prize, June 2014 

Selected in Economic Journal’s 125th Anniversary Issue as a seminal article, March 2015, 

for “A New View of Technological Change,” with A. Atkinson, Economic Journal, 

79(315), September 1969, pp. 573-578. 

George S. Eccles Prize for Excellence in Economic Writing, for Creating a Learning 

Society, Columbia Business School, May 2015 

2015 POLITICO 50 List, POLITICO Magazine, September 10, 2015 

Columbia University Press, Distinguished Book Prize, for Creating a Learning Society, 

September 2016 

Bloomberg 50 Most Influential People in the World of Finance, September 2016 

Progress Medal for Scholarship and Leadership on Fairness and Well-being, Society for 

Progress, September 2016 

National Association of Business Economics (NABE) Paul A. Volcker Lifetime 

Achievement Award for Economic and Monetary Policy, March 2017 

Estoril Global Issues Distinguished Book Prize, for The Euro, May 2017 

Sigillum Magnum, University of Bologna, November 2017 

Donald Gordon STIAS Fellow, Stellenbosch Institute for Advanced Study, November 

2017 

International Positions, Boards, etc. (selected) 

Past President, Eastern Economics Association, 2008 

President, International Economics Association, 2011-2014; Committee Member, 2014- 

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Co-Chair, Institute for New Economic Thinking (INET) Global Economic Transformation 

Commission, 2017- 

Member, High-level Commission on Carbon Prices, 2016- 

Member, United Nations High-Level Advisory Board on Economic and Social Affairs 

Center for a New Economy’s Growth Commission for Puerto Rico, 2016- 

Member, CFTC-SEC Advisory Committee on Emerging Regulatory Issues

World Bank, Chief Economist’s Council of Economic Advisers, 2000- 

ILO World Commission on the Social Dimensions of Globalization, 2003 

High Level Panel of the African Development Bank, 2006-2007 

Chairman, SI Commission on Global Financial Issues, 2009 

Member, Economic Advisory Panel of the South African Minister of Economic 

Development, 2010 

Member, Prime Minister’s Advisory Committee of Progressive Intellectuals, Spain, 2008-

2011 

Member, International Advisory Board, Renault-Nissan (2000-2004) 

Member, International Advisory Board, Docomo, 2008-2011 

Member, International Advisory Board, Statoil, 2011- 

Member, Economic Advisory Board, Brennan Center for Justice, 2015- 

Commissioner, World Health Organization’s High-Level Commission on Health 

Employment and Economic Growth, 2016 

Board Member, Acumen Fund 

Board member, Alliance for Climate Protection, 2011- 

Member, Executive Supervisory Committee, CERGE-EI, Prague

Executive Board, Economic Research Forum, Cairo 

Honorary Member, Board of Directors, Center for Global Development 

Foreign Member, Russian Academy of Sciences, elected in 2003 

Member, Barcelona Graduate School of Economics Advisory Scientific Council, 2007- 

Member, Fiscal Commission Working Group, Scotland, 2012- 

Member of French Government's Independent Council for Growth and Full-Employment, 

2014- 

Intergovernmental Panel on Climate Change (Steering Committee, Working Party 3, 

second assessment, a Lead Author of 1995 Report) 

Chairman, Economic Policy Committee, OECD. 1993-1995 

Member of the Board, Resources for the Future 

Member of the Board of Trustees, Amherst College 

Trustee, Folger Library, Washington, 2000-2005 

International Advisory Board, Korea Financial Services Commission

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U.S./Israel Joint Economic Decision Group (JEDG), 1993-1996 

Member, Mid-east Economic Peace Forum, Amman, 1995 

Chair, U. S. Delegation, OECD Ministerial, 1996 

Member, U.S. Delegation, G-7 Jobs Summit, France, 1996 

Chair, U.S. Delegation, G-7 and Developing Country Telecommunications Conference, 

South Africa, 1996 

World Bank Delegate, G-22 

Headed, U.S. Delegations to India, China, Russia, Ukraine 

Consulting (selected) 

Ford Foundation Energy Policy Study, 1973 

Department of Labor (Pensions and Labor Turnover), 1974 

Department of Interior (Offshore Oil Leasing Programs), 1975 

Federal Energy Administration (Intertemporal Biases in Market Allocation of Natural 

Resources), 1975-76 

World Bank 

O.E.C.D. 

Electrical Power Research Institute

Office of Fair Trading (U.K.) Consumer Protection Legislation

Bell Communications Research

Bell Labs

U.S. State Department - AID

Inter-American Development Bank

State of Louisiana (Attorney General) 

State of Texas (Attorney General and Governor's Office) 

Office of Tax Analysis, U.S. Treasury

Federal Reserve Board

Office of Technology Assessment

State of Alaska

Seneca Indian Nation

Micronomics 

Department of Justice

Senior Advisor, Sebago Associates 

New York State, Attorney General’s Office

States of California, Washington, and others on Banking Competition 

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Selected Invited Lectures

Far Eastern Meetings of the Econometric Society, Tokyo, 1970 

Association of University Teachers of Economics, Warwick, 1974 

Westfalich Academy of Science

Fifth Annual Lecture of the Geneva Association, delivered at Zurich, March 1983 

David Kindall Lecture, University of Illinois, 1985 

Frank W. Paish Lecture, Association of University Teachers of Economics, Bath, United 

Kingdom, 1985 

Journal of Money, Banking and Credit Lecture, Western Economic Association, Las 

Vegas, 1985 

Invited Plenary Session Lecture, Meetings of the Sociedade Brasileira de Econometria, 

Belem, Brazil, December 1986

Upjohn Lecture, Western Michigan University, 1986 

Johansen Lectures, Oslo, 1986 

Frontiers of Economics Lecture, World Bank, 1986 

Harry Lyman Hooker Distinguished Visiting Professors Series, McMaster University, 

1986 

Shepherd Lecture, State University of Iowa, 1986 

Shell Lecture, City University, London, 1986 

Rand Chair Distinguished Speaker Series, SUNY-Buffalo, 1987 

Fisher-Schultz Lecture, European Meetings, Econometric Society, Copenhagen, 1987 

Jacob Marschak Lecture, Far Eastern Meetings, Econometric Society, Tokyo, 1987 

Invited Plenary Lecture, American Accounting Association, Cincinnati, 1987 

Central Bank of Uruguay, Annual Conference for South American Economists, 1988 

Argentina Economic Association, 1988 

NÖG Lecture, Austrian Economic Association, 1988 

John Crawford Lecture, Economic Congress of Australia (Joint Meeting of Economic 

Society, The Econometric Society, The Australian Agricultural Society and The 

Economic History Society of Australia and New Zealand, Canberra), 1988 

Stevenson Lectureship, University of Glasgow, Scotland, December 1988 

Plenary Session Latin American Meeting of the Econometric Society, Santiago, Chile, 

August 1989 

Musgrave Lecture, University of California, Santa Cruz, March 1990 

AT&T Lecture Series, Notre Dame University, April 1990 

Wicksell Lectures, University of Stockholm, May 1990 

Institute of Public Administration Annual Conference, Dublin, December 1990 

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IPR-IRIS Conference, Prague, March 1991 

Caffee Lecture on Reformulation of Monetary Theory, Rome, April 1991 

Lindhal Lectures on Fiscal and Monetary Policy, Uppsala, Sweden, April 1991 

Irish Economic Association Annual Conference, Keynote Lecture, Dublin, May 1991 

Federal Reserve Bank of Cleveland, May 1991 

Villa Mondrage International Economic Seminar, Rome, June 1991 

Far Eastern Meeting of the Econometric Society, Seoul, June 1991 

Korea Development Institute, Seoul, June 1991 

National Association of Business Economists, Los Angeles, September 1991 

Marshall Lecture, European Economic Association Annual Meeting, Cambridge, UK, 

September 1991 

NBER/CEPR Conference on Unemployment and Wage Determination, Boston, October 

1991 

NBER Taxation Program, Cambridge, MA, October 1991 

Institute for Policy Reform 1991 AID Economists' Conference, Raleigh-Durham, 

November 1991 

United Nations Conference on Trade and Development, Geneva, December, 1991 

CEPR Conference on Finance and Development in Europe, Santiago, Spain, December 

1991 

Schumpeter Lecture, Kyoto, 1992 

Marshall Lecture, Cambridge, 1996 

Wider Lecture, Helsinki, 1997 

EIB Lecture, Florence, 1997

Indian Development Bank 50th Jubilee Lecture, 1998

Prebisch Lecture, Geneva (UNCTAD), 1998

Annual Lecture, Government Economists Association, Chicago, 1998 

University of Pittsburgh McKay Lecture, 1998 

Institute of International Finance, Cordoba, Argentina, 1998 

American Economic Association, Distinguished Lecture on Economics in Government, 

1998 

Bangladesh Economic Association, 1999 

National Economic Research Institute Jubilee Lecture, 1999 

Mattioli Lectures, Milan, 1999 

Schwartz Lecture, Northwestern, 1999

McKenzie Lecture, Rochester, 1999

Nobel Symposium in Economics: The Economics of Transition, Saltsjöbaden, Sweden, 

1999 

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Oxford Amnesty Lecture, 1999 

Bruno Lecture, Beunos Aires, 1999

Papandreou Lecture, Athens, 1999-2000 

Center for Contemporary Arab Studies, Georgetown University, 2000 

Calouste Gulbenkian Foundation, Lisbon, 2000 

Money, Macro and Finance Research Group Millennium Conference, London, 2000 

HKEA First Biennial Conference, Hong Kong, 2000 

Fifteenth Annual Henry George Lecture, University of Scranton, 2000 

(Keynote speaker, invited lecture, at national or regional economic meetings in Bogota, 

Montivedeo, Colombo, Manila, Seoul, Tokyo, Bangkok, Marrakech, Cairo, Kampala, 

Nairobi, Dacca, Kuala Lampur, San Salvador, San Jose (Costa Rica)) 

Goldman Lecture in Economics, Wellesley University, 2001 

Arthur M. Okun Lecture Series, Yale University, 2001 

Global Employment Forum, International Labor Office, Geneva, 2001

Fourteenth Annual Emile Grunberg Lecture Series, The University of Akron, 2001 

Sixth International Congress, Centro Latinoamericano de Administración para el 

Desarrollo, 2002 

Austrian Federal Ministry for Economic Affairs and Labour discussion forum, Vienna, 

January 2002 

Miliband Lecture, London School of Economics, 2002 

Keynote address, New School Graduate Program in International Affairs, “Economic 

Management and Political Collapse in Argentina” conference, April 2002 

National Economic Council, Caracas, 2002 

World Knowledge Forum, Seoul, 2002 

Cercle de Economistes, Aix en Provence, 2002 

Okigbo Memorial Lecture Series, inaugural edition, Enugu, Nigeria, 2002 

Brazilian Economic and Social Development Bank fiftieth anniversary seminar, Rio de 

Janeiro, 2002 

Second Prebisch Lecture, Economic Commission for Latin America and the Caribbean, 

Santiago, Chile, 2002 

El Consejo de Economía Nacional conference, Caracas, 2002 

Twentieth anniversary of Economics Faculty at the University of Urbino, Italy, 2003 

Asian Development Bank Distinguished Speakers Program, Manila, 2003 

Clarendon Lecture, Oxford University, 2003 

Korean Development Institute, 2003

The Fourth Annual JAMA Lecture, The Elliott School of International Affairs, George 

Washington University, March 2003 

Columbia Business School Distinguished Lecture Series, 2003 

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Conferencia Internacional Bogotá, 2003 

Aaron Wildavsky Forum for Public Policy, Berkeley University, 2004 

Second Gunnar Myrdal Lecture, United Nations Economic Commission for Europe, 

Geneva, 2004 

Tanner Lecture, Oxford University, 2004 

Keynote Address, Conference on Financial Disintermediation, The Bank Indonesia and 

Asian Development Bank, Denpasar, Bali, December 2004 

Keynote Address, Ministerial Conference on Intellectual Property for Least Developed 

Countries, World Intellectual Property Organization, Seoul, 2004 

Keynote Lecture, Seventh National Conference on Economics, A Coruña, Spain, 2005 

Nobel Lecture series, Chinese University of Hong Kong, March 2005 

Tenth Sir Arthur Lewis Memorial Lecture, Basseterre, St. Kitts and Nevis, November 

2005 

Distinguished Lecture in Economics and Public Policy, Clare College, 2006 

Yates Lecture, The Murphy Institute, Tulane University, New Orleans, 2006 

Jacques de Larosiere Lecture, European Bank for Reconstruction and Development, 

London, 2006 

Takata Yasuma Memorial Lecture, Kyoto University, 2006 

Geary Lecture, Economic and Social Research Institute, Dublin, 2006 

Keynote Address, University of San Francisco Law School Symposium on Regulatory 

Federalism, 2006 

Fourth Annual KC Basu Lecture, National University of Juridical Science, Calcutta, 2007 

Keynote Address, Conference on “Welfare State in the International Economy” 

University of Texas at Austin, 2007 

Annual Frey Lecture on International Property, Duke University, 2007 

China Development Forum, 2006-2017 

Howard University Omicron Delta Epsilon Economic Honors Society Dinner, 2007 

Grotius Lecture, 101st Annual Meeting of the American Society for International Law, 

Washington, DC, 2007 

Khazanah National Bank Global Lectures, Kuala Lumpur, Malaysia, 2007 

Waseda University 125th Anniversary Celebration, Tokyo, 2007 

Foundation Day Lecture, University of Manchester, UK, 2008 

Kenneth Arrow Lecture, Columbia University, New York, 2008 

Tenth Annual D.T. Lakdawala Memorial Lecture, New Delhi, 2008 

Eminent Speakers Series, African Development Bank, Tunis, 2010 

Daniel Patrick Moynihan Lecture, Washington, D.C., 2014 

HEC Honorary Degree conferral presentation, Paris, 2015 

Adana Young Businessmen Association Lecture, Turkey, 2015 

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WEF Latin America Lecture and Panel, Colombia, 2015 

Royal Geographical Society Lecture, London, 2015 

Our Common Future under Climate Change Conference, UNESCO, Lecture, Paris, 2015 

UN Conference on Financing for Development, Ethiopia, 2015 

Jackson Hole Summit Lecture, 2015 

Clinton Global Initiative Annual Meeting, New York, 2015 

World Bank/IMF Annual and Spring Meetings, Alternative Forum, Lima, 2015 

The Center for Public Policy Debate Lecture, Sao Paolo, 2015 

4th BRICS International Competition Conference Lecture, South Africa, 2015 

Keynote Speaker, UNIDO General Conference, Vienna, 2015 

Calouste Gulbenkian Foundation Lecture, Lisbon, 2015 

Research Institute for Development, Growth, and Economics Forum Lecture, Buenos 

Aires, 2015 

University of Zurich Lecture, 2016 

World Economic Forum Lecture and Panel, Switzerland, 2016 

Bank of Japan, Shinzo Abe, and Taro Aso Lecture, Toyko, 2016 

Keynote speaker, The University of Ottawa, 2016 

High Level Leadership Seminar Lecture, Namibia, 2016 

The Chinese University of Hong Kong Lecture, Hong Kong, 2016 

Council on Foreign Relations, New York, City, 2016 

Advanced Graduate Workshop on Poverty, Development and Globalization Lecture, 

India, 2016 

Annual Meeting of the African Export-Import Bank Lecture, Seychelles, 2016 

Keynote speaker, The Biennial Cooperative Economy, Italy, 2016 

Keynote speaker, International Summit of Cooperatives, Quebec City, 2016 

Keynote speaker, Princeton University’s Griswold Center for Economic Policy 

Studies Conference on Inequality, 2016 

Presentation at the European Parliament to present "Overcoming the Shadow 

Economy," a report on reforming tax secrecy havens with Mark Pieth, published in 

Friedrich Ebert Stiftung International Policy Analysis Paper, with participation of half 

of the members of the Parliament, 2016 

University of Havana and ANEC (The Cuban Society of Marketing of the National 

Association of Economists and Accountants of Cuba) Lecture, Cuba, 2016 

Annual Meeting of the American Economic Association, Chicago, 2017 

World Economic Forum Lectures, Davos, January 2017. 

National Association of Business Economics (NABE) Paul A. Volcker Lifetime 

Achievement Award for Economic and Monetary Policy Lecture, March 2017 

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Japan Ministry of the Environment Japan (MOEJ) Vision Committee lecture, Tokyo, 

March 2017. 

International Economic Association (IEA) World Congress, Opening Plenary Lecture, 

Mexico City, June 2017. 

International Economic Association (IEA) World Congress Lecture, Mexico City, June 

20, 2017. 

American Sociological Association (ASA) Annual Meeting Lecture, Montréal, Canada, 

August 12, 2017. 

Bank of England Conference, Lecture, October 4, 2017. 

African Export-Import Bank Conference, Memorial for Babacar Ndiaye, Washington, 

DC, October 15, 2017. 

STIAS Lecture Series, Stellenbosch Institute for Advanced Study, South Africa, 

November 14, 2017 

Growth Summit hosted by the Bureau for Economic Research, Economic Research 

Southern Africa and the Research Project on Employment, Income Distribution and 

Inclusive Growth, Cape Town, South Africa, November 15, 2017. 

Hill Briefing: Trade, Legal Experts across the Political Spectrum Agree ISDS Must Be 

Eliminated from NAFTA, Washington, DC, December 5, 2017. 

Fragility of Truth, Nobel Week Dialogue, Gothenburg, Sweden, December 9, 2017. 

AI, Worker-Replacing Technological Change and Income Distribution, 13th Annual 

Conference on Economic Growth and Development (ISI), New Delhi, India, 

December 18, 2017. 

Trump and Globalization; Making Trade Globalization Inclusive; Unemployment, 

Welfare and Innovation, American Economic Association Annual Meeting, 

Philadelphia, January 5-7, 2018. 

Beyond the Paradise Papers; Towards a Better Capitalism, World Economic Forum 

Annual Meeting 2018, Davos-Klosters, Switzerland, January 23, 2018. 

Improving the Distribution of Wealth: Lecture in Memory of Anthony Atkinson, London 

School of Economics and Political Science, February 16, 2018. 

Editing 

Co-editor, Journal of Globalization and Development 

Previous editing positions 

Founding Editor, Journal of Economic Perspectives

Editorial Board, World Bank Economic Review 

Associate Editor, Review of Economic Design

Board of Consulting Editors, Economic Notes (Monte dei Paschi Di Siena, Italy)

Member, Scientific Committee, Assicurazioni, Rome, Italy 

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Editorial Board, The Geneva Papers on Risk and Insurance Theory

Editorial Board, Revista de Econometrica

Associate Editor, Journal of Economic Theory, 1968-73 

Co-editor, Journal of Public Economics, 1980-83 

American Editor, Review of Economic Studies, 1968-76 

Associate Editor, American Economic Review, 1968-76 

Associate Editor, Energy Economics

Associate Editor, Managerial and Decision Economics

Editorial Board, The Review of Industrial Organization 

Co-editor, The Economists’ Voice 

Other Activities 

Counselor of the Academic Committee, National Economics Foundation 

International Advisory Committee, Barcelona Graduate School of Economics 

International Advisory Board, Open Society Foundation 

Committee on Graduate Education in Economics, American Economic Association 

Member, M.I.T. Corporation Visiting Committee in Economics, 197l-1983 

Member, Committee on Urban Public Economics, 1973 

Secretary, Econometric Society, 1972-1975 

Council, Econometric Society, 1984–1990 

Steering Committee, Conference on Mathematical Economics, NBER

Member, Economics Panel, National Science Foundation, 1972-1976 

Executive Committee, American Economic Association, 1982-1984; ex-officio, 1985– 

Vice-President, American Economic Association, 1985 

Special Review Panel, NSF, 1986 

Visiting Committee, University of California, Department of Economics, 1989 

Member, Nikkei International Academy, 1991 

Member, Center for Economic Studies, 1991 

Member, SEC-organized task force on accounting in the new economy, 1999-2001 

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Articles

1966 

“Investment, Income, and Wages,” (abstract), with G. A. Akerlof, Econometrica, 34(5), 

Supplementary Issue, 1966, p. 118. (Presented at December meetings of the 

Econometric Society, New York.) 

1967 

“Allocation of Investment in a Dynamic Economy,” with K. Shell, Quarterly Journal of 

Economics, 81, November 1967, pp. 592-609. 

“A Two-Sector, Two Class Model of Economic Growth,” Review of Economic Studies, 

34, April 1967, pp. 227-238. 

1968 

“A Note on Technical Choice Under Full Employment in a Socialist Economy,” 

Economic Journal, 78(311), September 1968, pp. 603-609. 

“Output, Employment and Wages in the Short Run,” with R. Solow, Quarterly Journal of

Economics, 82, November 1968, pp. 537-560. 

1969 

“Allocation of Heterogeneous Capital Goods in a Two Sector Economy,” International

Economic Review, 10, October 1969, pp. 373-390. (Presented at the 1965 Chicago 

Symposium on the Theory of Economic Growth.) 

“Behavior Toward Risk With Many Commodities,” Econometrica, 37(4), October 1969, 

pp. 660-667. 

“Capital Gains, Income and Savings,” with K. Shell and M. Sidrauski, Review of 

Economic Studies, 36, January 1969, pp. 15-26. 

“Capital, Wages and Structural Unemployment,” with George A. Akerlof, Economic 

Journal, 79(314), June, 1969, pp. 269-281. 

“Distribution of Income and Wealth Among Individuals,” Econometrica, 37(3), July 

1969, pp. 382-397. (Presented at the December 1966 meetings of the Econometric 

Society, San Francisco.)

“The Effects of Income, Wealth and Capital Gains Taxation on Risk-Taking,” Quarterly 

Journal of Economics, 83(2), May 1969, pp. 263-283. 

“The Implications of Alternative Saving and Expectations Hypotheses for Choices of 

Technique and Patterns of Growth,” with D. Cass, Journal of Political Economy, 

77, July-August 1969, pp. 586-627. (Presented at the 1967 Chicago Symposium 

on the Theory of Economic Growth.) 

“A New View of Technological Change,” with A. Atkinson, Economic Journal, 79(315), 

September 1969, pp. 573-578. 

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“A Re-Examination of the Modigliani-Miller Theorem,” American Economic Review, 

59(5), December 1969, pp. 784-793. (Presented at the 1967 meetings of the 

Econometric Society, Washington, D.C.) 

“Rural-Urban Migration, Surplus Labor and the Relationship Between Urban and Rural 

Wages,” East African Economic Review, 1-2, December 1969, pp. 1-27. 

“Theory of Innovation: Discussion,” with Evsey D. Domar, American Economic Review, 

AEA Papers and Proceedings, 59(2), May 1969, pp. 44-49. 

1970 

“A Consumption Oriented Theory of the Demand for Financial Assets and the Term 

Structure of Interest Rates,” Review of Economic Studies, 37(3), July 1970, 

pp. 321-351. (Presented at the August 1968 meetings of the Econometric Society, 

Boulder, Colorado.) 

“Factor Price Equalization in a Dynamic Economy,” Journal of Political Economy, 78(3), 

May-June 1970, pp. 456-489. 

“Increasing Risk: I. A Definition,” with M. Rothschild, Journal of Economic Theory, 

2(3), September 1970, pp. 225-243. Subsequently published in Foundations of 

Insurance Economics, G. Dionne and S. Harrington (eds.), Kluwer Academic 

Publishers, 1992. 

“Non-Substitution Theorems with Durable Capital Goods,” Review of Economic Studies, 

37(4), October 1970, pp. 543-553. 

“Reply to Mrs. Robinson on the Choice of Technique,” Economic Journal, 80(318), June 

1970, pp. 420-422. 

“The Structure of Investor Preferences and Asset Returns, and Separability in Portfolio 

Allocation: A Contribution to the Pure Theory of Mutual Funds,” with D. Cass, 

Journal of Economic Theory, 1, June 1970, pp. 122-160. 

1971 

“Differential Taxation, Public Goods, and Economic Efficiency,” with P. Dasgupta, 

Review of Economic Studies, 38(2), April 1971, pp. 151-174. 

“Increasing Risk: II. Its Economic Consequences,” with M. Rothschild, Journal of 

Economic Theory, 5(1), March 1971, pp. 66-84. 

1972 

“Addendum to Increasing Risk: I. A Definition,” with M. Rothschild, Journal of 

Economic Theory, 5(2), October 1972, p. 306. 

“Four Lectures on Portfolio Allocation with Many Risky Assets,” Mathematical Methods 

in Investment and Finance, Szege-Shell (eds.), Amsterdam: North-Holland 

Publishing, 1972, pp. 76-108. 

“On Optimal Taxation and Public Production,” with P. Dasgupta, Review of Economic

Studies, 39(1), January 1972, pp. 87-103. 

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“On the Optimality of the Stock Market Allocation of Investment,” Quarterly Journal of 

Economics, 86(1), February 1972, pp. 25-60. (Presented to the Far Eastern 

Meetings of the Econometric Society, June 1970, Tokyo, Japan.) 

“Risk Aversion and Wealth Effects on Portfolios with Many Assets,” with D. Cass, 

Review of Economic Studies, 39(3), July 1972, pp. 331-354. 

“Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs,” 

Bell Journal of Economics, 3(2), Autumn 1972, pp. 458-482. 

“The Structure of Indirect Taxation and Economic Efficiency,” with A. Atkinson, 

Journal of Public Economics, 1, March 1972, pp. 97-119. 

“Taxation, Risk Taking, and the Allocation of Investment in a Competitive Economy,” 

Studies in the Theory of Capital Markets, M. Jensen (ed.), New York: Praeger, 

1972, pp. 294-361. (Proceedings of a conference at the University of Rochester, 

August 1969.) 

1973 

“Approaches to the Economics of Discrimination,” American Economic Review, 62(2), 

May 1973, pp. 287-295. Reprinted in Economics and Discrimination, W. Darity 

and C. Boshamer (eds.), Edward Elgar Publishing, 1993. 

“The Badly Behaved Economy with the Well Behaved Production Function,” Models of 

Economic Growth, J. Mirrlees (ed.), MacMillan Publishing Company, 1973, 

pp. 118-137. (Presented at the International Economic Association Conference on 

Growth Theory, Jerusalem, 1970.) 

“Education and Inequality,” Annals of the American Academy of Political and Social 

Sciences, 409, September 1973, pp. 135-145. 

“Recurrence of Techniques in a Dynamic Economy,” Models of Economic Growth, J. 

Mirrlees (ed.), MacMillan, 1973, pp. 138-161. 

“Some Further Results on the Measurement of Inequality,” with M. Rothschild, Journal 

of Economic Theory, 6(2), April 1973, pp.188-204. 

“Taxation, Corporate Financial Policy and the Cost of Capital,” Journal of Public 

Economics, 2, February 1973, pp. 1-34. (Subsequently published in Modern 

Public Finance, 1, International Library of Critical Writings in Economics, No. 

15., A. Atkinson (ed.), Elgar, 1991, pp. 96-129.) 

1974 

“Alternative Theories of Wage Determination and Unemployment in L.D.C.’s: The 

Labor Turnover Model,” Quarterly Journal of Economics, 88(2), May 1974, 

pp. 194-227. Subsequently published in Development Economics, 1, D. Lal (ed.), 

Elgar, 1992, pp. 288-321. Reprinted in The Selected Works of Joseph E. Stiglitz, 

Volume II: Information and Economic Analysis: Applications to Capital, Labor, 

and Product Markets, Oxford: Oxford University Press, 2013, pp. 461-487. 

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“Benefit-Cost Analysis and Trade Policies,” with P. Dasgupta, Journal of Political 

Economy, 82(1), January-February 1974, pp. 1-33. (Presented to Conference on 

Project Evaluation, Nairobi, July, 1971.) 

“The Cambridge-Cambridge Controversy in the Theory of Capital; A View From New 

Haven: A Review Article,” Journal of Political Economy, 82(4), July-August 

1974, pp. 893-904. 

“Demand for Education in Public and Private School Systems,” Journal of Public 

Economics, 2, November 1974, pp. 349-386. 

“Growth With Exhaustible Natural Resources: Efficient and Optimal Growth Paths,” 

Review of Economic Studies, 41, Symposium on the Economics of Exhaustible 

Resources, March 1974, pp. 123-137. 

“Growth With Exhaustible Resources: The Competitive Economy,” Review of Economic 

Studies, 41, Symposium on the Economics of Exhaustible Resources, March 

1974, pp. 139-152. 

“Incentives and Risk Sharing in Sharecropping,” Review of Economic Studies, 41(2), 

April 1974, pp. 219-255. Reprinted in Selected Works of Joseph E. Stiglitz, 

Volume I: Information and Economic Analysis, Oxford: Oxford University Press, 

2009, pp. 361-399; and in Howard R. Vane and Chris Mulhearn, eds., Pioneering 

Papers of the Nobel Memorial Laureates in Economics Series, Elgar, Edward 

Publishing, Inc., 2010, v. 6, pp. 545-581 

“Increases in Risk and in Risk Aversion,” with P. Diamond, Journal of Economic Theory, 

8(3), July 1974, pp. 337-360. (Presented at a Conference on Decision Rules and 

Uncertainty, Iowa City, May 1972.) 

“On the Irrelevance of Corporate Financial Policy,” American Economic Review, 64(6), 

December 1974, pp. 851-866. (Presented at a conference in Hakone, Japan, 1970.) 

“Theories of Discrimination and Economic Policy,” Patterns of Racial Discrimination, 

G. von Furstenberg, et al. (eds.), D.C. Heath and Company (Lexington Books), 

1974, pp. 5-26. 

1975 

“Discussion of ‘The Maryland Interindustry Forecasting Model’ by Clopper Almon,” The 

Brookings Model: Perspective and Recent Developments, Gary Fromm and 

Lawrence R. Klein (eds.), North-Holland Publishing Company, 1975, pp. 599-

603. 

“The Efficiency of Market Prices in Long Run Allocations in the Oil Industry,” Studies in 

Energy Tax Policy, G. Brannon (ed.), Cambridge: Ballinger Publishing, 1975, 

pp. 55-99. (Report written for the Ford Foundation Energy Policy Project, August 

1973.) 

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“Incentives, Risk and Information: Notes Toward a Theory of Hierarchy,” Bell Journal of 

Economics, 6(2), Autumn 1975, pp. 552-579. (Presented at Berlin Symposium on 

Planning, August 1973.) Reprinted in The Economics of Modern Business 

Enterprise, Elgar Reference Collection: Northampton, MA, 2008. Reprinted in 

The Selected Works of Joseph E. Stiglitz, Volume II: Information and Economic 

Analysis: Applications to Capital, Labor, and Product Markets, Oxford: Oxford 

University Press, 2013, pp. 383-406. 

“Information and Economic Analysis,” Current Economic Problems, J.M. Parkin and 

A.R. Nobay (eds.), Cambridge: Cambridge University Press, pp. 27-52. 

(Proceedings of the Association of University Teachers of Economics, 

Manchester, England, April 1974.) Reprinted in The Selected Works of Joseph E. 

Stiglitz, Colume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 29-52. 

“Reply to Mr. Stapleton on ‘Some Aspects of the Pure Theory of Corporate Finance: 

Bankruptcies and Take-Overs’,” Bell Journal of Economics, 6(2), Autumn 1975, 

pp. 711-714. 

“The Theory of Screening, Education and the Distribution of Income,” American 

Economic Review, 65(3), June 1975, pp. 283-300. Reprinted in Selected Works of 

Joseph E. Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 99-121. 

1976 

“The Corporation Tax,” Journal of Public Economics, 5, April-May 1976, pp. 303-311. 

“The Design of Tax Structure: Direct Versus Indirect Taxation,” with A. Atkinson, 

Journal of Public Economics, 6, July-August 1976, pp. 55-75. Subsequently 

published in Modern Public Finance, 2, International Library of Critical Writings 

in Economics, No. 15, A. Atkinson (ed.), Elgar, 1991, pp. 82-102. 

“The Efficiency Wage Hypothesis, Surplus Labor and the Distribution of Income in 

L.D.C.’s,” Oxford Economic Papers, 28(2), July 1976, pp. 185-207. 

“Equilibrium in Competitive Insurance Markets: An Essay on the Economics of 

Imperfect Information,” with M. Rothschild, Quarterly Journal of Economics, 

90(4), November 1976, pp. 629-649. Subsequently reprinted in Industrial 

Economics, O.E. Williamson (ed.), Edward Elgar, 1990, pp. 141-61; in 

Foundations of Insurance Economics, G. Dionne and S. Harrington (eds.), 

Kluwer Academic Publishers, 1992; in Economic Theory and the Welfare State, 

Nicholas Barr (ed.), Cheltenham, UK: Edward Elgar, 2000; in Selected Works of 

Joseph E. Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 141-159; and in Howard R. Vane and Chris Mulhearn, 

eds., Pioneering Papers of the Nobel Memorial Laureates in Economics Series, 

Elgar, Edward Publishing, Inc., 2010, v. 6, pp. 582-602. 

“Estate Taxes, Growth and Redistribution,” Essays in Honor of W. Vickrey, R. Grieson 

(ed.), Lexington: Lexington Publishing Company, 1976, pp. 225-232. 

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“Information and Competitive Price Systems,” with S. Grossman, American Economic 

Review, 66(2), May 1976, pp. 246-253. 

“Monopoly and the Rate of Extraction of Exhaustible Resources,” American Economic 

Review, 66(4), September 1976, pp. 655-661. Reprinted in The Economics of 

Exhaustible Resources, G. Heal (ed.), Brookfield, VT: Edward Elgar, 1993, 

pp. 184-190. 

“Notes on Estate Taxes, Redistribution, and the Concept of Balanced Growth Path 

Incidence,” Journal of Political Economy, 86(2), part 2, pp. 137-150. (Paper 

presented at NBER Conference on Taxation, Stanford University, January 1976.) 

1977 

“Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersions,” 

with S. Salop, Review of Economic Studies, 44(3), October 1977, pp. 493-510. 

Reprinted in The Economics of Information, S.A. Lippman and D.K. Levine 

(eds.), Edward Elgar, 1995, pp. 198-215; and in Selected Works of Joseph E. 

Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 493-515. 

“Monopolistic Competition and Optimum Product Diversity,” with A. Dixit, American 

Economic Review, 67(3), June 1977, pp. 297-308. Republished in 

Microeconomics: Theoretical and Applied, 2, R. Kuenne (ed.), Aldershot, UK: 

Elgar, 1991, pp. 183-94. Republished in The Monopolstic Competition 

Revolution in Retrospect, Brakman, S. and Heijdra, B, Cambridge: Cambridge 

University Press, 2004, pp.70-119. 

“Monopoly, Non-Linear Pricing and Imperfect Information: The Insurance Market,” 

Review of Economic Studies, 44(3), October 1977, pp. 407-430. Reprinted in 

Selected Works of Joseph E. Stiglitz, Volume I: Information and Economic 

Analysis, Oxford: Oxford University Press, 2009, pp. 168- 192. 

“On Value Maximization and Alternative Objectives of the Firm,” with S. Grossman, 

Journal of Finance, 32(2), May 1977, pp. 389-402. 

“Some Further Remarks on Cost-Benefit Analysis,” Social and Economic Dimensions of 

Project Evaluation, Schwartz and R. Berney (eds.), Inter-American Development 

Bank, 1977, pp. 253-282. (Proceedings of the Symposium on Cost-Benefit 

Analysis, IDB, Washington, March 1973.) 

“Some Lessons from the New Public Finance,” with M. Boskin, American Economic

Review, 67(1), February 1977, pp. 295-301. 

“Symposium on the Economics of Information: Introduction,” Review of Economic 

Studies, 44(3), October 1977, pp. 389-391. 

“Tariffs vs. Quotas As Revenue Raising Devices Under Uncertainty,” with P. Dasgupta, 

American Economic Review, 67(5), December 1977, pp. 975-981. 

“Theory of Local Public Goods,” The Economics of Public Services, M.S. Feldstein and 

R.P. Inman (eds.), London: MacMillan Press, 1977, pp. 274-333. (Paper presented 

to IEA Conference, Turin, 1974.) 

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1978 

“Efficiency in the Optimum Supply of Public Goods,” with L.J. Lau and E. Sheshinski, 

Econometrica, 46(2), March 1978, pp.269-284. 

“Equality, Taxation and Inheritance,” Personal Income Distribution, W. Krelle and A.F. 

Shorrocks (eds.), North-Holland Publishing Company, 1978, pp. 271-303. 

(Proceedings of IEA Conference, Noordwijk aan Zee, Netherlands, April 1977.) 

1979 

“Aggregate Land Rents, Expenditure on Public Goods and Optimal City Size,” with R. 

Arnott, Quarterly Journal of Economics, 93(4), November 1979, pp. 471-500. 

 “Equilibrium in Product Markets with Imperfect Information,” American Economic 

Review, 69(2), May 1979, pp. 339-345. Reprinted in The Selected Works of 

Joseph E. Stiglitz, Volume II: Information and Economic Analysis: Applications 

to Capital, Labor, and Product Markets, Oxford: Oxford University Press, 2013, 

pp. 759-766. 

“Intergenerational Transfers and Inequality,” with D. Bevan, The Greek Economic 

Review, 1(1), August 1979, pp. 8-26. 

“Monopolistic Competition and Optimum Product Diversity: Reply,” with A. Dixit, 

American Economic Review, 69(5), December 1979, pp. 961-963. 

“A Neoclassical Analysis of the Economics of Natural Resources,” Scarcity and Growth 

Reconsidered, V.K. Smith (ed.), Baltimore: Johns Hopkins Press, 1979, pp. 36-

66. Subsequently reprinted in The Economics of Exhaustible Resources, G. Heal 

(ed.), Brookfield, VT: Edward Elgar, 1993, pp.131-161; and in Natural Resource 

Economics: A Book of Readings, C. Gopalakrishnan (ed.), University of 

California Press, 1992. (Originally presented at Conference of Resources for the 

Future, October 1976) 

“On Search and Equilibrium Price Distributions,” Economics and Human Welfare:

Essays in Honor of Tibor Scitovsky, M. Boskin (ed.), York: Academic Press Inc., 

1979, pp. 203-236. 

“Sharecropping: Risk Sharing and the Importance of Imperfect Information,” with D. 

Newbery, Risk, Uncertainty and Agricultural Development, J.A. Roumasset, et al. 

(eds.), Southeast Asian Regional Center for Graduate Study and Research in 

Agriculture (SEARCA) and Agricultural Development Council, 1979, pp. 311-

341. (Originally presented at a conference in Mexico City, March 1976.) 

“The Theory of Commodity Price Stabilization Rules: Welfare Impacts and Supply 

Responses,” with D. Newbery, The Economic Journal, 89(356), December 1979, 

pp. 799-817. Subsequently published in Development Economics, 4, D. Lal (ed.), 

Elgar, 1992, pp. 200-218. 

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1980 

“Industrial Structure and the Nature of Innovative Activity,” with P. Dasgupta, Economic 

Journal, 90(358), June 1980, pp. 266-293. Reprinted in The Economics of 

Technical Change, Elgar Reference Collection, International Library of Critical 

Writings in Economics, 31, Edwin Mansfield and Elizabeth Mansfield (eds.), 

Aldershot, UK: Elgar. pp. 133-160. 

“On the Impossibility of Informationally Efficient Markets,” with S. Grossman, 

American Economic Review, 70(3), June 1980, pp. 393-408. Subsequently 

reprinted in Financial Markets and Incomplete Information - Frontiers of Modern 

Financial Theory, 2, S. Bhattacharya and G. Constantinides (eds.), Rowman and 

Littlefield, 1989, pp. 123-136; in Selected Works of Joseph E. Stiglitz, Volume I: 

Information and Economic Analysis, Oxford: Oxford University Press, 2009, pp. 

516-536; and in Howard R. Vane and Chris Mulhearn, eds., Pioneering Papers of 

the Nobel Memorial Laureates in Economics Series, Elgar, Edward Publishing, 

Inc., 2010, v. 6, pp. 603-618.

“Risk, Futures Markets and the Stabilization of Commodity Prices,” The Proceedings of 

the First Annual Sponsor’s Conference Frontiers in Futures, Columbia University 

Center for the Study of Futures Markets, September 1980. 

“Stockholder Unanimity in the Making of Production and Financial Decisions,” with S. 

Grossman, Quarterly Journal of Economics, 94(3), May 1980, pp. 543-566. 

“The Taxation of Exhaustible Resources,” with P. Dasgupta and G. Heal, Public Policy

and the Tax System, G.A. Hughes and G.M. Heal (eds.), London: George Allen 

and Unwin, 1980, pp. 150-172. 

“Uncertainty, Industrial Structure and the Speed of R&D,” with P. Dasgupta, Bell 

Journal of Economics, 11(1), Spring 1980, pp. 1-28. Also Princeton University 

Econometric Research Program Research Memorandum 255. 

1981 

“Aggregate Land Rents and Aggregate Transport Costs,” with R. Arnott, Economic

Journal, 91(362), June 1981, pp. 331-347. Also NBER Working Paper 523. 

“Credit Rationing in Markets with Imperfect Information,” with A. Weiss, American 

Economic Review, 71(3), June 1981, pp. 393-410. Subsequently reprinted in New 

Keynesian Economics, 2, G. Mankiw and D. Romer (eds.), Cambridge, Mass.: 

MIT Press, 1991 pp. 247-276. Also Princeton University Econometric Research 

Program Research Memoranda 267 and 268. (Presented at a meeting of the 

Western Economic Association, June 1978), subsequently reprinted in 

Foundations of the Law, Barry Adler (ed.), Foundation Press, 2003; in Selected 

Works of Joseph E. Stiglitz, Volume I: Information and Economic Analysis, 

Oxford: Oxford University Press, 2009, pp 262-286; and in Howard R. Vane and 

Chris Mulhearn, eds., Pioneering Papers of the Nobel Memorial Laureates in 

Economics Series, Elgar, Edward Publishing, Inc., 2010, v. 6, pp. 619-636. 

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“Energy Resources and Research and Development,” with P. Dasgupta and R. Gilbert, 

Erschopfbare Ressourcen, edited by Horst Siebert, Vol. 108, Berlin: Duncker & 

Humbolt, pp. 85-108. (Presented at a conference in Mannheim, 1979.) 

“Entry, Innovation, Exit: Toward a Dynamic Theory of Oligopolistic Industrial 

Structure,” with P. Dasgupta, European Economic Review, 15(2), Feb. 1981, 

pp. 137-158. 

“Market Structure and Resource Extraction Under Uncertainty,” with P. Dasgupta, 

Scandinavian Economic Journal, 83, 1981, pp. 318-333. Reprinted in The Impact 

of Rising Oil Prices on the World Economy, Mattiessen (ed.), MacMillan, 1982, 

pp. 178-193. Princeton University Econometric Research Program Research 

Memorandum 262. 

“On the Almost Neutrality of Inflation: Notes on Taxation and the Welfare Costs of 

Inflation,” Development in an Inflationary World, M. June Flanders and Assaf 

Razin (eds.), New York: Academic Press, 1981, pp. 419-457. Also NBER 

Working Paper 499. 

“Pareto Optimality and Competition,” Journal of Finance, 36(2), May 1981, pp. 235-251. 

“Potential Competition May Reduce Welfare,” American Economic Review, 71(2), May 

1981, pp. 184-189. (Papers and Proceedings of the AEA meetings in Denver, CO, 

September 1980.) 

“Project Appraisal and Foreign Exchange Constraints,” with C. Blitzer and P. Dasgupta, 

Economic Journal, 91(361), March 1981, pp. 58-74. (Presented at the 

Econometric Society Meeting, August 1976, Helsinki.) 

“Resource Depletion Under Technological Uncertainty,” with P. Dasgupta, 

Econometrica, 49(1), January 1981, pp. 85-104. 

1982 

“Alternative Theories of Wage Determination and Unemployment: The Efficiency Wage 

Model,” The Theory and Experience of Economic Development: Essays in Honor 

of Sir Arthur W. Lewis, M. Gersovitz, et al. (eds.), London: George Allen & 

Unwin, 1982, pp. 78-106. Repritned in The Selected Works of Joseph E. Stiglitz, 

Volume II: Information and Economic Analysis: Applications to Capital, Labor, 

and Product Markets, Oxford: Oxford University Press, 2013, pp. 488-512. 

“The Choice of Techniques and the Optimality of Market Equilibrium with Rational 

Expectations,” with D. Newbery, Journal of Political Economy, 90(2), April 

1982, pp. 223-246. (Also Princeton University Econometric Research Program 

Research Memorandum 277.) 

“The Inefficiency of the Stock Market Equilibrium,” Review of Economic Studies, 49(2), 

April 1982, pp. 241-261. Also Princeton University Econometric Research 

Program Research Memorandum 256, November 1980. (Paper presented at a 

Conference on Uncertainty and Insurance in Economic Theory in Honor of Karl 

Borch, Bergen, April 1979) 

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“Information and Capital Markets,” Financial Economics: Essays in Honor of Paul 

Cootner, William F. Sharpe and Cathryn Cootner (eds.), Prentice Hall, New 

Jersey, 1982, pp. 118-158. Also NBER Working Paper 678. Reprinted in The 

Selected Works of Joseph E. Stiglitz, Volume II: Information and Economic 

Analysis: Applications to Capital, Labor, and Product Markets, Oxford: Oxford 

University Press, 2013, pp. 55-84. 

“Invention and Innovation Under Alternative Market Structures: The Case of Natural 

Resources,” with R. Gilbert and P. Dasgupta, Review of Economic Studies, 49(4), 

1982, pp. 567-582. Also Princeton University Econometric Research Program 

Research Memorandum 263. 

“Market Structure and Resource Depletion: A Contribution of the Theory of 

Intertemporal Monopolistic Competition,” with P. Dasgupta, Journal of Economic

Theory, 28(1), October 1982, pp. 128-164. Previously Princeton University 

Econometric Research Program Research Memorandum 261, March 1980. 

“A Model of Employment Outcomes Illustrating the Effect of the Structure of 

Information on the Level and Distribution of Income,” with M. Rothschild, 

Economic Letters, 10, 1982, pp. 231-236. Reprinted in Selected Works of Joseph 

E. Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 122-126. 

“On the Impossibility of Informationally Efficient Markets: Reply,” with S. Grossman, 

American Economic Review, 72(4), September 1982, p. 875. 

“Optimal Commodity Stock-Piling Rules,” with D. Newbery, Oxford Economic Papers, 

November 1982, pp. 403-427. 

“Ownership, Control and Efficient Markets: Some Paradoxes in the Theory of Capital 

Markets,” Economic Regulation: Essays in Honor of James R. Nelson, Kenneth 

D. Boyer and William G. Shepherd (eds.), Michigan State University Press, 1982, 

pp. 311-341. Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 99-114. 

“The Rate of Discount for Cost-Benefit Analysis and the Theory of the Second Best,” 

Discounting for Time and Risk in Energy Policy, R. Lind (ed.), Resources for the 

Future, 1982, pp. 151-204. 

“Risk Aversion, Supply Response, and the Optimality of Random Prices: A 

Diagrammatic Analysis,” with D. Newbery, Quarterly Journal of Economics, 

97(1), February 1982, pp. 1-26. Also Princeton University Econometric Research 

Program Research Memorandum 276. 

“Self-Selection and Pareto Efficient Taxation,” Journal of Public Economics, 17, 1982, 

pp. 213-240. Also NBER Working Paper 632. 

“Sharecropping and the Interlinking of Agrarian Markets,” with A. Braverman, American 

Economic Review, 72(4), September 1982, pp. 695-715. Also Princeton 

University Econometric Research Program Research Memorandum 299. 

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“The Structure of Labor Markets and Shadow Prices in L.D.C.’s,” Migration and the 

Labor Market in Developing Countries, R. Sabot (ed.), Boulder, CO: Westview, 

1982, pp. 13-64. (Presented at World Bank Conference, February 1976.) 

“The Theory of Sales: A Simple Model of Equilibrium Price Dispersion with Identical 

Agents,” with S. Salop, American Economic Review, 72(5), December 1982, 

pp. 1121-1130. Also Princeton University Econometric Research Program 

Research Memorandum 283. Reprinted in The Selected Works of Joseph E. 

Stiglitz, Volume II: Information and Economic Analysis: Applications to Capital, 

Labor, and Product Markets, Oxford: Oxford University Press, 2013, pp. 747-

758. 

“Utilitarianism and Horizontal Equity: The Case for Random Taxation,” Journal of 

Public Economics, 18, 1982, pp. 1-33. Also NBER Working Paper 694. 

1983 

“Alternate Approaches to the Analysis of Markets with Asymmetric Information,” with 

A. Weiss, American Economic Review, 73(1), March 1983, pp. 246-249. 

“Futures Markets and Risk: A General Equilibrium Approach,” Futures Markets,

Modeling, Managing and Monitoring Futures Trading, Manfred Streit (ed.), Basil 

Blackwell Publishers, October 1983, pp. 75-106. (Paper presented at a conference 

at the European Institute, Florence, March 1982.) Subsequently revised as 

“Futures Markets and Risk: A General Equilibrium Approach,” Princeton 

University Financial Research Center Memorandum 47, April 1984. 

“Implicit Contracts and Fixed Price Equilibria,” with C. Azariadis, Quarterly Journal of

Economics Supplement, 98, 1983, pp. 1-22. Subsequently reprinted in New 

Keynesian Economics, 2, N.G. Mankiw and D. Romer (eds.), MIT Press, 1991, 

pp. 187-210. 

“Incentive Effects of Termination: Applications to the Credit and Labor Markets,” with 

A. Weiss, American Economic Review, 73(5), December 1983, pp. 912-927. 

Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp. 141-158. 

“Information, Competition and Markets,” with B. Nalebuff, American Economic Review, 

73(2), May 1983, pp. 278-284. Reprinted in Selected Works of Joseph E. Stiglitz, 

Volume I: Information and Economic Analysis, Oxford: Oxford University Press, 

2009, pp. 400-408. 

“Money, Credit Constraints and Economic Activity,” with A. Blinder, American 

Economic Review, 73(2), May 1983, pp. 297-302. 

“On the Relevance or Irrelevance of Public Financial Policy: Indexation, Price Rigidities 

and Optimal Monetary Policy,” Inflation, Debt and Indexation, R. Dornbusch and 

M. Simonsen (eds.), MIT Press, 1983, pp. 183-222. (Presented at a Conference at 

Rio de Janeiro, December 1981.) 

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“On the Theory of Social Insurance: Comments on ‘The State and the Demand for 

Security in Contemporary Societies’ by Raymond Barre,” The Geneva Papers, 

8(27), Sixth Annual Lecture of the Geneva Association, April 1983, pp. 105-110. 

“Preemption, Leapfrogging and Competition in Patent Races,” with D. Fudenberg, R. 

Gilbert and J. Tirole, European Economic Review, 22, June 1983, pp. 3-32. 

“Prizes and Incentives: Toward a General Theory of Compensation and Competition,” 

with B. Nalebuff, Bell Journal, 14(1), Spring 1983, pp. 21-43. Also Princeton 

University Econometric Research Program Research Memorandum 293. 

Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp. 407-431. 

“Public Goods in Open Economies with Heterogeneous Individuals,” Locational Analysis 

of Public Facilities, J.F. Thisse and H.G. Zoller (eds.), Amsterdam: NorthHolland, 1983, pp. 55-78. 

“Review of ‘Samuelson and Neoclassical Economics’ by G.R. Feiwel,” Journal of 

Economic Literature, 21(3), September 1983, pp. 997-999. 

“Risk, Incentives and Insurance: The Pure Theory of Moral Hazard,” Geneva Papers, 

8(26), January 1983, pp. 4-32. Also Princeton University Financial Research 

Center Memorandum 42. (Fifth Annual Geneva Lecture delivered at Zurich, 

March 1981.) Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 611-631. 

“Some Aspects of the Taxation of Capital Gains,” Journal of Public Economics, 21, July 

1983, pp. 257-294. 

“Strategic Considerations in Invention and Innovation: The Case of Natural Resources,” 

with P. Dasgupta and R. Gilbert, Econometrica, 51(5), September 1983, pp. 1430-

1448. Subsequently reprinted in Economic Organizations as Games, K. Binmore 

and P. Dasgupta (eds.), New York: Basil Blackwell, 1986, pp. 165-175. 

“The Theory of Local Public Goods Twenty-Five Years After Tiebout: A Perspective,” 

Local Provision of Public Services: The Tiebout Model After Twenty-Five Years, 

G.R. Zodrow (ed.), New York: Academic Press, 1983, pp. 17-53. 

“Toward a Reconstruction of Keynesian Economics: Expectations and Constrained 

Equilibria,” with P. Neary, Quarterly Journal of Economics, 98, Supplement, 

1983, pp. 199-228. Reprinted in The Keynesian Heritage Volumes I, G.K. Shaw 

(ed.), in a series: Schools of Thought in Economics, Mark Blaug (ed.), Edward 

Elgar Publishing Ltd. Also NBER Working Paper 376. (Presented at the Athens 

meeting of the Econometric Society, September 1979.) 

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1984 

“Budget Policy and Processes: Where Do We Go From Here?,” with M. Boskin, W. 

Niskanen, and R. Penner, Contemporary Policy Issues, Fall, 1984-85, pp. 53-78. 

(Panel discussion at the meetings of the Western Economic Association, July 

1984.) 

“The Economics of Price Scissors,” with R. Sah, American Economic Review, 74(1), 

March 1984, pp. 125-138. 

“Equilibrium Unemployment as a Worker Discipline Device,” with Carl Shapiro, 

American Economic Review, 74(3), June 1984, pp. 433-444. Subsequently 

reprinted in New Keynesian Economics, 2, N.G. Mankiw and D. Romer (eds.), 

MIT Press, 1991, pp. 123-142; in Macroeconomics and Imperfect Competition, 

Jean-Pascal Bénassy (ed.), Edward Elgar Publisihing, 1995, pp. 453-464 and The 

Economics of Modern Business Enterprise, Volume 3. Incentives and Control, 

Elgar Reference Collection: Northampton, MA, 2008; in Selected Works of 

Joseph E. Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp 287-303; and in Howard R. Vane and Chris Mulhearn, 

eds., Pioneering Papers of the Nobel Memorial Laureates in Economics Series, 

Elgar, Edward Publishing, Inc., 2010, v. 6, pp. 637-648. 

“Information Externalities in Oil and Gas Leasing,” with J. Leitzinger, Contemporary 

Economic Policy Issues, 5, March 1984, pp. 44-57. (Paper presented at the 

Western Economic Association Meetings, July 1983.) 

“Information, Screening and Welfare,” Bayesian Models in Economic Theory, Marcel 

Boyer and Richard Khilstrom (eds.), Elsevier Science Publications, 1984, 

pp. 209-239. 

“Informational Imperfections in the Capital Markets and Macroeconomic Fluctuations,” 

with A. Weiss and B. Greenwald, American Economic Review, 74(2), May 1984, 

pp. 194-199. 

“The New Public Finance: A Perspective” (in Spanish), Hacienda Publica Espanola, 91, 

1984, pp. 341-348. 

“A Nonconcavity in the Value of Information,” with R. Radner, Bayesian Models in

Economic Theory, Marcel Boyer and Richard Khilstrom (eds.), Elsevier Science 

Publications, 1984, pp. 33-52. Reprinted in Selected Works of Joseph E. Stiglitz, 

Volume I: Information and Economic Analysis, Oxford: Oxford University Press, 

2009, pp. 537-554. 

“Pareto Inferior Trade,” with D. Newbery, Review of Economic Studies, 51(1), January 

1984, pp. 1-12. 

“Price Rigidities and Market Structure,” American Economic Review, 74(2), May 1984, 

pp. 350-356. Subsequently reprinted in New Keynesian Economics, 2, N.G. 

Mankiw and D. Romer (eds.), MIT Press, 1991, pp. 377-388. Also in 

Macroeconomics and Imperfect Competition, Jean-Pascal Bénassy (ed.), Edward 

Elgar Publisihing, 1995, pp. 221-226. 

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1985 

“Can Unemployment be Involuntary? Reply,” with C. Shapiro, American Economic 

Review, 75(5), December 1985, pp. 1215-1217. 

“The Consumption Expenditure Tax,” The Promise of Tax Reform, J. Pechman (ed.), 

Englewood Cliffs: Prentice-Hall, 1985, pp. 107-127. 

“Credit Markets and the Control of Capital,” Journal of Money, Banking, and Credit, 

17(2), May 1985, pp. 133-152. Subsequently reprinted in La Theoria del Mercata 

Finanziari, G. Viciago and G.Verga (eds.), Bologna: Societa Editrice il Mulino, 

1992; and in Selected Works of Joseph E. Stiglitz, Volume I: Information and 

Economic Analysis, Oxford: Oxford University Press, 2009, pp. 444-463. 

“Economics of Information and the Theory of Economic Development,” Revista De 

Econometria, 5(1), April 1985, pp. 5-32. 

“Equilibrium Unemployment as a Worker Discipline Device: Reply,” with C. Shapiro, 

American Economic Review, 75(4), September 1985, pp. 892-893. 

“Equilibrium Wage Distributions,” Economic Journal, 95(379), September 1985, 

pp. 595-618. Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 559-580. 

“The General Theory of Tax Avoidance,” National Tax Journal, 38(3), September 1985, 

pp. 325-338. Also NBER Reprint No. 987. 

“Human Fallibility and Economic Organization,” with R. Sah, American Economic 

Review, 75(2), May 1985, pp. 292-296. Reprinted in Selected Works of Joseph E. 

Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. pp.409-416. 

“Information and Economic Analysis: A Perspective,” Economic Journal, 95, 

Supplement: Conference Papers, 1985, pp. 21-41. Reprinted in The Selected 

Works of Joseph E. Stiglitz, Volume II: Information and Economic Analysis: 

Applications to Capital, Labor, and Product Markets, Oxford: Oxford University 

Press, 2013, pp.7-19. 

“Labor Turnover, Wage Structure & Moral Hazard: The Inefficiency of Competitive 

Markets,” with R. Arnott, Journal of Labor Economics, 3(4), October 1985, 

pp. 434-462. Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 581-600. 

“The Social Cost of Labor, and Project Evaluation: A General Approach,” with R. Sah, 

Journal of Public Economics, 28, 1985, pp. 135-163. Economic Growth Center 

Discussion Paper No. 470, Yale University, March 1985. 

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1986 

“The Architecture of Economic Systems: Hierarchies and Polyarchies,” with R. Sah, 

American Economic Review, 76(4), September 1986, pp. 716-727. Also a 

shortened version in AEA Papers and Proceedings, also published in Personnel 

Economics, Edward P. Lasear and Robert NcNabb (eds.) 2002. 

“Comments on ‘Tax Asymmetries and Corporate Tax Reform’ by Saman Majd and 

Stewart C. Myers,” The Effects of Taxation on Capital Formation, M. Feldstein 

(ed.), NBER, 1986, pp. 374-376. 

“Cost Sharing Arrangement Under Sharecropping: Moral Hazard, Incentive Flexibility 

and Risk,” with A. Braverman, Journal of Agricultural Economics, 68(3), August 

1986, pp. 642-652. (Revised version of “Moral Hazard, Incentive Flexibility & 

Risk: Cost Sharing Arrangements under Sharecropping,” with A. Braveman, 

Economic Research Program, Research Memorandum 298, Princeton, 1988.) 

“Credit Rationing and Collateral,” with A. Weiss, Recent Developments in Corporate 

Finance, Jeremy Edwards, et al. (eds.), New York: Cambridge University Press, 

1986, pp. 101-135. Also a Bell Communications Research Discussion Paper. 

Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp. 159-177. 

“The Economics of Price Scissors: Reply,” with R. Sah, American Economic Review, 

76(5), December 1986, pp. 1195-1199. Published version of “The Economics of 

Town-versus-Country Problems,” Yale Economic Growth Center Paper 508. 

“Externalities in Economies with Imperfect Information and Incomplete Markets,” with 

B. Greenwald, Quarterly Journal of Economics, Vol. 101, No. 2, May 1986, 

pp. 229-264. Reprinted in Economic Theory and the Welfare State, Nicholas Barr 

(ed.), Cheltenham, UK: Edward Elgar, 2000; in Selected Works of Joseph E. 

Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 559-588; and in Howard R. Vane and Chris Mulhearn, 

eds., Pioneering Papers of the Nobel Memorial Laureates in Economics Series, 

Elgar, Edward Publishing, Inc., 2010, v. 6, pp. 649-684. Originally “Pecuniary 

and Market Mediated Externalities: Toward a General Theory of the Welfare 

Economics of Economies with Imperfect Information and Incomplete Markets,” 

NBER Working Paper 1304, 1984. 

“Hemmis Hohe Lohne,” Wirtschafts Woche, 43(17), October 1986, pp. 98-105. 

“Introduction to Proceedings of the International Economic Association Roundtable 

Conference on New Developments in the Theory of Market Structure,” New 

Developments in the Theory of Market Structure, J.E. Stiglitz and F. Mathewson 

(eds.), MacMillan, 1986. (Conference held in Ottawa, Canada, May 10, 1982.) 

“Landlords, Tenants and Technological Innovations,” with A. Braverman, Journal of

Development Economics, 23(2), October 1986, pp. 313-332. 

“Moral Hazard and Optimal Commodity Taxation,” with R. Arnott, Journal of Public 

Economics, 29, 1986, pp. 1-24. 

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“The New Development Economics,” World Development, 14(2), 1986, pp. 257-265. 

Subsequently reprinted in The Political Economy of Development and 

Underdevelopment, C.K. Wilber (ed.), New York: Random House, 1988, pp. 393-

407. 

“Pure Theory of Country Risk,” with J. Eaton and M. Gersovitz, European Economic

Review, 30(3), June 1986, pp. 481-513. Reprinted in Development Economics, 4,

D. Lal (ed.), Elgar, 1992, pp. 241-273. Also NBER Working Paper No. 1864, 

April 1986 and NBER Reprint 793. Reprinted in The Selected Works of Joseph E. 

Stiglitz, Volume II: Information and Economic Analysis: Applications to Capital, 

Labor, and Product Markets, Oxford: Oxford University Press, 2013, pp. 291-

316. 

“Theories of Wage Rigidities,” Keynes’ Economic Legacy: Contemporary Economic 

Theories, J.L. Butkiewicz, et al. (eds.), New York: Praeger Publishers, 1986, 

pp. 153-206. (Presented at a conference on Keynes’ Economic Legacy, University 

of Delaware, December 1983.)

“Theory of Competition, Incentives and Risk,” New Developments in the Analysis of 

Market Structure, J.E. Stiglitz and F. Mathewson (eds.), MacMillan/MIT Press, 

1986, pp. 399-449. Also, Princeton University Econometric Research Program 

Research Memorandum 311. 

“Toward a More General Theory of Monopolistic Competition,” Prices, Competition, & 

Equilibrium, M. Peston and R. Quandt (eds.), Oxford: Philip Allan/Barnes & 

Noble Books, 1986, pp. 22-69. Also Princeton University Econometric Research 

Program Research Memorandum 316. 

1987 

“The Causes and Consequences of the Dependence of Quality on Prices,” Journal of 

Economic Literature, 25, March 1987, pp. 1-48. Subsequently reprinted in 

Impresa, Instituzione e Informazione, M. Franzini and M. Messori (eds.), 

Bologna: Cooperative Libraria Universitaria, 1991; and in Selected Works of 

Joseph E. Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp 304-352. 

“Competition and the Number of Firms in a Market: Are Duopolies More Competitive 

Than Atomistic Markets?” Journal of Political Economy, 95(5), 1987, pp. 1041-

1061. (Revised version of “Duopolies are More Competitive than Atomistic 

Markets,” Princeton University Econometric Research Program Research 

Memorandum 310, February 1984.) Reprinted in The Selected Works of Joseph E. 

Stiglitz, Volume II: Information and Economic Analysis: Applications to Capital, 

Labor, and Product Markets, Oxford: Oxford University Press, 2013, pp. 767-

783. 

“Credit Rationing: Reply,” with A. Weiss, American Economic Review, 77(1), March 

1987, pp. 228-231. 

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“The Design of Labor Contracts: Economics of Incentives and Risk-Sharing,” Incentives, 

Cooperation and Risk Sharing, H. Nalbantian (ed.), Totowa, NJ: Rowman & 

Allanheld, 1987, pp. 47-68. Reprinted in The Selected Works of Joseph E. Stiglitz, 

Volume II: Information and Economic Analysis: Applications to Capital, Labor, 

and Product Markets, Oxford: Oxford University Press, 2013, pp. 432-446. 

“Human Nature and Economic Organization,” Jacob Marashak Lecture, presented at Far 

Eastern Meetings of the Econometric Society, October 1987. 

“Imperfect Information, Credit Markets and Unemployment,” with B. Greenwald, 

European Economic Review, 31, 1987, pp. 444-456. 

“Information and Regulation,” with D. Sappington, Public Regulation, E. Bailey (ed.), 

London: MIT Press, 1987, pp. 3-43. 

“Information, Welfare and Product Diversity,” with S. Salop, Arrow and the Foundations 

of the Theory of Economic Policy, G. Feiwel (ed.), London: MacMillan, 1987, 

pp. 328-340. (Revised version of a paper presented to a conference on imperfect 

information at Bell Labs, February 1978.) 

“The Invariance of Market Innovation to the Number of Firms,” with R. Sah, Rand 

Journal of Economics, 18(1), Spring 1987, pp. 98-108. 

“Keynesian, New Keynesian and New Classical Economics,” with B. Greenwald, Oxford 

Economic Papers, 39, March 1987, pp. 119-133. Subsequently reprinted in Price, 

Quantities, and Expectations, P.J.N. Sinclair (ed.), Oxford University Press, 1987, 

pp. 119-133; in the French translation of Collected Papers on the Current State of 

Keynesian Theory, R. Arena and D. Torre (eds.), Les Presses Universitaires de 

France; in the French translation of Origins and Prospects of Keynesianism: Some 

New Developments, R. Arena and D. Torre (eds.); and in Keynes et les nouveaux 

Keynésiens, R. Arena and D. Torre (eds.), Paris: Les Presses Universitaires de 

France, 1992, pp. 169-191. 

“Learning to Learn, Localized Learning and Technological Progress,” Economic Policy 

and Technological Performance, P. Dasgupta and Stoneman (eds.), Cambridge 

University Press, 1987, pp. 125-153. 

“On the Microeconomics of Technical Progress,” Technology Generation in Latin 

American Manufacturing Industries, Jorge M. Katz (ed.), New York: St. Martin;s 

Press, pp. 56-77. (Presented to IDB-CEPAL Meetings, Buenos Aires, November 

1978.) 

“Pareto Efficient and Optimal Taxation and the New New Welfare Economics,” 

Handbook on Public Economics, A. Auerbach and M. Feldstein (eds.), North 

Holland: Elsevier Science Publishers, 1987, pp. 991-1042. Also NBER Working 

Paper 2189. 

“Price Scissors and the Structure of the Economy,” with R. Sah, Quarterly Journal of 

Economics, 102, 1987, pp. 109-134. 

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“Principal and Agent,” The New Palgrave: A Dictionary of Economics, MacMillan Press, 

1987. Subsequently reprinted in The New Palgrave: Economic Development, J. 

Eatwell, et al. (eds.), Macmillan, 1989. 

“Privatization, Information and Incentives,” with D. Sappington, Journal of Policy

Analysis and Management, 6(4), 1987, pp. 567-582. Reprinted in The Political 

Economy of Privatization and Deregulation, E. Baily and J. Hower (eds.), Edward 

Elgar, 1993. NBER Working Paper No. 2196 and Reprint No. 1021. 

“Safety, User Fees, and Public Infrastructure,” with R. Arnott, Transportation

Deregulation and Safety, Conference Proceedings, The Transportation Center, 

Northwestern University, June 1987, pp. 411-445. 

“Sharecropping,” The New Palgrave: A Dictionary of Economics, MacMillan Press, 

1987. Subsequently reprinted in The New Palgrave: Economic Development, J. 

Eatwell, et al. (eds.), Macmillan, 1989, pp. 308-315. 

“Some Theoretical Aspects of Agriculture Policies,” World Bank Research Observer, 

2(1), January 1987, pp. 43-60. Reprinted as “Algunos Aspectos Teoricos de la 

Polutica Agraria,” Revista de Analisis del Norte Alternativa, June 1989, pp. 7-34. 

“Tax Reform: Theory and Practice,” The Economics of Tax Reform, Kalamazoo, MI: 

Upjohn Institute, 1987. 

“Taxation and Pricing of Agricultural and Industrial Goods in Developing Economies,” 

with R. Sah, The Tax Theory for Developing Countries, D. Newbery and N. Stern 

(eds.), Oxford: Oxford University Press, 1987, pp. 430-458. 

“Technological Change, Sunk Costs, and Competition,” Brookings Papers on Economic 

Activity, 3, 1987, pp.883-947. Also in special issue of Microeconomics, M.N. 

Baily and C. Winston (eds.), 1988. 

“The Wage- Productivitiy Hypothesis: Its Economic Consequences and Policy 

Implications,” Modern Developments in Public Finance, Michael J. Boskin ed., 

Basil Blackwell, 1987, pp. 130-165. 

“Wage Rigidity, Implicit Contracts, Unemployment and Economic Efficiency,” with D. 

Newbery, Economic Journal, 97(386), June 1987, pp. 416-430. 

1988 

“The Basic Analytics of Moral Hazard,” with R. Arnott, Scandinavian Journal of 

Economics, 90(3), 1988, pp. 383-413. Also NBER Working Paper 2484. 

Reprinted in Selected Works of Joseph E. Stiglitz, Volume I: Information and 

Economic Analysis, Oxford: Oxford University Press, 2009, pp. 417-443. 

“Comments on Symposium on Monetary Theory,” with A. Stockman and M. Woodford, 

Symposium on Monetary Theory (Proceedings of Taipei), Institute of Economics, 

Acadamia Sinica, 1988, pp. 299-336. 

“Committees, Hierarchies and Polyarchies,” with R. Sah, The Economic Journal, 

98(391), June 1988, pp. 451-470. 

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“Computerized Tax Collecting,” Chapter 20 in Tax Policy in the Twenty-First Century, 

Herbert Stein (ed.), John Wiley and Sons, 1988, pp. 278-288. (Originally 

presented at the Conference on Tax Policy in the Twenty First Century, 

Washington DC, 1987, as “Technical Change and Taxation.”)

“Economic Organization, Information, and Development,” Handbook of Development 

Economics, H. Chenery and T.N. Srinivasan (eds.), Elsevier Science Publishers, 

1988, pp. 185-201. 

“Examining Alternative Macroeconomic Theories,” with B. Greenwald, Brookings 

Papers on Economic Activity, 1, 1988, pp. 207-270. Subsequently reprinted in 

Recent Developments in Macroeconomics, Edmund Phelps (ed.), Edward Elgar, 

1991, pp. 335-388. 

“Financial Intermediaries and the Allocation of Capital,” published as “Ruolo dei Fondi 

de Capitallizzazione Nello Szilluppo dell’Economia di un Paese Industrializzato,” 

Assicurazioni, Luglio-Agosto 1988, pp. 1-16. (Originally delivered to Academia 

de Lincei, May 29, 1988, Rome.) 

“Imperfect Information, Finance Constraints and Business Fluctuations,” with B. 

Greenwald, Finance Constraints, Expectations, and Macroeconomics, M. Kohn 

and S.C. Tsiang (eds.), Oxford: Oxford University Press, 1988, pp. 103-140. 

“Implicit Contracts, Labor Mobility and Unemployment,” with R. Arnott and A. Hosios, 

American Economic Review, 78(5), December 1988, pp. 1046-1066. Also NBER 

Working Paper 2316. 

“Information, Finance Constraints and Business Fluctuations,” with B. Greenwald, 

Symposium on Monetary Theory (Proceedings of Taipei), Institute of Economics, 

Academia Sinica, 1988, pp. 299-336. 

“Learning by Doing, Market Structure, and Industrial and Trade Policies,” with P. 

Dasgupta, Oxford Economic Papers, 40(2), 1988, pp. 246-268. 

“Money, Credit, and Business Fluctuations,” Economic Record, 64(187), December 

1988, pp. 62-72. Reprinted as “Dinero, Crédito y Fluctuaciones Economicas,” 

Revista de Economia, Banco Central del Uruguay, 3(3), April 1989. Also NBER 

Working Paper No. 2823 and Reprint No. 1390. 

“Money, Imperfect Information and Economic Fluctuations,” with B. Greenwald, 

Finance Constraints, Expectations and Macroeconomics, M. Kohn and S.C. 

Tsiang (eds.), Oxford: Oxford University Press, 1988, pp.141-165. Also NBER 

Working Paper 2188. 

“On the Market for Principles of Economics Textbooks: Innovation and Product 

Differentiation,” Journal of Economic Education, 19(2), Spring 1988, pp. 171-

177. 

“On the Relevance or Irrelevance of Public Financial Policy,” The Economics of Public 

Debt, Proceedings of the 1986 International Economics Association Meeting, 

London: Macmillan Press, 1988, pp. 4-76. 

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“Pareto Inefficiency of Market Economies: Search and Efficiency Wage Models,” with 

B. Greenwald, American Economic Review, 78(2), May 1988, pp. 351-355. 

“Potential Competition, Actual Competition and Economic Welfare,” with P. Dasgupta, 

European Economic Review, 32, May 1988, pp. 569-577. Also Princeton 

University Discussion Paper 8, August 1987. 

“Qualitative Properties of Profit-Maximizing K-out-of-N Systems Subject to Two Kinds 

of Failure,” with R. Sah, IEEE Transactions on Reliability, 37(5), December 

1988, pp. 515-520. 

“Randomization with Asymmetric Information,” with R. Arnott, Rand Journal of 

Economics, 19(3), Autumn 1988, pp. 344-362. Also NBER Working Paper 2507. 

“Taxation, Information, and Economic Organization,” with M. Wolfson, Journal of the 

American Taxation Association, 9(2), Spring 1988, pp. 7-18. Paper presented to 

the American Accounting Association, August 1987. 

“Technological Change, Sunk Costs and Competition,” Brookings Papers on Economic 

Activity, 1988, pp. 883-947. 

“The Wage-Productivity Hypothesis: Its Economic Consequences and Policy 

Implications,” Modern Developments in Public Finance, M.J. Boskin (ed.), Basil 

Blackwell, 1988, pp. 130-165. (Paper presented to the American Economic 

Association, December 1982.) 

“Vertical Restraints and Producers’ Competition,” with P. Rey, European Economic 

Review, 32, March 1988, pp. 561-568. Also NBER Working Paper 2601 and 

Princeton University Discussion Paper 13. 

“Why Financial Structure Matters,” Journal of Economic Perspectives, 2(4), 1988, 

pp. 121-126. Reprinted in Spanish as “Razones por las Que Es Relevante la 

Estructura Financiera,” Revista Asturiana de Economia, 43, 2009, pp. 49-57. 

1989 

“Congestion Pricing to Improve Air Travel Safety,” with R. Arnott, Transportation 

Safety in an Age of Deregulation, L.N. Moses and I. Savage (eds.), Oxford 

University Press, 1989, pp. 167-185. Also in Princeton University Discussion 

Paper 27, “Two Essays on Travel Safety,” with “The Economics of 

Transportation Safety and Deregulation.” 

“Credit Rationing, Tenancy, Productivity and the Dynamics of Inequality,” with A. 

Braverman, P. Bardhan (ed.), The Economic Theory of Agrarian Institutions, 

Oxford: Clarendon Press, 1989, pp. 185-201. Previously World Bank Policy 

Research Working Paper 176, May 1989; also Princeton University Discussion 

Paper 23, 1988. 

“Dinero, Credito y Fluctuaciones Economicas,” Revista De Econimia, 3(3), April 1989, 

pp. 3-36. 

“Financial Markets and Development,” Oxford Review of Economic Policy, 5(4), 1989, 

pp. 55-68. 

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“Impact of the Changing Tax Environment on Investments and Productivity,” with B. 

Greenwald, The Journal of Accounting, Auditing and Finance, 4(3), Summer 

1989, pp. 281-301. (Revised version of paper prepared for a conference on “Tax 

Policy in a Complex and Dynamic Economic Environment: Challenges and 

Opportunities,” New York University, December 1988.) 

“Imperfect Information in the Product Market,” Handbook of Industrial Organization, 1, 

Elsevier Science Publishers, 1989, pp. 769-847. Reprinted in The Selected Works 

of Joseph E. Stiglitz, Volume II: Information and Economic Analysis: 

Applications to Capital, Labor, and Product Markets, Oxford: Oxford University 

Press, 2013, pp. 705-746. 

“Incentives, Information and Organizational Design,” Empirica, 16(1), January 1989, 

pp. 3-29. Also NBER Working Paper 2979. (NOG Lecture, Austrian Economic 

Association, September 1988.) 

“The Informational Content of Initial Public Offerings,” with I. Gale, Journal of Finance, 

44(2), June 1989, pp. 469-478. Also NBER Working Paper 3259. Reprinted in 

The Selected Works of Joseph E. Stiglitz, Volume II: Information and Economic 

Analysis: Applications to Capital, Labor, and Product Markets, Oxford: Oxford 

University Press, 2013, pp. 115-121. 

“Markets, Market Failures and Development,” American Economic Review, 79(2), May 

1989, pp. 197-203. Subsequently published in Boletin de Informacion Comercial 

Espanola, Madrid. 

“Monopolistic Competition and the Capital Market,” The Economics of Imperfect 

Competition and Employment - Joan Robinson and Beyond, G. Feiwel (ed.), New 

York: New York University Press, 1989, pp. 485-507; also published in The 

Monopolstic Competition Revolution in Retrospect, Brakman, S. and Heijdra, B, 

Cambridge: Cambridge University Press, 2004, pp.49-67. 

“Mutual Funds, Capital Structure, and Economic Efficiency,” Theory of Valuation - 

Frontiers of Modern Financial Theory, 1, S. Bhattacharya and G. Constantinides 

(eds.), Totowa, NJ: Rowman and Littlefield, 1989, pp. 342-356. 

“Notes on Stochastic Capital Theory,” with W. Brock and M. Rothschild, Joan Robinson 

and Modern Economic Theory (Vol 1), G. Feiwel (ed.), Macmillan Press, 1989, 

pp. 591-622. Also NBER Technical Working Paper 23, May 1982 and Social 

Systems Research Institute Reprint Series 373. (Revised version presented at 

Conference in Honor of Karl Borch, Bergen, Norway, April 1989.) 

“On the Economic Role of the State,” The Economic Role of the State, A. Heertje, ed. 

(Bank Insinger de Beaufort NV) 1989. Reprinted as “O Ekonomskoj Ulozi 

Države,” Izazovi: Modernoj Upravi I Upravljanju, Belgrade: Timit, 1995, p. 451-

207. 

“Principal and Agent,” The New Palgrave: Allocation, Information and Markets, J. 

Eatwell, et al. (eds.), MacMillan Press, London, 1989, pp. 241-253. Also 

Princeton University Discussion Paper 18. 

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“Rational Peasants, Efficient Institutions and the Theory of Rural Organization: 

Methodological Remarks for Development Economics,” The Economic Theory of 

Agrarian Institutions, P. Bardhan (ed.), Oxford: Clarendon Press, 1989, pp. 18-29. 

“Reflections on the State of Economics: 1988,” Economic Record, March 1989, pp. 66-

72. (Presented at Australian Economic Meetings, Canberra, August 1988.) 

“Sources of Technological Divergence between Developed and Less Developed 

Countries,” with R. Sah, Debt, Stabilizations and Development: Essays in 

Memory of Carlos Diaz-Alejandro, G. Calvo, et al. (eds.), Basil Blackwell, 1989, 

pp. 423-46. Also Princeton University Discussion Paper 22. 

 “Technological Learning, Social Learning and Technological Change,” with R. Sah, The 

Balance between Industry and Agriculture in Economic Development, S. 

Chakravarty (ed.), MacMillan Press/IEA, 1989, pp. 285-298. Also Yale 

University Economic Growth Center Paper 433. 

“Toward a Theory of Rigidities,” with B. Greenwald, American Economic Review, 79(2), 

May 1989, pp. 364-69. Also NBER Working Paper 2938. 

“Using Tax Policy to Curb Speculative Short-Term Trading,” Journal of Financial

Services Research, 3(2/3), December 1989, pp. 101-115. Reprinted in The 

Selected Works of Joseph E. Stiglitz, Volume II: Information and Economic 

Analysis: Applications to Capital, Labor, and Product Markets, Oxford: Oxford 

University Press, 2013, pp. 85-98. 

1990 

“Asymmetric Information and the New Theory of the Firm: Financial Constraints and 

Risk Behavior,” with B. Greenwald, American Economic Review, 80(2), May 

1990, pp. 160-65. Also NBER Working Paper No. 3359. 

“Banks as Social Accountants and Screening Devices for the Allocation of Credit,” with 

A. Weiss, Greek Economic Review, 12, Supplement, Autumn 1990, pp. 85-118. 

Reprinted in Financial Intermediaries, Mervin K. Lewis (ed.), Aldershot, UK: 

Elgar, 1995, pp. 297-330. Also NBER Working Paper 2710, September 1988. 

Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp. 237-257. 

“Credit Rationing,” with D. Jaffee, Handbook of Monetary Economics, B. Friedman and 

F. Hahn (eds.), Amsterdam: Elsevier Science Publishers, 1990, pp. 837-888. 

“Financial Market Imperfections and Productivity Growth,” with B. Greenwald and M. 

Kohn, Journal of Economic Behavior and Organization, 13(3), June 1990, 

pp. 321-345. Also NBER Working Paper 2945. 

“Imperfect Information and Rural Credit Markets: Puzzles and Policy Perspectives,” with 

K. Hoff, World Bank Economic Review, 4(3), September 1990, pp. 235-250. 

Subsequently revised and reprinted in The Economics of Rural Organization: 

Theory, Practice, and Policy, K. Hoff, A. Braverman, and J. Stiglitz (eds.), New 

York: Oxford University Press for the World Bank, 1993, pp. 33-52. 

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“Macroeconomic Models with Equity and Credit Rationing,” with B. Greenwald, 

Asymmetric Information, Corporate Finance, and Investment, R. B. Hubbard 

(ed.), University of Chicago Press, 1990, pp. 15-42. 

“Pareto Efficient Tax Structures,” with D.L. Brito, J.H. Hamilton and S.M. Slutsky, 

Oxford Economic Papers, 42, 1990, pp. 61-77. Subsequently reprinted in 

Taxation, Private Information and Capital, P.J.N. Sinclair and M.D.E. Slater 

(eds.), Oxford: Clarendon Press, 1991, pp. 61-77. 

“Peer Monitoring and Credit Markets,” World Bank Economic Review, 4(3), September 

1990, pp. 351-366. Reprinted in The Economics of Rural Organization: Theory, 

Practice, and Policy, World Bank, 1993, pp. 70-86; and in Selected Works of 

Joseph E. Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 464-478. 

“Remarks on the Occasion of the Presentation of the UAP Prize,” Journées Scientifiques 

& Prix UAP, 1988, 1989, 1990, 2, Conseil Scientifique de l’UAP (ed.), December 

1990, pp. 23-32. 

“Some Retrospective Views on Growth Theory, presented on the occasion of the 

Celebration of Robert Solow’s 65th Birthday,” 

Growth/Productivity/Unemployment, P. Diamond (ed.), Cambridge, MA: MIT 

Press, 1990, pp. 50-68. 

“Symposium on Bubbles,” Journal of Economic Perspectives, 4(2), Spring 1990, pp. 13-

18. 

“The Welfare Economics of Moral Hazard,” with R. Arnott, Risk, Information and 

Insurance: Essays in the Memory of Karl H. Borch, H. Louberge (ed.), Norwell: 

Kluwer Academic Publishers, 1990, pp. 91-122. Also NBER Working Paper 

3316. 

1991 

“Another Century of Economic Science,” Economic Journal Anniversary Issue, 

101(404), January 1991, pp. 134-141. Also published in The Future of 

Economics, J.D. Hey (ed.), Blackwell Publishers, 1992. 

“Comments on David Bradford, ‘Market Value vs. Accounting Measures of National 

Saving’,” National Saving and Economic Performance, B.D. Bernheim and J.B. 

Shoven (eds.), University of Chicago Press, 1991, pp. 15-48. (Presented at NBER 

Conference on Savings, Maui, Hawaii, January 1989.) 

“Development Strategies: The Roles of the State and the Private Sector,” Proceedings of 

the World Bank’s Annual Conference on Development Economics 1990, 1991, 

pp. 430-35. 

“Dynamic Optimal Income Taxation With Government Commitment,” with D.L. Brito, 

J.H. Hamilton and S.M. Slutsky, Journal of Public Economics, 44, 1991, pp. 15-

35. Also NBER Working Paper 3965. 

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“The Economic Role of the State: Efficiency and Effectiveness,” Efficiency and 

Effectiveness in the Public Domain. The Economic Role of the State, T.P. 

Hardiman and M. Mulreany (eds.), Dublin: Institute of Public Administration, 

1991, pp. 37-59. 

“Equilibrium Unemployment as a Worker-Discipline Device,” with Carl Shapiro, New 

Keynesian Economics: Volumbe 2: Coordination Failures and Real Rigidities, N. 

Gregory Mankiw and David Romer (eds.), The MIT Press, 1991, 123-142. 

Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp. 513-543.

“Foreword,” Informal Credit Markets and the Institution of Economics, S. Claro and P. 

Yotopoulos (eds.), Westview Press, 1991. 

“Implicit Contracts and Fixed-Price Equilibria,” with Costas Azariadis, New Keynesian 

Economics: Volumbe 2: Coordination Failures and Real Rigidities, N. Gregory 

Mankiw and David Romer (eds.), The MIT Press, 1991, 187-209. 

“Introduction to Symposium on Organizations and Economics,” Journal of Economic 

Perspectives, 5(2), Spring 1991, pp. 15-24 

“The Invisible Hand and Modern Welfare Economics,” Information Strategy and Public 

Policy, D. Vines and A. Stevenson (eds.), Oxford: Basil Blackwell, 1991, pp. 12-

50. Also NBER Working Paper 3641. (Stevenson Lecture given at Glasgow 

University, December 1988.) 

“Moral Hazard and Non-Market Institutions: Dysfunctional Crowding Out or Peer 

Monitoring,” with R. Arnott, American Economic Review, 81(1), March 1991, 

pp. 179-190. Reprinted in Selected Works of Joseph E. Stiglitz, Volume I: 

Information and Economic Analysis, Oxford: Oxford University Press, 2009, pp. 

589-603. 

“Pareto Efficient Tax Structures,” with Dagobert L. Brito, Jonathan H. Hamilton and 

Steven M. Slutsky, Taxation Private Information and Capital,P.J.N. Sinclair and 

M.D.E. Slater (eds.), Oxford University Press, 1991, pp. 61-77. 

“The Quality of Managers in Centralized Versus Decentralized Organizations,” with R. 

Sah, Quarterly Journal of Economics, 106(1), February 1991, pp. 289-295. Also 

Yale University Economic Growth center Discussion Paper 624, April 1990. 

“Some Theoretical Aspects of the Privatization: Applications to Eastern Europe,” Revista 

di Politica Economica, December 1991, pp. 179-204. IPR-USAID Working 

Paper, September 1991. Also in Privatization Processes in Eastern Europe. M. 

Baldassarri, L. Paganetto, and E.S. Phelps (eds.), New York: St Martin’s Press, 

1993. 

“Symposium on Organizations and Economics,” Journal of Economic Perspective, 5(2), 

Spring 1991, pp. 15-24. 

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“Toward a Reformulation of Monetary Theory: Competitive Banking,” with B. 

Greenwald, Economic and Social Review 23(1), October 1991, pp. 1-34. Also 

NBER Working Paper 4117. (Paper prepared for the Irish Economic Association 

Annual Conference, Dublin, May 1991, and Caffee Lectures presented to the 

University of Rome and the Bank of Italy, Rome, April 1991.) 

1992 

“Alternative Tactics and Strategies for Economic Development,” New Directions in 

Development Economics, K. Jameson, and A. Dutt (eds.), Edward Elgar, 1992, 

pp. 57-80. (AT&T Lecture presented at Notre Dame, April 1990.) 

“Asymmetric Information in Credit Markets and Its Implications for Macroeconomics,” 

with A. Weiss, Oxford Economic Papers, 44(4), October 1992, pp. 694-724. 

“Banks versus Markets as Mechanisms for Allocating and Coordinating Investment,” The 

Economics of Cooperation: East Asian Development and the Case for Pro-Market 

Intervention, J.A. Roumasset and S. Barr (eds.), Westview Press, Boulder, 1992, 

pp. 15-38. (Presented at Investment Coordination in the Pacific Century: Lessons 

from Theory and Practice Conference, given at the University of Hawaii, January 

1990.) Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 258-272. 

“Capital Markets and Economic Fluctuations in Capitalist Economies,” European 

Economic Review, 36, North-Holland, 1992, pp. 269-306. (Marshall Lecture 

prepared for the European Economic Association Annual Meeting, Cambridge, 

UK, August 1991.) 

“Contract Theory and Macroeconomic Fluctuations,” Contract Economics, L. Werin and 

H. Wijkander (eds.), Basil Blackwell, 1992, pp. 292-322. 

“The Design of Financial Systems for the Newly Emerging Democracies of Eastern 

Europe,” The Emergence of Market Economies in Eastern Europe, C. Clague and 

G.C. Rausser (eds.), Cambridge: Basil Blackwell, 1992, pp. 161-184. Also 

Institute for Policy Reform Working Paper IPR21, 1991. 

“Explaining Growth: Competition and Finance,” Rivista di Politica Economica (Italy),

82(169), November 1992, p. 225. (Paper prepared for the Villa Mondragone 

International Economic Seminar, Rome, June 1992.) 

“Futures Markets and Risk Reduction,” with D.M.G. Newbery, The Theory of Futures 

Markets, P. Weller (ed.), Oxford: Basil Blackwell, 1992, pp. 36-55. 

“Information, Finance and Markets: The Architecture of Allocative Mechanisms,” with 

B. Greenwald, Industrial and Corporate Change, 1(1), 1992, pp. 37-63. Also in 

Finance and the Enterprise, V. Zamagni (ed.), Academic Press, 1992, pp. 11-36. 

Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp. 219-236. 

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“Introduction: S&L Bailout,” The Reform of Federal Deposit Insurance: Disciplining the 

Government and Protecting Taxpayers, J. Barth and R. Brumbaugh, Jr. (eds.), 

Harper Collins Publishers, 1992, pp. 1-12. 

“The Meanings of Competition in Economic Analysis,” Rivista internazionale de scienze 

sociali, 2, April-June 1992, pp. 191-212. 

“Methodological Issues and the New Keynesian Economics,” Macroeconomics: A Survey 

of Research Strategies, A. Vercelli and N. Dimitri (eds.), Oxford University 

Press, 1992, pp. 38-86. Also NBER Working Paper No. 3580 and Reprint No. 

1801. 

“Prices and Queues as Screening Devices in Competitive Markets,” Economic Analysis of 

Markets and Games: Essays in Honor of Frank Hahn, D. Gale and O. Hart (eds.), 

Cambridge: MIT Press, 1992, pp. 128-166. Also IMSSS Technical Report No. 

212, Stanford University, August 1976. Reprinted in Selected Works of Joseph E. 

Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 193-221. 

“Stochastic and Deterministic Fluctuations in a Non-Linear Model with Equity 

Rationing,” with M. Gallegati, Giornale Degli Economisti e Annali di Economia 

(Italy), 60, January-April 1992, pp. 97-108. 

1993 

“Capital market imperfections and regional economic development,” with Bruce C. 

Greenwald and Alec Levinson, Finance and Development: Issues and 

Experience, Alberto Giovannini (ed.), Cambridge University Press, 1993, pp. 65-

93. 

“Comments on ‘Toward a Counter-Counter-Revolution in Development Theory’,” 

Proceedings of the World Bank’s Annual Conference on Development Economics 

1992, Washington, D.C.: World Bank, 1993, pp. 39-49. 

“Consequences of Limited Risk Markets and Imperfect Information for the Design of 

Taxes and Transfers: An Overview,” The Economics of Rural Organization: 

Theory, Practice, and Policy, K. Hoff, A. Braverman, and J. Stiglitz (eds.), New 

York: Oxford University Press for the World Bank, 1993, pp. 33-49. 

“Financial Market Imperfections and Business Cycles,” with B. Greenwald, Quarterly 

Journal of Economics, 108(1), February 1993, pp. 77-114. Also NBER Working 

Paper 2494. (Paper prepared for the Far-Eastern Meeting of the Econometric 

Society, Seoul, June 1991.) Reprinted in Selected Works of Joseph E. Stiglitz, 

Volume I: Information and Economic Analysis, Oxford: Oxford University Press, 

2009, pp. 617-648. 

“Incentives, Organizational Structures, and Contractual Choice in the Reform of Socialist 

Agriculture,” The Agricultural Transition in Central and Eastern Europe and the 

Former U.S.S.R., A. Braverman, K. Brooks, and C. Csaki (eds.), World Bank, 

1993, pp. 27-46. (Presented at the World Bank conference “Agricultural Reform 

in Eastern Europe and the USSR,” Budapest, August 1990.) 

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“Information,” The Fortune Encyclopedia of Economics, David R. Henderson (ed.), 

Warner Books, 1993, pp. 16-21. 

“International Perspectives in Undergraduate Education,” American Economic Review,

83(2), May 1993, pp. 27-33. 

“Market Socialism and Neoclassical Economics,” Market Socialism: The Current 

Debate, P. Bardhan and J. Roemer (eds.), New York: Oxford University Press, 

1993, pp. 21-41. 

“Measures for Enhancing the Flow of Private Capital to the Less Developed Countries,” 

Development Issues, Development Committee, World Bank, 1993, pp. 201-211. 

“Monopolistic Competition and Optimum Product Diversity: Reply,” with A. Dixit, 

American Economic Review, 83(1), March 1993, pp. 301-304 

“New and Old Keynesians,” with B. Greenwald, Journal of Economic Perspectives, 7(1), 

Winter 1993, pp. 23-44, reprinted in A Macreconomic Reader, Brian Snowdon 

and Howard R. Vane (eds.), Routledge, 1997, pp.552-574. 

“Overview,” Finance and Development: Issues and Experience, Alberto Giovannini 

(ed.), Cambridge University Press, 1993, pp. 343-353. 

“Perspectives on the Role of Government Risk-Bearing within the Financial Sector,” 

Government Risk-bearing, M. Sniderman (ed.), Norwell, MA: Kluwer Academic 

Publishers, 1993, pp. 109-130. (Paper prepared for Conference on Government 

Risk Bearing, Federal Reserve Bank of Cleveland, May 1991.) 

“Post Walrasian and Post Marxian Economics,” Journal of Economic Perspectives, 7(1), 

Winter 1993, pp. 109-114. 

“The Role of the State in Financial Markets,” Proceedings of the World Bank Annual 

Conference on Development Economics, The World Bank, pp. 19-52.

1994 

“Economic Growth Revisited,” Industrial and Corporate Change, 3(1), pp. 65-110, 1994. 

“Endogenous Growth and Cycles,” Innovation in Technology, Industries, and 

Institutions, Y. Shionoya and M. Perlman (eds.), The University of Michigan 

Press, 1994, pp. 121-56. Also NBER Working Paper 4286. 

“Information and Economic Efficiency,” with R. Arnott and B. Greenwald, Information 

Economics and Policy, 6(1), March 1994, pp. 77-88. Also NBER Working Paper 

4533. (Paper prepared for the New Orleans Meeting of the American Economic 

Association, 1992.) 

“Reflections on Economics and on Being and Becoming an Economist,” The Makers of 

Modern Economics, Vol. II, Arnold Heertje (ed.), Harvester Wheatsheaf (Simon 

& Schuster International Group), May 1994, pp. 140-183. 

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“Rethinking the Economic Role of the State: Publicly Provided Private Goods/ 

Replantejament del paper de l’estat a l’economia: els béns privats subministrats 

públicament,” Anàlisi Econòmica de la Sanitat: Celección els Llibres Dels Fulls 

Econòmics, 10, Generalitat de Catalunya Departament de Sanitat I Seguretat 

Social, Barcelona: Fulls Econòmics del Sistema Sanitari,pp. 19-47. (Paper 

originally delivered at Universitat Pompeu Fabra, Barcelona, November 15, 

1992.) 

1995 

“Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies,” with A. 

Edlin, American Economic Review, 85(5), December 1995, pp. 1301-1312. Also 

NBER Working Paper 4145, 1992. Later published in 40 Years of Research on 

Rent Seeking 2, R. Congelton, A. Hillman, and K. Konrad, eds., Berlin: Springer, 

pp. 609-620. Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 317-330. 

“Interest Rate Puzzles, Competitive Theory and Capital Constraints,” Economics in a 

Changing World, IEA Conference Volume, Economic Growth and Capital and 

Labour markets, 111(5), Jean-Paul Fitoussi (ed.), New York: St. Martin’s Press, 

1995, pp. 145-175. (Prepared for the International Economics Association 

Meetings, Moscow, August 1992.) 

“Labor Market Adjustments and the Persistence of Unemployment,” with B. Greenwald, 

American Economic Review, 85(2), May 1995, pp. 219-225. 

“Randomization in Optimal Income Tax Schedules,” with D. Brito, J. Hamilton, and S. 

Slutsky, Journal of Public Economics, 56(189), February 1995, pp. 189-223. Also 

NBER Working Paper No. 3289 

“The Role of Exclusive Territories in Producers’ Competition,” with P. Rey, Rand 

Journal of Economics, 26(3), Autumn 1995, pp. 431-51. Previously NBER 

Working Paper: 4618, January 1994. 

“Setting Budget Priorities,” Vital Speeches of the Day, 6(4), December 1, 1995, pp. 121-

124. 

“Social Absorption Capability and Innovation,” Social Capability and Long-Term 

Economic Growth, Bon Ho Koo and D.H. Perkins (eds.), New York: St. Martin’s 

Press, 1995, pp. 48-81. 

1996 

“Deposit Mobilisation Through Financial Restraint,” with T. Hellmann and K. Murdock, 

Financial Development and Economic Growth, N. Hermes and R. Lensink (eds.), 

Routledge, 1996, pp. 219-246. Also in Banking and Financial Institutions, 3(5B), 

February 7, 1996; and Stanford Graduate School of Business Research Paper 

1354, July 1995. 

“Financial Markets, Public Policy, and the East Asian Miracle,” with M. Uy, World Bank 

Research Observer, 11(2), August 1996, pp. 249-276. 

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“Institutional Innovations and the Role of Local Government in Transition Economies: 

The Case of Guangdong Province of China,” with Yingyi Qian, Reforming Asian 

Socialism: The Growth of Market Institutions, John McMillan and Barry 

Naughton (eds.), Ann Arbor, MI: The University of Michigan Press, 1996, 

pp. 175-193. 

“International Economic Justice and National Responsibility: Strategies for Economic 

Development in the Post Cold War World,” Oxford Development Studies, 24(2), 

June 1996, pp. 101-109. 

“Introduction: Scope of the Assessment,” with J. Goldemberg, Goldemberg, J., R. 

Squitieri, A. Amano, X. Shaoxiong, S. Kane, J. Reilly, and T. Teisberg, Chapter 1 

in Climate Change 1995: Economic and Social Dimensions of Climate Change, J. 

Bruce, H. Lee, and E. Haites (eds.), Cambridge: Cambridge University Press, 

1996, pp. 21-51 

“Intertemporal Equity and Discounting,” with K. Arrow, W.R. Cline, K-G. Maler, M. 

Munasinghe, and R. Squitieri, Global Climate Change: Economic and Policy 

Issues, M. Munasinghe (ed.), World Bank Environment Paper 12, Washington, 

D.C. 1995, pp. 1-32. Reprinted in an abbreviated format as “Intertemporal Equity, 

Discounting, and Economic Efficiency,” Climate Change 1995: Economic and 

Social Dimensions of Climate Change, J. Bruce, H. Lee, and E. Haites (eds.), 

Cambridge: Cambridge University Press, 1996, pp. 125-144. 

“Some Lessons from the East Asian Miracle,” World Bank Research Observer, 11(2), 

August 1996, pp. 151-177. Reprinted as “Algunas ensenanzas del milagro del 

Este Asiatico (with English summary),” Desarrollo Economico, 37(147), Oct.-

Dec. 1997, pages 323-349. 

1997 

“Competition and Insurance Twenty Years Later,” with Michael Rothschild, Geneva 

Papers on Risk and Insurance Theory, 22(2), December 1997, pages 73-79. 

Reprinted in Selected Works of Joseph E. Stiglitz, Volume I: Information and 

Economic Analysis, Oxford: Oxford University Press, 2009, pp. 160-167. 

“Defending the Clinton Administration,” interview with Challenge, 40(3), May/ June 

1997, pp. 22-34. 

“Dumping on Free Trade: The U.S. Import Trade Laws,” Southern Economic Journal, 

64(2), 1997, pp. 402-424. Also in Trips, The Uruguay Round and Third World 

Interests, Sir Hans Singer, Neelambar Hatti and Rameshwar Tandon (eds.), B.R. 

Publishing Corportation, 1999, pp. 711-748. 

 “Financial Restraint: Toward a New Paradigm,” with T. Hellmann and K. Murdock, The 

Role of Government in East Asian Economic Development, M. Aoki, H. Kim, and 

M. Okuna-Fujiwara (eds.), Oxford: Clarendon Press, 1997, pp. 163-207. 

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“A Framework for a Development Strategy in a Market Economy,” with Nicholas Stern, 

Development Strategy and the Management of the Market Economy, E. 

Malinvaud and A.K. Sen (eds.), Oxford: Clarendon Press, 1997, pp. 253-295. 

Also European Bank for Reconstruction and Development Working Paper 20, 

April 1997. 

“Looking out for the National Interest: the Principles of the Council of Economic 

Advisers,” American Economic Review, 87(2), May 1997, pp. 109-113. (Speech 

to American Economic Association. New Orleans. January 5, 1997.) 

“Moneylenders and Bankers: Price-increasing Subsidies in a Monopolistically 

Competitive Market,” with Karla Hoff, Journal of Development Economics 52, 

1997, pp. 429-462. Corrected for printing errors in “Moneylenders and Bankers: 

Price-Increasing Subsidies with Monopolistic Competition,” Journal of 

Development Economics, 55, 1998, pp. 485-518. Previously “Theory of Imperfect 

Competition in Rural Credit Markets,” Institute for Policy Reform Working Paper 

IPR 49, 1992; and “Moneylenders and Bankers: Fragmented Credit Markets with 

Monopolistic Competition,” Working Paper 93-10, University of Maryland, 

Department of Economics, 1993. 

“Reflections on the Natural Rate Hypothesis,” Journal of Economic Perspectives, 11(1), 

Winter 1997, pp. 3-10. 

“Reply: Georgescu-Roegen versus Solow/Stiglitz,” Ecological Economics, Elsevier 

Science, 1997, pp. 269-270. 

“The Role of Government in Economic Development (Keynote Address),” Annual 

World Bank Conference on Development Economics 1996, M. Bruno and B. 

Pleskovic (eds.), World Bank, 1997, pp. 11-23. 

“The Role of Government in the Economies of Developing Countries,” Development 

Strategy and the Management of the Market Economy, E. Malinvaud and A.K. 

Sen (eds.), Oxford: Clarendon Press, 1997, pp. 61-109. 

“The State and Development: Some New Thinking,” Report: International Roundtable: 

“The Capable State,” World Bank and German Foundation for International 

Development. Berlin, October 8. (Transcript available at

<http://www.worldbank.org/html/extdr/extme/jssp100897.htm>) 

1998 

“An Agenda for Development in the Twenty-First Century,” Annual World Bank 

Conference on Development Economics 1997, J.E. Stiglitz and B. Pleskovic 

(eds.), World Bank, 1998, pp. 17-31. 

“Building Robust Financial Systems,” Central Bank of Barbados Economic Review, 

25(1), June 1998, pp. 49-56. 

“Central Banking in a Democratic Society,” De Economist (Netherlands), 146(2), 1998, 

pp. 199-226. (Originally presented as 1997 Tinbergen Lecture, Amsterdam, 

October).

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“Development Based on Participation – A Strategy for Transforming Societies,” 

Transition, 9(6), World Bank and Davidson Institute, December 1998, pp. 1-3. 

“Economic Consequences of Income Inequality,” with Jason Furman, Symposium 

Proceedings – Income Inequality: Issues and Policy Options, Jackson Hole, 

Wyoming: Federal Reserve Bank of Kansas City, 1998, pp. 221-263. 

“Economic Crises: Evidence and Insights from East Asia,” with Jason Furman, 

Brookings Papers on Economic Activity, 1998(2), pp. 1-114. (Presented at 

Brookings Panel on Economic Activity, Washington, September 3, 1998.) 

“Evaluation as an incentive instrument,” Evaluation & Development: The Institutional 

Dimension, Robert Picciotto and Eduardo Wiesner (eds.), Transaction Publishers, 

1998, pp. 287-290. 

“Financial Restraint and the Market Enhancing View,” with T. Hellmann and K. 

Murdock, The Institutional Foundations of East Asian Economic Development, Y. 

Hayami and M. Aoki (eds.), London: MacMillan, 1998, pp. 255-284. 

“Foreword,” Assessing Aid: What Works, What Doesn’t, and Why, World Bank Policy 

Research Report, New York: Oxford University Press, 1998, pp. ix-x.

“IFIs and the Provision of International Public Goods,” Cahiers Papers, 3(2), European 

Investment Bank, 1998, pp. 116-134. 

“Inequality and Growth: Implications for Public Finance and Lessons from Experience in 

the US,” Beyond Tradeoffs: Market Reform and Equitable Growth in Latin 

America,” N. Birdsall, C. Graham, R.H. Sabot (ed.), Inter-American Development 

Bank, 1998, pp. 305-319. 

“International Development: Is it Possible?,” with Lyn Squire, Foreign Policy, 110, 

Spring 1998, pp. 138-151. 

“Introduction,” with Boris Pleskovic, Annual World Bank Conference on Development 

Economics 1997, Pleskovic and Stiglitz (eds.), World Bank, Washington, D.C., 

1998, pp. 1-7. 

“Knowledge for Development: Economic Science, Economic Policy, and Economic 

Advice,” Annual World Bank Conference on Development Economics, B. 

Pleskovic and J. Stiglitz (eds.), Washington: World Bank, 1998, pp. 9-58. 

“The Private Uses of Public Interests: Incentives and Institutions,” Journal of Economic 

Perspectives, 12(2), Spring 1998, pp. 3-22. (Originally presented as Society of 

Government Economists Distinguished Lecture on Economics in Government, 

ASSA meetings, January 4, 1998.) 

“The Role of Government in the Contemporary World,” Income Distribution and HighQuality Growth, Vito Tanzi and Ke-young Chu (eds.), Cambridge, MA: MIT 

Press, pp. 21-53. Also Background Paper No. 5 of the 3rd Meeting High Level 

Group on Development Strategy and Management of the Market Economy, 

UNU/WIDER, Helsinki, Finland, July 8-10. 

“Road to Recovery: Restoring Growth in the Region Could Be a Long and Difficult 

Process,” Asiaweek 24(8), July 17, 1998, pp. 66-67. 

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“Towards a New Paradigm for Development: Strategies, Policies and Processes,” 9th Raul 

Prebisch Lecture delivered at the Palais des Nations, Geneva, October 19, 1998, 

UNCTAD. Chapter 2 in The Rebel Within, Ha-Joon Chang (ed.), London: 

Wimbledon Publishing Company, 2001, pp. 57-93. 

1999 

“Aid Effectiveness and Development Partnership,” Donor Coordination and the 

Effectiveness of Development Assistance, UNU Public Lectures, November 1999, 

pp. 17-30. 

“Beggar-Thyself vs. Beggar-Thy-Neighbor Policies: The Dangers of Intellectual 

Incoherence in Addressing the Global Financial Crisis,” Southern Economic 

Journal, 66(1), July 1999, pp. 1-38. (Paper presented to the Annual Meetings of 

the Southern Economics Association, Baltimore, November 8, 1998.) 

"Duality and Development: Some Reflections on Economic Policy," G.R. Saxonhouse 

and T.N. Srinivasan (eds.), Development, Duality, and the International 

Economic Regime: Essays in Honor of Gustav Ranis, Ann Arbor: University of 

Michigan Press, pp. 55-84. 

“Dumping on Free Trade: The U.S. Import Trade Laws,” New World Order Series, 

15(part II), Sir Hans Singer, Neelambar Hatti, and Rameshwar Tandon(eds.), 

B.R. Publishing Corporation, 1999, pp.711-748. 

“Economia y gobierno: los usos privados de los intereses publicos, incentivos e 

instituciones,” Planeacion & Desarrollo, vol.XXX, No. 1, enero – marzo 1999, 

pp. 127-156. 

“Foreword,” The Economics of Saving & Growth: Theory, Evidence, and Implications for 

Policy, Klaus Schmidt-Hebbel and Luis Servén (eds.), Cambridge University 

Press, 1999. 

“The Future of the International Financial Architecture,” World Economic Affairs, 2(3), 

Winter 1999, pp. 35-38. 

“Interest Rates, Risk, and Imperfect Markets: Puzzles and Policies,” Oxford Review of 

Economic Policy 15(2), 1999, pp. 59-76. 

“Introduction,” Economic Notes, 28(3), November 1999, pp. 249-254. 

“Introduction,” with Boris Pleskovic, Annual World Bank Conference on Development 

Economics 1998, Boris Pleskovic and Joseph E. Stiglitz (eds.), World Bank, 

Washington, D.C., 1999, pp. 1-8. 

“Knowledge as a Global Public Good,” Global Public Goods: International Cooperation 

in the 21st Century, Inge Kaul, Isabelle Grunberg, Marc A. Stern (eds.), United

Nations Development Programme, New York: Oxford University Press, 1999, 

pp. 308-325. Also published in International Intellectual Property in an 

Integrated World Economy, F. Abbot, T. Cottier, and F. Gurry, eds., Aspen 

Publishers, 2007. 

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 “Lessons from East Asia,” Journal of Policy Modeling, 21(3), May 1999, pp. 311-330. 

(Paper presented at the American Economic Association Annual Meetings, New 

York, January 4, 1999.) 

“More Instruments and Broader Goals: Moving Toward the Post-Washington 

Consensus,” Development Issues in the 21st Century, G. Kochendorfer-Lucius and 

B. Pleskovic (eds.), Berlin: German Foundation for International Development, 

1999, pp. 11-39. Also Chapter 1 in The Rebel Within, Ha-Joon Chang (ed.), 

London: Wimbledon Publishing Company, 2001, pp. 17-56. (Originally presented 

as the 1998 WIDER Annual Lecture, Helsinki, January 1998; also keynote 

address at Villa Borsig Winter Workshop, February 1998.) 

“Must Financial Crises Be This Frequent and This Painful?” Policy Options (Canada), 

20(5), June, pp. 23-32. (Paper originally given on September 23, 1998 as 

University of Pittsburgh McKay Lecture). 

“New Perspectives on the Role of the State,” Akademische Reden und Kolloquien 

(Academic Lectures and Colloquia), 18, University of Erlangen-Nuernberg, 1999. 

(Paper initially presented as Recktenwald Prize Acceptance Speech, February 3, 

1998) 

“The Procyclical Role of Rating Agencies: Evidence from the East Asian Crisis,” with G. 

Ferri and L.-G. Liu, Economic Notes, 28(3), 1999, pp. 335-355. 

“Public-Private Technology Partnerships: Promises and Pitfalls,” with Scott J. Wallsten, 

American Behavioral Scientist, 43(1), September 1999, pp. 52-74. Also published 

in Public-Private Policy Partnerships, P. Rosenau (ed.), Cambridge, MA: MIT 

Press, 2000, pp. 37-59. 

“The Reasons Behind the Crash,” Etruria Oggi, 17(50), June 1999, pp. 28-31. 

“Reforming the Global Economic Architecture: Lessons from Recent Crises.” The 

Journal of Finance 54 (4), August 1999, pp. 1508-1521. 

“Responding to Economic Crises: Policy Alternatives for Equitable Recovery and 

Development,” The Manchester School, 67(5), Special Issue 1999, pp. 409-427. 

(Paper presented to North-South Institute, Ottawa, Canada, September 29, 1998.) 

“The Role of Participation in Development,” Development Outreach, 1(1), Summer 

1999, pp. 10-13. (Excerpted from presentation delivered at the Conference on 

Democracy, Market Economy and Development in Seoul, South Korea, February 

1999.) 

 “Taxation, Public Policy and The Dynamics of Unemployment,” International Tax and 

Public Finance, 6, pp. 239-262. (Paper presented to the Institute of International 

Finance, Cordoba, Argentina, August 24, 1998.) 

“Toward a General Theory of Wage and Price Rigidities and Economic Fluctuations,” 

American Economic Review, 89(2), May 1999, pp. 75-80. Reprinted in Market 

Failure or Success – The New Debate, Cowen, T. and E. Crampton (eds.), 

Edward Elgar, 2002, pp. 31-40. 

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“Trade and the Developing World: A New Agenda,” Current History, 98(631), 

November 1999, pp. 387-393. 

“The World Bank and the Overseas Economic Cooperation Fund in the New 

Millennium,” Journal of Development Assistance, 5(1), pp. 11-17. 

“The World Bank at the Millennium,” Economic Journal, 109(454), pp. F577-F597. 

“The WTO Millennium Round,” Social Development Review, 3(4), December 1999, 

pp. 6-9. 

2000 

“Addressing Developing Country Priorities and Needs in the Millennium Round,” 

Seattle, the WTO, and the Future of the Multilateral Trading System, R. Porter 

and P. Sauvé, eds., Cambridge: Harvard University Press, 2000, pp. 31-60 

“Capital Market Liberalization, Economic Growth, and Instability,” World Development, 

28(6), 2000, pp. 1075-1086. 

“Chinese Reforms from a Comparative Perspective,” with Athar Hussain and Nicholas 

Stern, Incentives, Organization, and Public Economics: Papers in Honour of Sir 

James Mirrlees, Peter J. Hammond and Gareth D. Myles (eds.), Oxford 

University Press, 2000, pp. 243-277. 

“Conclusions,” Economic Notes, 29(1), Special Issue, The East Asian Crisis: Lessons for 

Today and for Tomorrow, February 2000, pp. 145-151. 

“The Contributions of the Economics of Information to Twentieth Century Economics”, 

Quarterly Journal of Economics, 115(4), November 2000, pp. 1441-78. 

“Credit and Equity Rationing in Markets with Adverse Selection,” with T. Hellmann, 

European Economic Review, 44(2), February 2000, pp. 281-304. Earlier, longer 

version in “A Unifying Theory of Credit and Equity Rationing in Markets with 

Adverse Selection,” Stanford Graduate School of Business Research Paper 1356, 

October 1995. Reprinted in The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 178-188. 

“Democratic Development as the Fruits of Labor,” Chapter 9 in The Rebel Within, HaJoon Chang (ed.), London: Wimbledon Publishing Company, 2001, pp. 279-315. 

(Originally Keynote Address at the Industrial Relations Research Association, 

Boston, January 2000.) Shortened version available in Perspectives on Work, 

4(1), 2000, pp. 31-38. 

“Development Issues: Settled and Open,” with Shahid Yusuf, Frontiers of Development 

Economics: The Future in Perspective, G. Meier and J. Stiglitz (eds.), Oxford: 

Oxford University Press, 2000, pp. 227-268. 

“Formal and Informal Institutions,” Social Capital: A Multifaceted Perspective, P. 

Dasgupta and I. Serageldin (eds.), Washington: World Bank, 2000, pp. 59-68. 

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“Introduction” and “Conclusions,” with H. de Largentaye, P. Muet, and J. Rischard, 

Governance, Equity and Global Markets: Proceedings from the Annual Bank 

Conference on Development Economics in Europe, June 1999, Conseil d’Analyse 

economique, Paris, 2000, pp. 9-18 and 237-238. Printed in French in Revue 

d'Economie du Developpement, 0(1-2), June 2000. 

“Introduction,” with Boris Pleskovic, Annual World Bank Conference on Development 

Economics 1999, Boris Pleskovic and Joseph E. Stiglitz (eds.), World Bank, 

Washington, D.C., 2000, pp. 1-13. 

“Introduction,” The World Bank: Structure and Policies, Christopher L. Gilbert and 

David Vines, (eds.), Cambridge University Press, Cambridge, 2000, pp. 1-9. 

“Lessons from the Global Financial Crisis,” Global Financial Crises: Lessons from 

Recent Events, Joseph R. Bisignano, William C. Hunter, George G. Kaufman 

(eds.), Boston: Kluwer Academic Publishers, 2000, pp. 89-109. (Originally 

presented at the Conference on Global Financial Crises, Bank for International 

Settlements and Federal Reserve Bank of Chicago, May 6, 1999.) 

“Liberalization, Moral Hazard in Banking and Prudential Regulation: Are Capital 

Requirements Enough?” with T. Hellmann and K. Murdock, American Economic 

Review, 90(1), March 2000, pp. 147-165. Also published in Industrial 

Organization and Regulation, 3(17), August 2000; and in Banking and Financial 

Institutions, 5(8), June 2000. 

“Mi aprendizaje de la crisi economica mundial,” Nueva Sociedad, 168, pp.106-115. 

“New Bridges Across the Chasm: Macro- and Micro-Strategies for Russia and other 

Transitional Economies,” with David Ellerman, Zagreb International Review of 

Economics and Business, 3(1), 2000, pp. 41-72. 

“O Que Eu Aprendi com a Crise Mundial,” Revista de Economia Politica/Brazilian 

Journal of Political Economy, 20(3), July-September 2000, pp.169-74. 

“Preface” with Gerald M. Meier, Frontiers of Development Economics: The Future in 

Perspective, G. Meiter and J. Stiglitz (eds.), Oxford: Oxford University Press, 

2000, pp. ix-x.

“Quis custodiet ipsos custodes? Corporate Governance Failures in the Transition,” 

Governance, Equity and Global Markets, Proceedings from the Annual Bank 

Conference on Development Economics in Europe, June 1999, Pierre-Alain Muet 

and J.E. Stiglitz (eds.), Conseil d’Analyse economique, Paris, 2000, pp. 51-84. 

Also published in Challenge, 42(6), November/December 1999, pp. 26-67. 

(Originally presented as keynote address at the Annual Bank Conference on 

Development Economics in Europe, Paris, June 23, 1999.) French version “Quis 

custodiet ipsos custodes? Les defaillances du gouvernement d'entreprise dans la 

transition”, Revue d'Economie du Developpement, 0(1-2), June 2000, pp. 33-70. 

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“Reflections on Mobility and Social Justice, Economic Efficiency, and Individual 

Responsibility,” New Markets, New Opportunities? Economic and Social Mobility 

in a Changing World, Nancy Birdsall and Carol Graham (eds.), Washington D.C.: 

Brookings Institution Press, 2000, pp. 36-65. (Paper prepared for presentation at 

MacArthur Research Network meeting, Bellagio, Italy, May 6, 1998.) 

“Reflections on the Theory and Practice of Reform,” Economic Policy Reform: The 

Second Stage, Anne Krueger (ed.), University of Chicago Press, 2000, pp. 551-

584. 

“Scan Globally, Reinvent Locally: Knowledge Infrastructure and the Localization of 

Knowledge,” Banking on Knowledge: the Genesis of the Global Development 

Network, Diane Stone (ed.), Routledge, 2000, pp. 24-43. Also Chapter 6 in The 

Rebel Within, Ha-Joon Chang (ed.), London: Wimbledon Publishing Company, 

2001, pp. 194-219. (Originally Keynote Address to the First Global Development 

Network Conference, Bonn, December 1999.) 

“Some Elementary Principles of Bankruptcy,” Governance, Equity and Global Markets: 

Proceedings from the Annual Bank Conference on Development Economics in 

Europe, June 1999, Conseil d’Analyse economique, Paris, 2000, pp. 605-620. 

“Two Principles for the Next Round or, How to Bring Developing Countries in from the 

Cold,” World Economy, 23(4), pp. 437-54. 

“The Underpinnings of a Stable and Equitable Global Financial System: From Old 

Debates to New Paradigm,” with Amar Bhattacharya, Annual World Bank 

Conference on Development Economics 1999, B. Pleskovic and J.E. Stiglitz 

(eds.), Washington: World Bank, 2000, pp. 91-130. (Paper presented to the 

Annual World Bank Conference on Development Economics, April 28-30, 1999.)

“Whither Reform? Ten Years of Transition,” Annual World Bank Conference on 

Economic Development, B. Pleskovic and J.E. Stiglitz (eds.), Washington: World 

Bank, 2000, pp. 27-56. Also Chapter 4 in The Rebel Within, Ha-Joon Chang (ed.), 

London: Wimbledon Publishing Company, 2001, pp. 127-171. Summary in 

Transition Economics, 3(12), June 1999. (Originally presented on April 30, 

1999.) 

2001 

“Bankruptcy Laws: Basic Economic Principles,” Resolution of Financial Distress: An 

International Perspective on the Design of Bankruptcy Laws, S. Claessens, S. 

Djankov, and A. Mody, eds., Washington, DC: World Bank, pp. 1-23. 

“A Comparison of Economic Transition among China and Other Countries,” Economics 

Information, 5, May, 2001, pp. 43-46 (in Chinese). 

“Challenges in the Analysis of the Role of Institutions in Economic Development,” Villa 

Borsig Workshop Series 2000: The Institutional Foundations of a Market 

Economy, Gudrun Kochendorfer-Lucius and Boris Pleskovic (eds.), German 

Foundation for (DSE), 2001, pp. 15-28. 

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“Crisis y Restructuración Financiera: el Papel de la Banca Central,” Cuestiones 

Económicas, 17(2), 2001, pp. 3-24. 

“Development Theory at a Crossroads,” Proceedings from the Annual Bank Conference 

on Development Economics in Europe, June 2000, Jean-Francois Rischard, et al. 

(eds.), Conseil d’Analyse Economique, 2001, pp. 65-74. 

“Development Thinking at the Millennium,” Proceedings from the Annual Bank 

Conference on Development Economics 2000, Washington: World Bank, 2001, 

pp. 13-38. (Paper presented to the Annual World Bank Conference on 

Development Economics, Paris, June 26, 2000.) 

“Failure of the Fund: Rethinking the IMF Response”, Harvard International Review, 

23(2), Summer 2001, pp. 14-18. 

“Foreword,” The Great Transformation: The Political and Economic Origins of Our 

Time,” by Karl Polanyi, Boston: Beacon Press, 2001, pp. vii-xvii.

“From Miracle to Crisis to Recovery: Lessons from Four Decades of East Asian 

Experience,” Rethinking the East Asian Miracle, J. Stiglitz and S. Yusuf (eds.), 

Oxford: Oxford University Press, 2001, pp. 509-526. 

“Etica, politica economica e paesi in via di sviluppo,” Rivista Internazionale di Scienzea 

Sociali, CIX (4), 2001, pp. 391-407. (Also published in “Globalizzazione: nuove 

ricchezze e nuove poverta,” Vita e Pensiero, Milano 2001.) 

“Introduction,” with Robert Holzmann, New Ideas about Old Age Security, Robert 

Holzmann and Joseph E. Stiglitz (eds.). Washington: World Bank, 2001, pp. 1-16. 

(Presented at the conference on “New Ideas About Old Age Security,” World

Bank, Washington, DC, September 14-15, 1999.) 

“Mexico—Five Years After the Crisis,” with D. Lederman, A. Menendez, and G. Perry, 

Annual Bank Conference on Development Economics 2000, Washington: World 

Bank, 2001, pp. 263-282. 

“Modern Economic Theory and Development” with Karla Hoff, Frontiers of 

Development Economics: The Future in Perspective, G. Meier and J. Stiglitz 

(eds.), Oxford: Oxford University Press, 2001, pp. 389-459. 

“Not Poles Apart: ‘Whither Reform?’ and ‘Whence Reform?’,” with David Ellerman, 

The Journal of Policy Reform, 4(4), 2001, pp. 325-338. 

“On Liberty, the Right to Know and Public Discourse: The Role of Transparency in 

Public Life,” Chapter 8 in The Rebel Within, Ha-Joon Chang (ed.), London: 

Wimbledon Publishing Company, 2001, pp. 250-278. Also published in 

Globalizing Rights, Matthew Gibney (ed.), Oxford: Oxford University Press, 

2003, pp. 115-156. (Originally presented as 1999 Oxford Amnesty Lecture, 

Oxford, January 1999.) 

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“Participation and Development: Perspectives from the Comprehensive Development 

Paradigm,” Democracy, Market Economics & Development: An Asian 

Perspective, Farrukh Iqbal and Jong-Il You (eds.), World Bank, 2001, pp. 49-72. 

Also Chapter 7 in The Rebel Within, Ha-Joon Chang (ed.), London: Wimbledon 

Publishing Company, 2001, pp. 220-249. 

“Preface,” The New Russia: Transition Gone Awry, L. Klein and M. Pomer (eds.), 

Stanford, CA: Stanford University Press, 2001, pp. xvii-xxiii.

“Principles of Financial Regulation: A Dynamic Approach,” The World Bank Observer, 

16(1), Spring 2001, pp. 1-18. Also Institute for Policy Reform Working Paper 

IPR 56, 1992. 

“Redefining the Role of the State,” Chapter 2 in The Rebel Within, Ha-Joon Chang (ed.), 

London: Wimbledon Publishing Company, 2001, pp. 94-126. (Originally 

presented on the Tenth Anniversary of MITI Research Institute Tokyo, Japan, 

March 17, 1998.) 

 “Rethinking Pension Reform: Ten Myths About Social Security Systems” with Peter 

Orszag, New Ideas About Old Age Security, R. Holman and J. Stiglitz (eds.), 

Washington: World Bank, 2001, pp. 17-56. Also in Italital in Il Pilastro Debole, 

1/2000, pp. 13-62. (Presented at the conference on “New Ideas About Old Age 

Security,” World Bank, Washington, DC, September 14-15, 1999.) 

“Robust Financial Restraint,” with P. Honohan, Financial Liberalization: How Far, How 

Fast? G. Caprio, P. Honohan and J. Stiglitz (eds.), Cambridge, UK: Cambridge 

University Press, 2001, pp. 31-63. 

“The Role of International Financial Institutions in the Current Global Economy,” 

Chapter 5 in The Rebel Within, Ha-Joon Chang (ed.), London: Wimbledon 

Publishing Company, 2001, pp. 172-193. (Originally Address to the Chicago 

Council on Foreign Relations, Chicago, February 27, 1998.) 

“Shaken and Stirred: Explaining Growth Volatility,” with William Easterly and Roumeen

Islam, Annual Bank Conference on Development Economics 2000, Washington: 

World Bank, 2001, pp. 191-212. 

“Shaken and Stirred: Volatility and Macroeconomic Paradigms for Rich and Poor 

Countries,” with William Easterly and Roumeen Islam, Advances in 

Macroeconomic Theory, Jacques Dreze(ed.), IEA Conference Volume, 133, 

Houndsmill: Palgrave, 2001, pp. 353-372. (Speech given for Michael Bruno 

Memorial Lecture, 12th World Congress of IEA, Buenos Aires, August 27, 1999.) 

2002 

“Capital Market Liberalization and Exchange Rate Regimes: Risk without Reward,” The 

Annals of the American Academy of Political and Social Science, 579, Jan. 2002, 

pp. 219-248. 

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“Competition and Competitiveness in a New Economy,” Competition and 

Competitiveness in a New Economy, Heinz Handler and Christina Burger (eds.), 

Vienna: Austrian Federal Ministry for Economic Affairs and Labour, 2002, 

pp. 11-22. 

“Employment, Social Justice, and Societal Well-Being,” International Labour Review, 

141(1-2), 2002, pp. 9-29. Also published in Revista Internacional del Trabajo, 

121 (1-2), 2002, pp. 9-31, and Revue Internationale du Travail, 141(1-2), 2002, 

pp. 9-31,. 

“Financial Market Stability and Monetary Policy,” Pacific Economic Review, 7(1), 

February 2002, pp. 13-30 (Keynote speech at the HKEA First Biennial 

Conference, Hong Kong, 2000). Reprinted as “Financial Market Stability, 

Monetary Policy, and the IMF,” Exchange Rate Regimes and Macroeconomic 

Stability, Lok-Sang Ho and Chi-Wa Yuen, eds., Norwell, MA: Kluwer Academic 

Publishers, 2003, pp. 33-54. 

“Franchise Value and the Dynamics of Financial Liberalization,” with Thomas Hellmann 

and Kevin Murdock, Designing Financial Systems in Transition Economies; 

Strategies for Reform in Central and Eastern Europe, Anna Meyendorff and 

Anjan Thakor (eds.), MIT Press, 2002, pp. 111-127. 

“Globalization and the Logic of International Collective Action: Re-Examining the 

Bretton Woods Institutions,” Governing Globalization: Issues and Institutions, 

Deepak Nayyar (ed.), UNU/WIDER, New York: Oxford University Press, 2002, 

pp. 238-253. 

“Information and the Change in the Paradigm in Economics,” Les Prix Nobel; The Nobel 

Prizes 2001, Tore Frangsmyr (ed.), The Nobel Foundation, 2002, pp. 472-540. 

Also published in Revista Asturiana De Economia, 25, December, 2002, pp.95-

164 and Nobel Lectures: Economic Sciences, 2001-2005, P. Englund, ed., World 

Scientific: Singapore, 2008, pp. 126-194. Reprinted in Selected Works of Joseph 

E. Stiglitz, Volume I: Information and Economic Analysis, Oxford: Oxford 

University Press, 2009, pp. 53-98 

“Information and the Change in the Paradigm in Economics,” abbreviated version of 

Nobel lecture, American Economic Review, 92(3), June 2002, pp. 460-501. 

“Keynesian Economics and Critique of First Fundamental Theorem of Welfare 

Economics,” Market Failure or Success – The New Debate, Cowen, T. and E. 

Crampton (eds.), Edward Elgar, 2002, pp. 41-65. 

“The Lessons of Argentina for Development in Latin America,” Argentina in Collapse? 

The Americas Debate, Michael Cohen and Margarita Gutman (eds.), The New 

School, 2002, pp. 151-167. (Also published in Spanish in ¿Argentina en Colapso? 

América Debate, Buenos Aires: Instituto Internacional de Medio Ambiente y 

Desarrollo, IIED-AL, 2002.) 

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“Mejorando la eficiencia y la capacidad de respuesta del sector público: lecciones de la 

experiencia reciente,” Revista del CLAD: Reforma y Democracia, No. 22, 

February 2002, pp. 7-68 (Speech given at the VI International Congress of 

CLAD, Buenos Aires, Argentina, November 2001). 

“Minimum Wage Laws and Unemployment Benefits, When Labor Supply is a 

Household Decision,” with K. Basu and Garance Genicot, Markets and 

Governments, K. Basu, P. Nayak, and R. B. Ray (eds.), in Oxford University 

Press, pp.38-59. 

“New Perspectives on Public Finance: Recent Achievements and Future Challenges,” 

Journal of Public Economics, 86, 2002, pp. 341-360. 

“New Perspectives on the role of the state,” Editing Economics; Essays in honour of 

Mark Perlman, H. Lim, Ungsuh K. Park and G.C. Harcourt (eds.), RoutledgeTaylor & Francis Group, 2002, p. 216-227. 

“Nobel Memoirs,” Les Prix Nobel; The Nobel Prizes 2001, Tore Frangsmyr (ed.), The 

Nobel Foundation, 2002, pp. 447-471. 

“On Liberty, the Right to Know and Public Discourse: the Role of Transparency in 

Public Life,” Global Law Review, 24, Autumn 2002, pp. 263-273. 

“Politicas de desenvolvimento no mundo da globalizacao,” BNDES Desenvolvimento Em 

Debate: Novos Rumos do Desenvolvimento no Mundo, Ana Celia Castro (ed.), 

Rio de Janeiro: Mauad: BNDES, 2002, pp. 333-365. (Paper presented at the 

seminar “New International Trends for Economic Development” on the occasion 

of the fiftieth anniversary of the Brazilian Economic and Social Development 

Bank, Rio de Janeiro, September 12-13, 2002.) 

“Spotlight on Latin America,” The Bretton Woods Committee Critical Issues Forum, 

Dec. 2002, pp. 4-5. 

 “Transparency in Government,” The Right to Tell: The Role of Mass Media in Economic 

Development, R. Islam, ed., WBI Development Studies, Washington, D.C.: World 

Bank Institute, 2002, pp. 27-44. 

“WTO Accession: Opportunities and Challenges for China,” New Economy & Asia: 

Proceeding of International Think Tank Forum 2001, Li Luoli (ed.), Scientific 

and Cultural Publishing Co. H.K., 2002, pp. 267-281. 

2003 

“Challenging the Washington Consensus,” Feature Interview in The Brown Journal of 

World Affairs, 9(2), Winter/Spring 2003, pp.33-40. 

“Colombia: Políticas para un crecimiento sostenible y equitativo,” Hacia Una Economía 

Sostenible: Conflicto y Posconflicto en Colombia, Fundación Agenda Colombia 

(ed.), 2003, pp. 65-86 (Presented at the Conferencia Internacional Bogotá, March 

6-7, 2003). 

“Dealing with Debt: How to Reform the Global Financial System,” Harvard 

International Review,25(1), Spring 2003,pp.54-59. 

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“Democratizing the International Monetary Fund and the World Bank: Governance and 

Accountability,” Governance, 16(1), January 2003, pp.111-139. 

“El desarrollo no sólo es crecimiento del PIB,” Papeles: De Cuestiones Internacionales, 

81, Spring 2003, pp. 11-26 (Text of speech given at the Corporación Financiera 

Nacional de Ecuador, 2001). 

“El desarrollo económico en el nuevo milenio: visiones y estrategias,” Documentos 1, 

Consejo de Economía Nacional, 2003, pp. 26-64. Abridged version published in 

Revista BCV, 17(2), July-December 2003, pp. 155-157. (Speech given at the 

Consejo de Economía Nacional, Caracas, Venezuela, 2002). 

“Edmund S. Phelps and Modern Macroeconomics,” with Philippe Aghion, Roman 

Frydman, and Michael Woodford, Knowledge, Information, and Expectations in 

Modern Macroeconomics: In Honor of Edmund S. Phelps, Philippe Aghion, 

Roman Frydman, Joseph Stiglitz, and Michael Woodford (eds.), Princeton 

University Press, 2003, pp. 3-22 

“Ética, asesoría económica y política económica,” Revista Venezolana de Gerencia, 

Venezuela Universidad del Zulia, No. 21, pp.129-158, enero-marzo 2003 

(presented a conference held by the InterAmerican Development Bank, 

Washington DC, 2000.) 

“Ethics, Market and Government Failure, and Globalisation,” The Governance of 

Globalisation: the Proceedings of the Ninth Plenary Session of the Pontifical 

Academy of Social Sciences, E. Malinvaud and L. Sabourin, eds. The Pontifical 

Academy of Social Sciences: Vatican City, 2004, pp. 261-279. (presented to the 

Ninth Plenary Session, Casina Pio IV, 2-6 May, 2003). 

 “The Eighth Risk Lecture, 1996: Competition and Insurance,” with Michael Rothchild, 

Ventures in Insurance Economics and Strategy- 30 Years- The Geneva 

Association, Patrick M. Liedtke (ed.), Blackwell Publishing Ltd, 2003, pp.321-

349. 

“Foreword,” Caspian Oil Windfalls: Who Will Benefit? by Svetlana Tsalik, New York: 

Open Society Institute, pp. xi-xii.

“Globalization and Development,” Taming Globalization: Frontiers of Governance, 

David Held and Mathias Koenig-Archibugi (eds.), Cambridge: Polity Press, 2003, 

pp. 47-67. (Presented as part of the Miliband Lecture Series at the London School 

of Economics, January 29, 2002). 

“Globalization and Growth in Emerging Markets and the New Economy,” Journal of 

Policy Modeling, 25(5), July 2003, pp. 505-524. 

“Globalization and the Economic Role of the State in the New Millennium,” Industrial 

and Corporate Change, 12(1), 2003, pp.3-26. ( Originally presented as a lecture 

in Rome, January 2001.) 

“Globalization, Technology, and Asian Development,” Asian Development Review, 

20(2), 2003, pp. 1- 

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18 (Paper delivered in the Asian Development Bank Distinguished Speakers 

Program, Manila, April 2003. 

“Inflation Paranoia,” Realworld Economic Outlook the Legacy of Globalization: Debt 

and Deflation, Ann Pettifor (ed.), Palgrave Macmillan, 2003, pp.42-44. 

“Information and the Change in the Paradigm in Economics, Part One,” The American 

Economist, Volume 47, 2003, pp. 6-26. 

“Japan’s Economic Malaise: Causes, Cures & Lessons for the Rest of the World,” 

Columbia Business School Distinguished Lecture Series, Special Report, March 

26, 2003 

 “Macroeconomic Fluctuations in an Economy of Phelps-Winter Markets,” with Bruce 

Greenwald, Knowledge, Information, and Expectations in Modern 

Macroeconomics: In Honor of Edmund S. Phelps, Philippe Aghion, Roman 

Frydman, Joseph Stiglitz, and Michael Woodford (eds.), Princeton University 

Press, 2003, pp.123-136 

“Making Corporations Responsible,” The Responsive Community,14(1), Winter 

2003/2004, pp.4-6. 

“Mexican Investment After the Tequila Crisis: Basic Economics, ‘Confidence’ Effect or

Market Imperfection?” with Daniel Lederman, Ana María Menéndez, and 

Guillermo Perry, Journal of International Money and Finance, 22(2003), pp. 131-

151. 

“My Book and Its Discontents,” Aspenia International: Is the West Still the West, 9(19-

20), 2003, pp.9-25. Also in Italian under “Tutti gli Errori del Fondo Monetario 

Internazionale,” Aspenia: Il Prezo dell’Impero, 9(20), 2003, pp. 10-28. 

 “On Liberty, the Right to Know, and Public Discourse: The Role of Transparency in 

Public Life,” Globalizing Rights: The Oxford Amnesty Lectures 1999, Mathew J. 

Gibney (ed.), Oxford University Press, 2003, pp.115-156. 

“El rumbo de las reformas. Hacia una nueva agenda para América Latina,” Revista de la 

CEPAL, No. 80, August 2003, pp. 7-40. 

 “Rumors of War,” The Iraq War and Its Consequences: Thoughts of Nobel Peace 

Laureates and Eminent Scholars, Irwin Abrams and Wang Gungwu, eds., 

Singapore: World Scientific Publishing, 2003, pp. 171-173. 

“Slicing and Dicing,” Realworld Economic Outlook the Legacy of Globalization: Debt 

and Deflation, Ann Pettifor (ed.), PALGRAVE MACMILLAN, 2003, pp.45-49. 

“Sustainable Development and Neo-Liberalism,” Bangladesh Economic Association, 

August 14, 2003, pg 21-50. 

“Towards a New Paradigm of Development,” Making Globalization Good: The Moral 

Challenges of Global Capitalism, John H. Dunning (ed.), Oxford: Oxford 

University Press, 2003, pp. 76-107. 

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“La Transicion de Una Economia Regulada a una Economia de Mercado,” Revistade 

Ciencias Empresariales y Economia, 2(2), 2003, pp. 18-32 (Speech at the Central 

Bank of Uruguay, November 2001). 

“Whither Reform? Towards a New Agenda for Latin America,” CEPAL Review, No. 80, 

August 2003, pp. 7-38.

2004 

“After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist 

Societies,” with Karla Hoff, American Economic Review, 94(3), June 2004, pp. 

753 - 763. 

“Banking Disintermediation and its Implication to Monetary Policy (Keynote Address),” 

Banking Disintermediation and its Implication to Monetary Policy: Theoretical 

Views and Countries’ Experiences, Charles Joseph (ed.), proceedings of an 

international seminar sponsored by the Bank Indonesia and Asian Development 

Bank, in Denpasar, Bali, December 2004, pp. 1-11. 

 “The Broken Promise of NAFTA,” Rotman, The Alumni Magazine of the Rotman School 

of Management, Spring/Summer 2004, pp. 32-35. 

“Capital-Market Liberalization, Globalization and the IMF,” Oxford Review of Economic 

Policy, Vol. 20, Issue 1, Spring 2004, pp.57-71. (Also published in Spanish as 

“Liberalización de los mercados de capitales, globalización y el FMI,” Desarrollo 

Económico – Revista de Ciencias Sociales, 45(177), April/June 2005, pp. 3- 23.) 

“Common Values for the Development Round,” with Andrew Charlton, World Trade 

Review, 3(3), 2004, pp. 495-506. 

“A Development Round of Trade Negotiations,” with Andrew Charlton, Annual World 

Bank Conference on Development Economics, B. Pleskovic, ed., Washington: 

World Bank, 2004. 

“The Doha Round of Trade Negotiations: An Agenda to Promote Development and 

Facilitate Adjustment,” with Andrew Charlton, Commonwealth Finance Ministers 

Reference Report 2004, pp. 174-183. 

“Evaluating Economic Change,” Dædalus, Summer 2004, pp.18-25. 

“Globalization and Growth in Emerging Markets,” Journal of Policy Modeling, 26, 2004, 

pp. 465-484. 

“Information and the Change in the Paradigm in Economics, Part Two” The American 

Economist, Vol. 48, Spring 2004, pp.17-50. 

“Multilateral Strategies to Promote Democracy,” with Thomas Carothers, John 

Cavanagh, Michael Doyle, Sakiko Fukuda-Parr, Andrew Kuper, Adam 

Przeworski, Mary Robinson, Carnegie Council on Ethics and International 

Affairs, First Report of the Empire and Democracy Project, 2004. 

“Reflections on the State of the Theory of Monopolistic Competition,” The Monopolistic 

Competition Revolution in Retrospect, Steven Brakman and Ben J. Hiejdra (eds.), 

Cambridge University Press, 2004, Chapter 6, pp. 134-148. 

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“The Transition Process in Post-Communist Societies: Towards a Political Economy of 

Property Rights,” with K. Hoff, Toward Pro-Poor Policies: Aid, Institutions and 

Globalization, B. Tungodden, N. Stern, and I. Kolstad (eds.), World Bank/Oxford 

University Press, 2004, pp. 231-245. Published in Chinese: Nanjing Business 

Review 4 (2005), pp. 22-37 and in French: Revue d’économie du développement, 

2003/2-3 (Vol. 17). 

“A Willing World Can End Child Poverty,” The State of the World’s Children 2005, 

United Nations Children’s Fund (UNICEF), 2004, pp. 96-97.

2005 

“On Selective Indirect Tax Reform in Developing Countries” with S. Emran, Journal of 

Public Economics, April 2005, Pages 599-623. 

“The CDFs Intellectual Structure,” Balancing the Development Agenda: The 

Transformation of the World Bank under James D. Wolfensohn, 1995-2005, Ruth 

Kagia, ed., Washington, DC: World Bank Press, 2005, pp. 150-151 

“A Development-friendly Prioritisation of Doha Round Proposals,” with Andrew H. 

Charlton, The World Economy, Volume 28, Issue 3, March 2005, pp. 293-312. 

Also Initiative for Policy Dialogue Working Paper Series, Task Force on Trade, 

May 18, 2004. 

 “Development Policies in a World of Globalization,” Putting Development First: The 

Importance of Policy Space in the WTO and International Financial Institutions, 

Kevin P. Gallagher (ed.), New York: St Martin’s Press, 2005, pp. 15-32.

“The Ethical Economist,” review of The Moral Consequences of Economic Growth by 

Benjamin M. Friedman, Foreign Affairs, 84(6), Nov/Dec 2005, pp. 128-134. 

“Finance for Development,” Development Dilemmas: The Methods and Political Ethics 

of Growth Policy edited by Melvin Ayogu and Don Ross, Great Britain, 

Routledge, Taylor & Francis Inc, 2005, pp. 15-29. 

“Foreword,” Paul Samuelson: On Being an Economist, Michael Szenberg, Aron A. 

Gottesman, Lall Ramrattan, eds., New York: Jorge Pinto Books, Inc., 2005, pp. 

ix-xiii.

“Freedom to Choose?” Human Rights and the Global Marketplace: Economic, Social, 

and Cultural Dimensions, Jeanne M. Woods and Hope Lewis, eds., Transnational 

Publishers: New York, 2005. 

“The Integration of Unemployment Insurance with Retirement Insurance,” with Jungyoll 

Yun, Journal of Public Economics, 89 (2005) pp. 2037-2067. (Revised from 

NBER Working Paper No. w9199). 

“More Instruments and Broader Goals: Moving toward the Post-Washington 

Consensus,” WIDER Perspectives on Global Development, United Nations 

University –World Institute for Development Economics Research (ed.), 

Houndmills: Palgrave MacMillan, 2005, pp.16-48 (From the 1998 WIDER 

Annual Lecture, January 1998.)

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“Making Natural Resources into a Blessing rather than a Curse,” Covering Oil: A 

Reporter’s Guide to Energy and Development, Svetlana Tsalik and Anya 

Schiffrin, eds., The Open Society Institute: New York, 2005, pp. 13-20. 

“The Overselling of Globalization,” Globalization: What’s New, edited by Michael M. 

Weinstein, Columbia University Press, 2005, pg 228-261. 

“The Process of European Integration and the Future of Europe”, Economic Analysis 

Division Occasional Paper No. 3, 2005 (Gunnar Myrdal Lecture, United Nations 

Publications, Palais des Nations, February 11, 2004) 

2006 

“Aid for Trade,” with Andrew Charlton, International Journal of Development Issues, 

5(2), pp. 1-41 (Reprint of paper prepared for Commonwealth Secretariat).

“Aid for Trade,” with Andrew Charlton, The Swiss Review of International Economic 

Relations, vol. 61(2), June 2006 (Abridged version of paper prepared for 

Commonwealth Secretariat).

“Business Fluctuations in a Credit-Network Economy,” with Domenico Delli Gatti, 

Mauro Gallegati, Bruce Greenwald, and Alberto Russo, Physica A, Vol. 370, pp. 

68-74. 

“China and the Global Economy: Challenges, Opportunities, Responsibilities,” China, 

Hong Kong and the World Economy, Lok Sang Ho and Robert Ash, eds., 

Hampshire, UK: Palgrave Macmillan, 2006, pp. 17-31. 

“Civil Strife and Economic and Social Policies,” The Economics of Peace and Security 

Journal, 1(1), 2006, pp. 6-9. 

“Development and Finance: Insights from the New Paradigm of Monetary Economics,” 

Economic Theory and Development Options: The Legacy of W. Arthur Lewis, 

edited by the Eastern Caribbean Central Bank, Kingston: Ian Randle Publishers, 

2006, pp. 191-209. (The Tenth Sir Arthur Lewis Memorial Lecture, Basseterre, 

St. Kitts and Nevis, November 1, 2005) 

“Encore: Iraq Hemorrhage,” with Linda Bilmes, Milken Institute Review, 4th Quarter, pp. 

76-83. 

“Federalism in Securities Regulation: An Economist’s Perspective,” University of San 

Francisco Law Review, Vol. 40, No. 4, Summer 2006. 

“Foreword,” Economic Development and Environmental Sustainability, R. López and M. 

Toman, eds., Oxford University Press: Oxford, 2006, pp. xv-xvii.

“Global Public Goods and Global Finance: Does Global Governance Ensure that the 

Global Public Interest is Served?” Advancing Public Goods, Jean-Philippe 

Touffut, ed., Edward Elgar Publishing, Great Britain, pp. 149-164. 

“Globalism’s Discontents,” Readings in Comparative Politics: Political Challenges and 

Changing Agendas, M. Kesselman and J. Krieger, eds., Houghton Mifflin: 

Boston, 2006, pp.140-151. (Reprinted with permission from The American 

Prospect, vol. 13, no. 1, January 2002.) 

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“Globalism’s Discontents,” The Politics of Globalization: A Reader, Mark Kesselman, 

ed., Houghton Mifflin: Boston, 2007, pp. 86-95. (Reprinted with permission from 

The American Prospect, vol. 13, no. 1, January 2002.) 

“Globalization and Its Discontents: The Promise of Global Institutions,” Beyond Borders: 

Thinking Critically About Global Issues, Paula S. Rothberg, ed., New York: 

Worth Publishers, pp.419-431. (Reprinted from Stiglitz, J.E., Globalization and 

Its Discontents, New York: W.W. Norton Company, 2002.) 

“Helping Infant Economies Grow: Foundations of Trade Policies for Developing 

Countries,” with B. Greenwald, American Economic Review: AEA Papers and 

Proceedings,Vol. 96, No. 2, May 2006, pp. 141-146. 

“Prologue,” The New Public Finance: Responding to Global Challenges, I. Kaul and P. 

Conceição, eds., Oxford: Oxford University Press, 2006, pp. xii-xv. 

“Samuelson and the Factor Bias of Technological Change,” Samuelsonian Economics 

and the Twenty-First Century, M. Szenberg et al, eds., Oxford University Press: 

New York, 2006, pp. 235-251. 

“Scrooge and Intellectual Property Rights,” British Medical Journal, 333, December 

2006, pp. 1279-1280. 

“Social Justice and Global Trade,” Far Eastern Economic Review, 169(2), March 2006, 

pp. 18-22. 

"What is the Appropriate Role of the Federal Government in the Private Markets for 

Credit and Insurance? What is the Outlook?" Federal Reserve Bank of St. Louis 

Review, July/August 2006, pp. 391-395. 

2007 

 “Credit Chains and Bankruptcy Propagation in Production Networks,” with S. Battiston, 

D. Delli Gatti, and B. Greenwald, Journal of Economic Dynamics and Control, 

Volume 31, Issue 6, June 2007, pp. 2061-2084. 

“Europa in der Pflicht,” Abendland Unter? Reden über Europa, Herausgegeben von 

Henning Schulte-Noelle and Michael M. Thoss, eds., Munich: Diederichs, 2007: 

pp. 80-89 

“Foreword,” The Right to Know: Transparency for an Open World, A. Florini, ed., 

Columbia University Press: New York, 2007. 

“Future Directions for the Management of Natural Resources,” with M. Humphreys and 

J. Sachs, Escaping the Resource Curse, M. Humphreys, J. Sachs, and J.E. Stiglitz, 

eds., New York: Columbia University Press, 2007, pp. 322-336. 

“The Global Economy (interview),” The Present as History: Critical Perspectives on 

Global Power, Nermeen Shaikh, ed., Columbia University Press: New York, 

2007, pp.54-67. 

“Growth, Initial Conditions, Law and Speed of Privatization in Transition Countries: 11 

Years Later,” with S. Godoy, Transition and Beyond, S. Estrin et al, eds., 

Palgrave Macmillian: Hampshire, England, 2007, pp. 89-117. 

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“International Justice and Aid. Do We Need some Scheme of Redistribution of Income at 

the World Level along the Lines of What Most Countries Have at the National 

Level?” Charity and Justice in the Relations Among Peoples and Nations, 

Proceedings of the 13th Plenary Session of the Pontifical Academy of Social 

Sciences, 27 April-1 May, 2007, Mary Ann Glendon, Juan José Llach, and 

Marcelo Sánchez Sorondo, eds., The Pontifical Academy of Social Sciences: 

Vatican City, 2007, pp. 221-230. 

“Introduction: What is the Problem with Natural Resource Wealth?” with M. Humphreys 

and J. Sachs, Escaping the Resource Curse, M. Humphreys, J. Sachs, and J.E. 

Stiglitz, eds., New York: Columbia University Press, 2007, pp. 1-20. 

“Le ‘Shadow G8’ 2007,” Revue de l’OFCE 102, Paris: Observatoire Français de 

Économiques, pp. 139-154. 

“What is the Role of the State?” Escaping the Resource Curse, M. Humphreys, J. Sachs, 

and J.E. Stiglitz, eds., New York: Columbia University Press, 2007, pp. 23-52.

2008 

“A New Agenda for Global Warming,” The Economists’ Voice: Top Economists Take on 

Today’s Problems, J.E. Stigliz, A. Edlin, and J.B. DeLong, eds., Columbia 

University Press: New York, pp. 22-27. 

“Aid for Trade,” Keynote Address, with Andrew Charlton, Annual World Bank 

Conference on Development Economics 2007, Rethinking Infrastructure for 

Development, F. Bourguignon and B. Pleskovic, eds., World Bank: Washington, 

DC, pp. 29-46. 

“The Asymmetric Effect of Diffusion Processes: Risk Sharing and Contagion,” with M. 

Gallegati, B. Greenwald, and M. Richiardi, Global Economy Journal, Vol. 8, 

Issue 3, Article 2. 

“Capital Flows, Financial Market Stability, and Monetary Policy,” Monetary Policy 

under Uncertainty, Proceedings of the 2007 Banco Central de la República 

Argentina Money and Banking Seminar, J. Carrera, ed., BCRA: Buenos Aires, 

2008, pp. 123-134. 

“Capital Market Liberalization, Globalization, and the IMF,” Capital Market 

Liberalization and Development, J.E. Stiglitz and J.A. Ocampo (eds.), New York: 

Oxford University Press, pp.76-100. 

“Capital Market Liberalization and Development,” with J.A. Ocampo and S. Spiegel, 

Capital Market Liberalization and Development, J.E. Stiglitz and J.A. Ocampo 

(eds.), New York: Oxford University Press, pp. 1-47. 

“China: Towards a New Model for Development,” China Economic Journal 1(1), pp. 33-

52. 

“Comment on ‘Social Capital and Personal Identity’ by Partha Dasgupta,” Pursuing the 

Common Good: How Solidarity and Subsidiarity Can Work Together, M. Archer 

and P. Donati, eds., Proceedings of the 14th Plenary Session of the Pontifical 

Academy of Social Sciences, held May 2-6, 2008, Vatican City. 

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“The Economic Foundations of Intellectual Property,” sixth annual Frey Lecture in 

Intellectual Property, Duke University, February 16, 2007, Duke Law Journal, 

Vol. 57, No. 6, April 2008, pp. 1693-1724. 

“Edmund Phelps: American Economic Association Luncheon Speech Honoring the 2006 

Nobel Laureate in Economics,” Capitalism and Society, 3(3), Article 4. 

“Exiting a Lawless State,” with Karla Hoff, Economic Journal, 118(531), pp. 1474-1497. 

An earlier version of this paper was entitled “The creation of the rule of law and 

the legitimacy of property rights: The political and economic consequences of a 

corrupt privatization” (NBER Working Paper 11772). 

 “Foreword,” Privatization: Success and Failures, G. Roland, ed., New York: Columbia 

University Press, 2008, pp. ix-xix.

“Fostering an Independent Media with a Diversity of Views,” Information and Public 

Choice: From Media Markets to Policymaking, R. Islam, ed., World Bank: 

Washington, DC, 2008, pp. 139-152. 

“The Future of Global Governance,” The Washington Consensus Reconsidered: Towards 

a New Global Governance, Narcis Serra and Joseph E. Stiglitz (eds.), New York: 

Oxford University Press, 2008, pp. 313-327. 

 “The Future of Globalization: Lessons from Cancún and Recent Financial Crises,” The 

Future of Globalization: Explorations in Light of Recent Turbulence, Ernesto 

Zedillo, ed., New York: Routledge, 2008, pp. 70-81. 

 “La globalización y los retos de la inmigración,” La inmigración y sus causas, Alfonso 

Guerra and José Félix Tezanos, eds., Madrid: Editorial Sistema, 2008. (From a 

speech delivered at the 6th Forum for Debate about Immigration and its Causes, 

Fundacion Sistema, Salamanca, Spain, June 2007.) 

“Hidden Wounds and Accounting Tricks,” with Linda Bilmes, Lessons from Iraq: 

Avoiding the Next War, M. Pemberton and W. Hartung, eds., Boulder, CO: 

Paradigm, 2008. 

“The High Cost of the Iraq War,” The Economists’ Voice: Top Economists Take on 

Today’s Problems, J.E. Stigliz, A. Edlin, and J.B. DeLong, eds., Columbia 

University Press: New York, pp. 80-86. 

“Introduction: From the Washington Consensus Towards a New Global Governance,” 

with N. Serra and S. Spiegel, The Washington Consensus Reconsidered: Towards 

a New Global Governance, N. Serra and J.E. Stiglitz (eds.), New York: Oxford 

University Press, 2008, pp. 3-13. 

“Is there a Post-Washington Consensus Consensus?” The Washington Consensus 

Reconsidered: Towards a New Global Governance, Narcis Serra and Joseph E. 

Stiglitz (eds.), New York: Oxford University Press, 2008, pp. 41-56. 

“It Doesn’t Take Nostradamus,” The Economists’ Voice, 5(8), Article 1. 

“Making Globalization Work – The 2006 Geary Lecture,” The Economic and Social 

Review, 39(3), Winter, pp. 171-190. 

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“The Need for an Adequate International Framework for FDI,” The Rise of Transnational 

Corporations from Emerging Markets: Threat or Opportunity?, edited by Karl P. 

Sauvant, Northampton, MA: Edward Elgar, pp. 319-329. 

“The Progressive Tariff Reduction Scheme,” with Andrew Charlton, The WTO: 

Governance, Dispute Settlement, and Developing Countries, M. Janow, V. 

Donaldson, and A. Yanovich, eds., New York: Juris Publishing, 2008, pp. 169-

183 (from a paper presented at the conference, “WTO at 10” held at Columbia 

University, April 2006). 

“Regulating Multinational Corporations: Towards Principles of Cross-Border Legal 

Frameworks in a Globalized World Balancing Rights with Responsibilities,” 

American University International Law Review, 23(3), pp. 451-558, Grotius 

Lecture presented at the 101st Annual Meeting of the American Society for 

International Law, Washington, DC, March 28, 2007. 

“Toward a General Theory of Consumerism: Reflections on Keynes’ Economic 

Possibilities for Our Grandchildren,” Revisiting Keynes: Economic Possibilities 

for Our Grandchildren, G. Piga and L. Pecchi, eds., Cambridge: MIT Press, pp. 

41-87. 

“Turn Left for Sustainable Growth,” Economists’ Voice, 5(4), 

“The World Development Report: Development Theory and Policy,” Development 

Economics Through the Decades: A Critical Look at 30 Years of the World 

Development Report, by Shahid Yusuf, Washington, DC: World Bank, 2008, p. 

139-151. 

2009 

“The Anatomy of a Murder: Who Killed America’s Economy?” Critical Review, 21(2-3), 

pp. 329-339. 

“Business Fluctuations and Bankruptcy Avalanches in an Evolving Network,” with D. 

Delli Gatti, M. Gallegati, B. Greenwald, and A. Russo, Journal of Economic 

Interaction and Coordination, 4(2), November 2009, pp. 195-212. 

“Capitalist Fools,” Best American Political Writing, R. Flippin, ed, Boulder:Public 

Affairs, pp.107-115. Originally appeared in Vanity Fair, January 2009. 

“Dividend Taxation and Intertemporal Tax Arbitrage,” with Anton Korinek, Journal of 

Public Economics, 93(2009), pp. 142-159. 

“The Future of Industrial Policies in the New Millennium: Toward a KnowledgeCentered Development Agenda,” with Mario Cimoli and Giovanni Dosi, 

conclusion to The Political Economy of Capabilities Accumulation: the Past and 

Future of Policies for Industrial Development, M. Cimoli, G. Dosi, and J.E. 

Stiglitz, eds., Oxford University Press (Previously LEM Working Paper Series 

September 2008). 

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“The Global Crisis, Social Protection, and Jobs,” International Labour Review, Vol. 148, 

No. 1-2, pp. 1-13. Also published as “Crisis mundial, protección social y empleo,” 

Revista Internacional del Trabajo, Vol. 128, No. 1-2, pp. 1-15, and “Crise 

mondiale, emplois et protection sociale,” Revue Internationale du Travail, Vol. 

148, No. 1-2, pp. 1-13. Based on an address to the Governing Body of the 

International Labour Organization, Geneva, March 12, 2009. 

“The Current Economic Crisis and Lessons for Economic Theory,” Presidential Lecture 

to the Eastern Economic Association, Eastern Economic Journal, 35(3), June, pp. 

281-296. 

“Moving Beyond Market Fundamentalism to a More Balanced Economy,” Annals of 

Public and Cooperative Economics, 80(3), pp. 345-360. 

“Institutions and Policies in Developing Economies,” with M. Cimoli, G. Dosi, and R. 

Nelson, Handbook of Innovation systems and Developing Countries: Building 

Domestic Capabilities in a Global Setting, Cheltenham, UK and Northampton, 

MA: Edward Elgar, pp. 337-359. 

“Keynote Address at Berlin Meeting,” The Global Financial Crisis and International 

Financial Institutions: Governance Perspectives for Developing Countries,”

Proceedings, International Policy Dialogue, 8-9 March 2009, Berlin and 25 April 

2009, Washington, D.C., pp. 21-28. 

“The Political Economy of Capabilities Accumulation: the Past and Future of Policies for 

Industrial Development,” with Mario Cimoli and Giovanni Dosi, preface to The 

Political Economy of Capabilities Accumulation: the Past and Future of Policies 

for Industrial Development, M. Cimoli, G. Dosi, and J.E. Stiglitz, eds., Oxford 

University Press (Previously LEM Working Paper Series July 2008). 

“Preface,” One Billion Rising: Land Law and the Alleviation of Global Poverty, T. 

Hanstad, R. Mitchell and R. Prosterman, eds., Amsterdam: Leiden University 

Press, 2009, pp. 9-15. 

“Regulation and Market Failure,” New Perspectives on Regulation, D. Moss and J. 

Cisternino, eds., Cambridge, MA: Tobin Project, 2009, pp 11-23. 

“Simple Formulae for Optimal Income Taxation and the Measurement of Inequality,” 

Arguments for a Better World: Essays in Honor of Amartya Sen, Volume I, Ethics, 

Welfare, and Measurement, K. Basu and R. Kanbur, eds., Oxford, UK: Oxford 

University Press, 2009, pp. 535-566. 

“Sorting Out the Differences Between Signaling and Screening Models,” with A. Weiss, 

Selected Works of Joseph E. Stiglitz, Volume I: Information and Economic 

Analysis, Oxford: Oxford University Press, 2009, pp. 223-231. Originally NBER 

Technical Working Paper 93, November 1990. 

“Two Ideas to Increase Innovation and Reduce Pharmaceutical Costs and Prices,” with 

Arjun Jayadev, Health Affairs, 28(1), January/February 2009, pp. 165-168. 

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“Ownership Changes and Access to External Financing,” with A. Knyazeva and D. 

Knyazeva, Journal of Banking and Finance, 33(10), October 2009, pp. 1804-

1816. 

2010 

 “Comment on ‘The Right to Food,’” Catholic Social Doctrine and Human Rights, 

Proceedings of the 15th Plenary Session of the Pontifical Academy of Social 

Sciences, R. Minnerath, O.F. Carulli, and V. Possenti, eds., Vatican City: 

Pontifical Academy of Social Sciences, 2010, pp.336-340. 

“Contagion, Liberalization, and the Optimal Structure of Globalization,” Journal of 

Globalization and Development, 1(2), Article 2, 45 pages. 

“The Dangers of Deficit Reduction,” The Economists’ Voice, 7(1), Article 6. 

“Development-Oriented Tax Policy,” Taxation in Developing Countries, R. H. Gordon, 

ed., New York: Columbia University Press, pp. 11-3 

“Equilibrium Fictions: A Cognitive Approach to Societal Rigidity,” with K. Hoff, 

American Economic Review, 100(2), May 2010, pp. 141-146. Shortened version 

of Policy research Working Paper 5219 (same title), The World Bank 

Development Research Group, February 2010, accessible at 

http://elibrary.worldbank.org/docserver/download/5219.pdf?expires=1304012730

&id=id&accname=guest&checksum=5428C2B3013CF8ECBB54953BAC3F328

C.

 “Government Failure vs. Market Failure: Principles of Regulation,” Governments and 

Markets: Toward a New Theory of Regulation, E.J. Balleisen and D. Moss, eds., 

New York: Cambridge University Press, 2010, pp. 13-51. 

 “Human Rights and Globalization: The Responsibility of States and of Private Actors,” 

Catholic Social Doctrine and Human Rights, Proceedings of the 15th Plenary 

Session of the Pontifical Academy of Social Sciences, R. Minnerath, O.F. Carulli, 

and V. Possenti, eds., Vatican City: Pontifical Academy of Social Sciences, 2010, 

pp.341-346. 

“Intellecutal Property, Dissemination of Innovation, and Sustainable Development,” with 

C. Henry, Global Policy 1(1), October, pp. 237-251. 

“Introduction,” Capitalism, Socialism and Democracy, by Joseph A. Schumpeter, 

London: Rutledge pp. ix-xiv. 

“Introduction,” with S. Griffith-Jones and J.A. Ocampo, Time for a Visible Hand: 

Lessons from the 2008 World Financial Crisis, S. Griffith-Jones, J.A. Ocampo, 

and J.E. Stiglitz, eds., Initiative for Policy Dialogue Series, Oxford: Oxford 

University Press, pp. 1-18, 2010. 

“Interpreting the causes of the Great Recession of 2008,” Financial System and 

Macroeconomic Resilience: Revisited, BIS Paper No. 53, September, pp. 4-19. 

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 “The Financial Crisis of 2007-2008 and its Macroeconomic Consequences,”, Time for a 

Visible Hand: Lessons from the 2008 World Financial Crisis, S. Griffith-Jones, 

J.A. Ocampo, and J.E. Stiglitz, eds., Initiative for Policy Dialogue Series, Oxford: 

Oxford University Press, pp. 19-49 

“Responding to the Crisis,” Time for a Visible Hand: Lessons from the 2008 World 

Financial Crisis, S. Griffith-Jones, J.A. Ocampo, and J.E. Stiglitz, eds., Initiative 

for Policy Dialogue Series, Oxford: Oxford University Press, 2010, pp. 76-100 

 “A Modest Proposal for International Monetary Reform,” with Bruce Greenwald, Time 

for a Visible Hand: Lessons from the 2008 World Financial Crisis, S. GriffithJones, J.A. Ocampo, and J.E. Stiglitz, eds., Initiative for Policy Dialogue Series, 

Oxford: Oxford University Press, 2010. pp.314-344 

“Introduction,” Debates on the Measurement of Global Poverty, S. Anand, P. Segal, and 

J.E. Stiglitz (eds.), New York: Oxford University Press, 2010, pp. 1-24. 

 “Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?” with Marcus 

Miller, Economic Journal, 120(544), May 2010, pp. 500-518. 

“Lessons from the Global Financial Crisis of 2008,” Seoul Journal of Economics, 23(3), 

pp. 321-339. 

“Medicine for tomorrow: Some Alternative Proposals to Promote Socially Beneficial 

Research and Development in Pharmaceuticals,” with Arjun Jayadev, Journal of 

Generic Medicine, 7(3), pp. 217-226. 

“Premio Nobel de Economia,” Es dificil ser joven en america latina: Los Desafios 

Abiertos, Bernardo Kliksberg (ed.), pp. 43-65. 

“Prepared Joint Statement,” with Linda J. Bilmes, Hearing before the Committee on 

veterans’ affairsn. 2nd session, Washington: USGovernment Printing Office, 

2010. 

“Por Qué Estalló la Economía Americana?” Es Difícil Ser Joven en América Latina: Los 

Desafíos Abiertos, B. Kliksberg, ed., Buenos Aires: UNDP, 2010, pp. 43-65. 

“The Promise of Global Institutions,” Globalization: The Greatest Hits, M. B. Steger, 

ed., Boulder, CO: Paradigm, 2010, pp. 136-152. (Reprinted from Stiglitz, J.E., 

Globalization and Its Discontents, New York: W.W. Norton Company, 2002.) 

“Regulación y fallas,” Revista de Economí Institucional, 12(23), pp.13-28. 

“Risk and Global Economic Architecture: Why Full Financial Integration May be 

Undesirable,” American Economic Review, 100(2), May 2010, pp. 388-392. 

“Robust Growth or Anemic Recovery in the U.S. and Global Economy,” Journal of 

Policy Modeling, 32(5), September-October, pp. 632-636. 

 “Sovereign Debt: Notes on Theoretical Frameworks and Policy Analyses,” Overcoming 

Developing Country Debt Crises, B. Herman, J.A. Ocampo, and S. Spiegel, eds., 

Oxford: Oxford University Press, pp. 35-69. 

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“Towards a New Global Reserves System,” with Bruce Greenwald, Journal of 

Globalization and Development, 1(2), Article 10. A different version of the paper 

with the same title, appears in The Future Global Reserve System, J.D. Sachs, M. 

Kawai, J.-W. Lee, and W.T. Woo, eds., June, Asian Development Bank.

2011 

 “An Analysis of the Japanese Credit Network,” with G. De Masi, Y. Fujiwara, M. 

Gallegati, and B. Greenwald, Evolutionary and Institutional Economics 

Review,7(2), pp, 203-232.. 

“The Failure of Macroeconomics in America,” China & World Economy, Volume 19, 

Issue 5, October, pp. 17-30. 

“From Inside Brazil: Vinod Thomas’s Vision,” A Vision for Development: Dialogues on 

the Work of Vinod Thomas, Ray C. Rist, ed., Washington, DC: Independent 

Evaluation Group, pp. 201-205. 

“Heterogeneous Interacting Agent Models for Understanding Monetary Economies,” 

with M. Gallegati, Eastern Economic Journal, 37 (Winter 2011), pp. 6-12. 

 “The Media and the Crisis: An Information Theoretic Approach,” Bad News: How 

America’s Business Press Missed the Story of the Century, A. Schiffrin, ed., New 

York: The New Press, pp. 22-36. 

“The Long-Term Costs of Conflict: the Case of the Iraq War,” with Linda Bilimes, 

Handbook on the Economics of Conflict, Keith Hartley and Derek Braddon, eds., 

Cheltenham, UK: Edward Elgar Publish Ltd, pp. 293-310. 

“Preface,” Exiting from the Crisis: Towards a Model of More Equitable Growth and 

Sustainable Development, D. Coats (ed.), Brussels, ETUI aisbl, pp. 9-15. 

Published in French in Sortir de la Crise: Vers un Modele de Croissance Plus 

Équitable et Plus Durable, D. Coats (ed.), Brussels: Institut Syndical Européen 

(2014). 

“Rethinking Development Economics,” The World Bank Research Observer, 26(2):230-

236. 

 “Rethinking Macroeconomics: What Went Wrong and How to Fix It,” Global Policy, 

2(2): pp. 165-175. 

“Rethinking Macroeconomics: What Failed and How to Repair It,” Journal of the 

European Economic Association, 9(4), pp. 591-645. 

“Should the Government Invest, or Try to Spur Private Investment?” with Michael 

Cragg, Economists’ Voice, 8(1), Article 1.

2012 

“African Development Prospects and Possibilities,” with Akbar Noman, in E. Aryeetey et 

al., eds., The Oxford Companion to the Economics of Africa, Oxford: Oxford 

University Press, pp. 33-40. 

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 “Crises and Contagion: A Survey,” with A. Knyazeva and D. Knyazeva, What if Ireland 

Defaults?, B. Lucey, C. Larkin and C. Gurdgiev (eds.), Dublin: Orpen Press. 

Reprinted in Europe on the Brink: Debt Crisis and Dissent in the European 

Periphery, Tony Phillips (ed.), London, Zed Books (2014), pp. 74-110. 

“Default Cascades: When Does Risk Diversification Increase Stability?” with S. 

Battiston, D. Delli Gatti, M. Gallegati, and B. Greenwald, Journal of Financial 

Stability, 8(3), pp.138-149. 

“Dynamic Aggregation of Heterogeneous Interacting Agents and Network: An Analytical 

Solution for Agent Based Models,” with C. Di Guilmi, M. Gallegati, S. Landini, 

Journal of Economic Dynamics and Control, forthcoming. 

“Essay on Commodity Price Volatility and Inclusive Growth,” Commodity Price 

Volatility and Inclusive Growth in Low-Income Countries, Rabah Arezki, 

Catherine A Pattillo, Marc Quintyn, Min Zhu (eds.), Washington, DC: IMF, pp. 

xvi-xxiv. 

“Estimating the Costs of War: Methodological Issues, with Applications to Iraq, and 

Afghanistan,” with L.J. Bilmes, The Oxford Handbook of the Economics of 

Peace and Conflict, M.R. Garfinkel and Stergios Skaperdas, eds., Oxford 

University Press, pp. 275-314. 

“From the G-20 to a Global Economic Coordination Council,” with José Antonio 

Ocampo, Journal of Globalization and Development, 2(2), Article 9. 

“Harmony Between Man and Man, and Man and Nature,” The Global Quest for 

Tranquillitas Ordinis. Pacem in Terris, Fifty Years Later, M.A. Glendon, R. 

Hittinger, and M. Sánchez Sorondo (eds.), Vatican City: Pontifical Academy of 

Social Sciences, Acta 18, pp. 475-483. 

“Introduction: The World Wakes,” From Cairo to Wall Street: Voices from the Global 

Spring, A. Schiffrin and E. Kircher-Allen, eds., New York: The New Press, pp. 1-

22. 

“The Journal of Economic Perspectives and the Marketplace of Ideas: A View from the 

Founding,” Journal of Economic Perspectives, 25(2): 1-9. 

"Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk," with 

Stefano Battiston, Domenico Delli Gatti, Mauro Gallegati, and Bruce 

Greenwald, Journal of Economic Dynamics and Control, 36(8): 1121-1141. 

“Macroeconomics, Monetary Policy, and the Crisis,” In the Wake of the Crisis, O.J. 

Blanchard, D. Romer, M. Spence, and J.E. Stiglitz (eds.), Cambridge, MA: MIT 

Press, 2012, pp. 31-42. 

“Mobility Constraints, Productivity Trends, and Extended Crises,” with D. Delli Gatti, 

M. Gallegati, B. Greenwald, and A. Russo, Journal of Economic Behavior & 

Organization, 83(3): 375– 393. 

“Macroeconomic Fluctuations, Inequality, and Human Development,” Journal of Human 

Development and Capabilities, 13(1), pp. 31-58. Reprinted in Macroeconomics 

and Human Development, Deepak Nayyar (ed.), Taylor and Francis, 2013. 

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“Preface,” with A. Noman, K. Botchwey, and H. Stein, Good Growth and Global 

Governance in Africa, A. Noman, K. Botchwey, H. Stein, J.E. Stiglitz, eds., New 

York: Oxford University Press, pp. vii-x.

"Sectoral Imbalances and Long Run Crises," with D. Delli Gatti, M. Gallegati, B.C. 

Greenwald and A. Russo, The Global Macro Economy and Finance, F. Allen, M. 

Aoki, J.-P. Fitoussi, N. Kiyotaki, R. Gordon, and J.E. Stiglitz, eds., IEA 

Conference Volume No. 150-III, Houndmills, UK and New York: Palgrave, 2012, 

pp. 61-97 (originally Columbia University Working paper, 2012, and presented 

to World Congress of IEA, Jordan, June, 2014) 

“Strategies for African Development,” with Akbar Noman, Good Growth and 

Governance for Africa: Rethinking Development Strategies, A. Noman, K. 

Botchwey, H. Stein, and J.E. Stiglitz, eds., Oxford, New York: Oxford University 

Press, pp. 3-47. 

“Toward an Analytical Solution for Agent-Based Models: An Application to a Credit 

Network Economy,” Complexity and Insitutions: Markets, Norms, and 

Corporations, Masahiko Aoki, Kenneth Binmore, Simon Deakin, and Herbert 

Gintis (eds.), Houndmills, UK and New York: Palgrave Macmillan, pp. 63-80.

2013 

 “Analyzing Legal Formality and Informality: Lessons From Land-Titling and 

Microfinance Programs,” with Antara Haldar, Law and Economic Development 

with Chinese Characteristics: Institutions for Promoting Development in the 

Twenty-First Century, David Kennedy and Joseph Stiglitz, eds., 2013, New York

and Oxford: Oxford University Press, pp.112-148. 

“Complex Derivatives,” with Stefano Battiston, Guido Caldarelli, Co-Pierre Georg, and 

Robert May, Nature Physics, 9(March): 123-125. 

“Conclusion: Taking Stock—Analytical Challenges and Directions for Future Research,” 

Sovereign Wealth Funds and Long-Term Investing, Patrick Bolton, Frederic 

Samama, and Joseph E. Stiglitz (eds.), New York: Columbia University Press, 

2012, pp. 221-224. 

“Creating the Institutional Foundations for a Market Economy,” Law and Economic 

Development with Chinese Characteristics: Institutions for the 21st Century, J.E. 

Stiglitz and D. Kennedy (eds.), New York and Oxford: Oxford University Press, 

pp. 71-111. 

“The Economics Behind Law in a Market Economy: Alternatives to the Neoliberal 

Orthodoxy,” Law and Economic Development with Chinese Characteristics: 

Institutions for the 21st Century, J.E. Stiglitz and D. Kennedy (eds.), New York 

and Oxford: Oxford University Press, pp. 153-186. 

 “Equilibrium in Competitive Insurance Markets with Moral Hazard,” with R. Arnott, 

The Selected Works of Joseph E. Stiglitz, Volume II: Information and Economic 

Analysis: Applications to Capital, Labor, and Product Markets, Oxford: Oxford 

University Press, 2013, pp. 660- 689. Originally Princeton University Discussion 

Paper 4, 1987. Also NBER Working Paper 3588, 1991. 

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“Incentives: An Overview,” The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 341-382. 

 “Information and Competition,” The Selected Works of Joseph E. Stiglitz, Volume II: 

Information and Economic Analysis: Applications to Capital, Labor, and Product 

Markets, Oxford: Oxford University Press, 2013, pp. 20-35. Originally the 

Inaugural Lecture presented at All Souls College, Oxford, June 1978. 

“Institutional Design for China’s Innovation System,” Law and Economic Development 

with Chinese Characteristics: Institutions for the 21st Century, J.E. Stiglitz and 

D. Kennedy (eds.), New York and Oxford: Oxford University Press, pp. 247-277. 

“Introduction,” with P. Bolton and F. Samama, Sovereign Wealth Funds and Long-Term 

Investing, with Patrick Bolton and Frederic Samama (eds.), New York: Columbia 

University Press, 2012, pp. 1-25. 

“Introduction,” with J. Cortina and E. Ochoa- Reza, New Perspectives on International 

Migration and Development, J. Cortina and E. Ochoa- Reza (eds.), New York:

Columbia University Press, pp. xv-xx. 

“Introduction,” with Mary Kaldor, The Quest for Security: Protection without 

Protectionism and the Challenge of Global Governance, Mary Kaldor and Joseph 

E. Stiglitz (eds.), New York: Columbia Unversity Press, pp. 1-16. 

“Introduction,” with D. Kennedy, Law and Economic Development with Chinese 

Characteristics: Institutions for the 21st Century, J.E. Stiglitz and D. Kennedy 

(eds.), Oxford and New York: Oxford University Press, pp. 1-16. 

“Introductory Remarks,” Sunil Khilnani and Manmohan Malhoutra, eds., An Indian 

Social Democracy: Integrating Markets, Democracy and Social Justice, v. I, pp. 

225-229. 

“Learning and Macro-Economic Dynamics,” with S. Landini, M. Gallegati, and X. Li, 

Nonlinear Economic Dynamics and Financial Modelling, R. Dieci, X.-Z. He and 

C. Hommes (eds.), Berlin and Heidelberg: Springer-Verlag, pp. 109-134. 

“On the Measurement of Social Progress and Wellbeing: Some Further Thoughts”, with 

Jean-Paul Fitoussi, Global Policy, Volume 4, Issue 3, September, pp 290-293 and 

The Global Macro Economy and Finance, Franklin Allen, Masahiko Aoki, JeanPaul Fitoussi, Nobuhiro Kiyotaki, Roger Gordon, and Joseph E. Stiglitz (eds), 

International Economic Association Series, Palgrave Macmillan, 2012, pp. 13-24. 

“Ownership Change, Institutional Development and Performance,” with A. Knyazeva 

and D. Knyazeva, Journal of Banking and Finance. 37: 2605–2627. 

“Price Equilibrium, Efficiency, and Decentralizability in Insurance Markets,” with R. 

Arnott, The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp. 632-659. Originally NBER Working 

Paper 3642, 1991. 

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“A Revolution in Monetary Policy,” (C.D. Deshmukh memorial lecture, January, 2013). 

in Uma Kapila, ed., Indian Financial Reforms: Priorities and Policies Post 

Global Financial Crisis, New Delhi: Academic Foundation, pp. 159-203. 

“The Right to Trade: Rethinking the Aid for Trade Agenda,” with Andrew Charlton, 

Assessing Aid for Trade: Effectiveness, Current Issues and Future Directions, 

Mohammad A. Razzaque and Dirk Willem te Velde (eds.), London: 

Commonwealth Secretariat, pp. 359-386. Originally published in 2012 online at 

http://unctad.org/meetings/en/Miscellaneous%20Documents/Right-to-TradeReport.pdf. 

“A Simple Proof that Futures Markets are Almost Always Informationally Imperfect,” 

with I. Gale, The Selected Works of Joseph E. Stiglitz, Volume II: Information and 

Economic Analysis: Applications to Capital, Labor, and Product Markets, 

Oxford: Oxford University Press, 2013, pp.122-132. Originally working paper 

from April 1989. (Revised version of “Futures Markets Are Almost Always 

Informationally Inefficient,” Princeton University Financial Research Center 

Memorandum No. 57, February 1985.) 

 “Sharing the Burden of Saving the Planet: Global Social Justice for Sustainable 

Development,” Mary Kaldor and Joseph E. Stiglitz, eds., The Quest for Security: 

Protection without Protectionism and the Challenge of Global Governance, New 

York: Columbia Unversity Press, pp. 161-190. 

“Short-term Contracts as a Monitoring Device,” with P. Rey, The Selected Works of 

Joseph E. Stiglitz, Volume II: Information and Economic Analysis: Applications 

to Capital, Labor, and Product Markets, Oxford: Oxford University Press, 2013, 

pp. 273-290. Originally NBER Working Paper 4514, 1993. 

“A Social Democratic Agenda for a More Dynamic Indian Economy: Creating an 

Innovative and Learning Society,” Sunil Khilnani and Manmohan Malhoutra, 

eds., An Indian Social Democracy: Integrating Markets, Democracy and Social 

Justice, v. II, pp. 277-307. 

“Social Protection without Protectionism,” Mary Kaldor and Joseph E. Stiglitz, eds, The 

Quest for Security: Protection without Protectionism and the Challenge of Global 

Governance, New York: Columbia Unversity Press, pp. 24-47. 

“Sovereign Wealth Funds—Distinguishing Aspects and Opportunities” Sovereign Wealth 

Funds and Long-Term Investing, Patrick Bolton, Frederic Samama, and Joseph E. 

Stiglitz, (eds.), New York: Columbia University Press, 2012, pp. 26-31. 

“Stable Growth in an Era of Crises: Learning from Economic Theory and 

History,” Ekonomi-tek, 2(1): 1-38(Originally delivered as keynote lecture to the 

Turkish Economic Association, Izmir, November, 2012). 

2014 

“Can the Euro Be Saved? An Analysis of the Future of the Currency Union,” Rivista di 

Politica Economica, 3, pp. 7-42. 

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"Crises: Principles and Policies: With an Application to the Eurozone Crisis,” Life After 

Debt: The Origins and Resolutions of Debt Crisis, Joseph E. Stiglitz and Daniel 

Heymann (eds.), Houndmills, UK and New York: Palgrave Macmillan, 2014, 

pp.43-79. 

“Economies with Heterogeneous Interacting Learning Agents,” with S. Landini and M. 

Gallegati, Journal of Economic Interaction and Coordination, January, available 

online at 

<http://link.springer.com/article/10.1007%2Fs11403-013-0121-1>.

“Eliminating Extreme Inequality: A Sustainable Development Goal, 2015-2030,” with 

Michael Doyle, Ethics and International Affairs 28(1), available online at 

<http://www.ethicsandinternationalaffairs.org/2014/eliminating-extremeinequality-a-sustainable-development-goal-2015-2030/>. Condensed and 

reprinted in Ministers Reference Book Commonwealth 2015, Lodon: Henley 

Media Group, pp. 86-88. 

“Income Contingent Loans for the Unemployed: A Prelude to a General Theory of the 

Efficient Provision of Social Insurance,” with Jungyoll Yun, Income Contingent 

Loans: Theory, Practice and Prospects, Joseph E. Stiglitz, Bruce Chapman, and 

Timothy Higgins (eds.), Houndmills, UK and New York: Palgrave Macmillan, 

pp.180-204. 

“Industrial Policies, the Creation of a Learning Society, and Economic Development,” 

with Bruce C. Greenwald, The Industrial Policy Revolution I: The Role of 

Government Beyond Ideology, Joseph E. Stiglitz and Justin Yifu Lin (eds.), 

Houndmills, UK and New York: Palgrave Macmillan, pp. 43-71. 

“Inequality Is Holding Back the Recovery,” Divided: The Perils of Our Growing 

Inequality, New York: The New Press, pp. 44-49. Originally published by The 

New York Times on January 19, 2013. 

“Introduction,” with Daniel Heymann, Life After Debt: The Origins and Resolutions of 

Debt Crisis, Joseph E. Stiglitz and Daniel Heymann (eds.), Houndmills, UK and 

New York: Palgrave Macmillan, 2014, pp. 1-39. 

“Introduction: Industrial Policy in the African Context,” with Justin Yifu Lin, Célestin 

Monga, and Ebrahim Patel, The Industrial Policy Revolution II: Africa in the 21st

Century, Joseph E. Stiglitz, Justin Yifu Lin, and Ebrahim Patel (eds.), 

Houndmills, UK and New York: Palgrave Macmillan, pp. 1-22. 

“Introduction: The Rejuvenation of Industrial Policy,” with Justin Yifu Lin and Célestin 

Monga, The Industrial Policy Revolution I: The Role of Government Beyond 

Ideology, Joseph E. Stiglitz and Justin Yifu Lin (eds.), Houndmills, UK and New 

York: Palgrave Macmillan, pp. 1-15. 

“Introduction and Summary,” with Bruce Chapman and Timothy Higgins, Income 

Contingent Loans: Theory, Practice and Prospects, Joseph E. Stiglitz, Bruce 

Chapman, and Timothy Higgins (eds.), Houndmills, UK and New York: Palgrave 

Macmillan, pp.1-11. 

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“Learning and Industrial Policy: Implications for Africa,” with Bruce Greenwald, The 

Industrial Policy Revolution II: Africa in the 21st Century, Joseph E. Stiglitz, 

Justin Yifu Lin, and Ebrahim Patel (eds.), Houndmills, UK and New York: 

Palgrave Macmillan, pp. 25-49. 

“Learning, Growth, and Development: A Lecture in Honor of Sir Partha Dasgupta,” 

Environment & Development Economics: Essays in Honor of Sir Partha 

Dasgupta, Scott Barret, Karl-Goran Maler, and Eric S. Maskin (eds.), Oxford: 

Oxford University Press, pp. 31-94. Revised version of paper of same title in 

Development Challenges in a Postcrisis World: Annual World Bank Conference 

on Development Economics 2011, C. Sepúlveda, A. Harrison, and J.Y. Lin (eds.), 

Washington: The World Bank, pp. 37-88. Published in French as “Apprentissage, 

croissance et développement: conférence en l’honneur de Sir Partha Dasgupta,” 

Revue D’Économie du Développment, No. 4, December, 2011, pp.19-86. 

"The Lessons of the North Atlantic Crisis for Economic Theory and Policy," What Have 

We Learned? Macroeconomic Policy after the Crisis, Geroge Akerlof, Olivier 

Blanchard, David Romer, and Joseph E. Stiglitz (eds.) Cambridge, Mass. and 

London: MIT Press, pp. 335-347. 

“Reforming Taxation to Promote Growth and Equity,” Roosevelt Institute White Paper, 

May 28. 

“Remarks on Income Contingent Loans: How Effective Can They Be at Mitigating 

Risk?” Income Contingent Loans: Theory, Practice and Prospects, Joseph E. 

Stiglitz, Bruce Chapman, and Timothy Higgins (eds.), Houndmills, UK and New 

York: Palgrave Macmillan, pp. 31-38. 

“The Role of Intellectual Property Rights in Developing Countries: Some Conclusions,” 

with Mario Cimoli, Giovanni Dosi, Keith E. Maskus, Ruth L. Okediji, and Jerome 

H. Reichman, Intellectual Property Rights: Legal and Economic Challenges for 

Development, Mario Cimoli, Giovanni Dosi, Keith E. Maskus, Ruth L. Okediji, 

Jerome H. Reichman, and Joseph E. Stiglitz (eds.), Oxford, UK and New York: 

Oxford University Press, pp. 503-513. 

“The Role of Intellectual Property Rights in the Development Process, with Some 

Lessons from Developed Countries: An Introduction,” with Giovanni Dosi, 

Intellectual Property Rights: Legal and Economic Challenges for Development, 

Mario Cimoli, Giovanni Dosi, Keith E. Maskus, Ruth L. Okediji, Jerome H. 

Reichman, and Joseph E. Stiglitz (eds.), Oxford, UK and New York: Oxford 

University Press, pp. 1-53. 

 “Tapping the Brakes: Are Less Active Markets Safer and Better for the Economy?” 

Presented at the Federal Reserve Bank of Atlanta 2014 Financial Markets 

Conference Tuning Financial Regulation for Stability and Efficiency, April 15, 

available at 

http://www.frbatlanta.org/documents/news/conferences/14fmc/Stiglitz.pdf. 

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“Transition to a Market Economy: Explaining the Successes and Failures,” with 

Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, Xiaobo Zhang (eds.), The Oxford 

Companion to the Economics of China, New York and Oxford: Oxford University 

Press, 2014, pp. 36-41. 

"Un'agenda per salvare l'euro," Un’altra Europa. Sostenibile, democratica, paritaria, 

solidale, S. Zamboni (ed.), Milan: Edizioni Ambiente, 2014, pp. 105-108. 

2015 

“Devolution, Independence, and the Optimal Provision of Public Goods,” Economics of 

Transportation, 4, pp. 82–94. 

“Economics and Policy: Some Lessons from Africa’s Experience,” with Akbar Noman, 

in The Oxford Handbook of Africa and Economics, Volume II: Policies and 

Practices, Célestin Monga and Justin Yifu Lin (eds.), Oxford, UK and New York: 

Oxford University Press, pp. 830-848. 

“Foreword,” What Caused the Crime Decline?, Oliver Roeder, Lauren-Brooke Eisen, and 

Julia Bowling, report of the Brennan Center for Justice at the New York 

University School of Law, pp. 1-2. 

“Identifying and Resolving Inter-Creditor and DebItor-Creditor Equity Issues in 

Sovereign Debt Restructuring,” with Skylar Brooks, Martin Guzman and 

Domenico Lombardi, for the Centre for International Governance Innovation, 

Policy Brief No. 53, January 2015, available online 

at https://www.cigionline.org/sites/default/files/pb_no53.pdf. Also published in 

Spanish in Ensayos Economicos by Banco Central de la Republica Argentina.

“In Praise of Frank Ramsey's Contribution to the Theory of Taxation,” Economic 

Journal, 125(583), March 2015, pp. 235-268 and NBER Working Paper 20530, 

October 2014. 

 “Introduction,” Taming Capital Flows: Capital Account Management in an Era of 

Globalization, with Refet S. Gurkaynak, IEA Conference Volume No. 154, 

Joseph E. Stiglitz and Refet S. Gurkaynak (eds.), New York: Palgrave Macmillan, 

2015. 

“Introduction and Overview: Economic Transformation and Learning, Industrial, and 

Technology Policies in Africa,” Industrial Policy and Economic Transformation 

in Africa, Akbar Noman and Joseph E. Stiglitz (eds.), New York: Columbia 

University Press, 2015. 

“Leaders and Followers: Perspectives on the Nordic Model and the Economics of 

Innovation,” Journal of Public Economics, Volume 127, July 2015, pp 3–16 and 

NBER Working Paper 20493, September 2014. 

“Monetary Policy in a Multipolar World,” Taming Capital Flows: Capital Account 

Management in an Era of Globalization, IEA Conference Volume No. 154, 

Joseph E. Stiglitz and Refet S. Gurkaynak (eds.), Houndmills, UK and New York: 

Palgrave Macmillan, 2015.

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“The Origins of Inequality, and Policies to Contain It,” National Tax Journal 68(2): 425-

448. 

“The Price of Inequality: How Today’s Divided Society Endangers Our Future,” 

Sustainable Humanity, Sustainable Nature: Our Responsibility, P.S. Dasgupta, V. 

Ramanathan, M. Sanchez Sorondo (eds.), Vatican City: The Pontifical Academy 

of Sciences, 2015, pp.379-399. 

“A Progressive Agenda for the Twenty-First Century,” Progressivism in America: Past, 

Present and Future, David B. Woolner and John M. Thompson (eds.), New York: 

Oxford University Press, 2015, pp. 215-232. 

“Reconstructing Macro-Economic Theory to Manage Economic Policy,” Fruitful 

Economics: Papers in Honour of and by Jean-Paul Fitoussi, Eloi Laurent and 

Jacques Le Cacheux (eds.), Houndmills, UK and New York: Palgrave Macmillan, 

pp. 20-49. 

“Sovereign Debt and Joint Liability: An Economic Theory Model for Amending the 

Treaty of Lisbon,” with Kaushik Basu, Economic Journal, 125(586), August 

2015, pp. F115-F130 and World Bank Policy Research Working Paper WPS6555, 

August, 2013. 

“The Unfinished Task of Bretton Woods: Creating a Global Reserve System”, Bretton 

Woods—The Next 70 Years, Marc Uzan (ed), The Reinventing Bretton Woods 

Committee, pp. 343-350. 

“Wealth and Income Distribution: New Theories Needed for a New Era,” with Ravi 

Kanbur, Vox, August 18, 2015. 

2016 

“America’s Great Malaise and What To Do About It,” Journal of Policy Modeling, 38 

(2016), pp. 639-648, accessible 

at https://www.sciencedirect.com/science/article/pii/S0161893816300412. (Paper 

presented at the American Economic Association Annual Meetings, San 

Francisco, January 3, 2016.) 

“An Agenda for Sustainable and Inclusive Growth for Emerging Markets,” Journal of 

Policy Modeling, 38 (2016), pp. 693-710, accessible 

at https://www.sciencedirect.com/science/article/pii/S0161893816300503. (Paper 

presented at the American Economic Association Annual Meetings, San 

Francisco, January 3, 2016.) 

“Agent Based-Stock Flow Consistent Macroeconomics: Towards a Benchmark Model,” 

with Alessandro Caiania, Antoine Godinb, Eugenio Caverzasia, Mauro 

Gallegatia, and Stephen Kinsellac, Journal of Economic Dynamics and Control, 

Volume 69, August, pp. 375–408, accessible 

at https://www.sciencedirect.com/science/article/pii/S0165188915301020. 

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“Building the Fairer and Sustainable Social Security System,” CDF Proceedings 2016, 

accessible at http://bit.ly/2sfqfdh. Paper presented at China Development Forum, 

March 19, 2016. 

“Creating a Framework for Sovereign Debt Restructuring that Works,” with Martin 

Guzman, Too Little, Too Late: The Quest to Resolve Sovereign Debt Crisis, M. 

Guzman, J.A. Ocampo and J.E. Stiglitz (eds.), New York: Columbia University 

Press, accessible at http://bit.ly/2BJBs9L and presented at the United Nations 

General Assembly Ad Hoc Committee on Sovereign Debt Restructuring 

Processes, July 2015. 

“Dynastic Inequality, Mobility and Equality of Opportunity,” with Ravi Kanbur, Journal 

of Economic Inequality, Volume 14, Issue 4, December, pp. 419-434, accessible 

at https://link.springer.com/content/pdf/10.1007%2Fs10888-016-9328-4.pdf, and 

Centre for Economic Policy Research Discussion Paper No. 10542, April 2015, 

accessible 

at https://cepr.org/active/publications/discussion_papers/dp.php?dpno=10542#. 

“Ethics, Economic Advice, and Economic Policy,” The Oxford Handbook of Professional 

Economic Ethics, George F. DeMartino and Deirdre N. McCloskey (eds.), 

Oxford, UK and New York: Oxford University Press, pp. 495-519, accessible 

at http://bit.ly/2ElCURl. 

“Fed Policy, Inequality, and Equality of Opportunity,” Economic Mobility: Research & 

Ideas on Strengthening Families, Communities & the Economy, edited by the 

Federal Reserve Bank of St. Louis and the Board of Governors of the Federal 

Reserve System, pp. 77-94; published by The Roosevelt Institute in August 2015; 

and presented at the Ninth Biennial Federal Reserve System Community 

Development Research Conference, April 2015, accessible 

at https://www.stlouisfed.org/~/media/Files/PDFs/Community%20Development/

EconMobilityPapers/EconMobility_Book_508.pdf

and http://rooseveltinstitute.org/wp-content/uploads/2015/10/276094823-FedPolicy-Inequality-and-Equality-of-Opportunity.pdf. 

“Group Lending, Joint Liability, and Social Capital: Insights from the Indian 

Microfinance Crisis,” with Antara Haldar, Politics & Society, SAGE Publications, 

Vol. 44(4) 459–497, accessible 

at http://journals.sagepub.com/doi/pdf/10.1177/0032329216674001. 

“How to Restore Equitable and Sustainable Economic Growth in the United 

States,” American Economic Review, 106(5): 43-47, accessible 

at https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.p20161006. 

“Income Contingent Loans: Some General Theoretical Considerations, with 

Applications,” Contemporary Issues in Microeconomics, Joseph E. Stiglitz and 

Martin Guzman (eds.), IEA Conference Volume, No. 155-III, Houndmills, UK 

and New York: Palgrave Macmillan, accessible at http://bit.ly/2ElT5ye. (Paper 

presented at a special session of the International Economic Association World 

Congress, Dead Sea, Jordan, June, 2014 sponsored by the OECD.) 

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“Inequality and Economic Growth,” Rethinking Capitalism, Mariana Mazzucato and 

Michael Jacobs (eds.), Hoboken, New Jersey: Wiley-Blackwell in association 

with The Political Quarterly, accessible at http://bit.ly/2Eo4Nsl and published in 

Chinese in Comparative Economic & Social Systems, accessible 

at http://bit.ly/2nTZcj4. 

"Introduction," with Martin Guzman and Jose Antonio Ocampo, Too Little, Too Late: 

The Quest to Resolve Sovereign Debt Crisis, M. Guzman, J.A. Ocampo and J.E. 

Stiglitz (eds.), New York: Columbia University Press, accessible 

at http://bit.ly/2H7Zf2C. 

“Learning, Industrial, and Technology Policies: An Overview,” with Akbar Noman, 

Efficiency, Finance, and Varieties of Industrial Policy: Guiding Resources, 

Learning, and Technology for Sustained Growth, Joseph E. Stiglitz and Akbar 

Noman (eds.), New York: Columbia University Press, pp. 1-20, accessible 

at http://bit.ly/2ElAgep. 

“The Measurement of Wealth: Recessions, Sustainability and Inequality,” Contemporary 

Issues in Macroeconomics: Lessons from The Crisis and Beyond, Joseph E. 

Stiglitz and Martin Guzman (eds.), IEA Conference Volume, No.155-II, 

Houndmills, UK and New York: Palgrave Macmillan and NBER Working Paper 

21327, July 2015. (Paper presented at a special session of the International 

Economic Association World Congress, Dead Sea, Jordan, June 2014 sponsored 

by the OECD, accessible at http://www.nber.org/papers/w21327.pdf.)

"Measuring Income Inequality: Comments on 'Do Nations Just Get the Inequality they 

Deserve? The 'Palma Ratio' Re-examined,'" Inequality and Growth: Patterns and 

Policy, Volume II: Regions and Regularities, Kaushik Basu and Joseph E. Stiglitz 

(eds.), IEA Conference Volume No. 156-II, Houndmills, UK and New York: 

Palgrave Macmillan, accessible at http://bit.ly/2Hb3rPl. 

“New Theoretical Perspectives on the Distribution of Income and Wealth among 

Individuals,” Inequality and Growth: Patterns and Policy, Volume I: Concepts 

and Analysis, Kaushik Basu and Joseph E. Stiglitz (eds.), IEA Conference 

Volume No. 156-I, Houndmills, UK and New York: Palgrave Macmillan, 2016, 

accessible at http://bit.ly/2nVcQSX. 

"Overcoming the Shadow Economy," with Mark Pieth, Friedrich Ebert Stiftung 

International Policy Analysis Paper, November, accessible 

at https://library.fes.de/pdf-files/iez/12922.pdf. (Also published in German, 

accessible at http://library.fes.de/pdf-files/iez/13083.pdf and Portuguese, 

accessible at http://library.fes.de/pdf-files/bueros/brasilien/13165.pdf.) 

“Preface: Inequality and Growth: A Preamble,” Inequality and Growth: Patterns and 

Policy, Volume I: Concepts and Analysis and Volume II: Regions and 

Regularities, with Kaushik Basu and Vivian Hon, Kaushik Basu and Joseph E. 

Stiglitz (eds.), IEA Conference Volume No. 156-I, Houndmills, UK and New 

York: Palgrave Macmillan, 2016, accessible 

at https://link.springer.com/content/pdf/bfm%3A978-1-137-55459-8%2F1.pdf

and http://bit.ly/2nS33gz. 

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“The Price of Complexity in Financial Networks,” with Stefano Battiston, Guido 

Caldarelli, Robert M. May, and Tarik Roukny, PNAS (Proceedings of the 

National Academy of Sciences of the United States of America), September 6, 

Volume 113, No 36, pp. 10031-36, accessible 

at http://www.pnas.org/content/pnas/113/36/10031.full.pdf. 

“Reflections on China’s 13th Five Year Plan,” CDF Proceedings 2016. Paper presented 

at China Development Forum, March 19, 2016, accessible 

at http://bit.ly/2EmNbsu. 

“A Soft Law Mechanism for Sovereign Debt Restructuring Based on the UN Principles,” 

with Martin Guzman, FES International Policy Analysis paper with Initiative for 

Policy Dialog, October, accessible at http://library.fes.de/pdf-files/iez/12873.pdf

(also translated in Spanish, accessible 

at http://nuso.org/media/documents/guzman_y_stiglitz_2017_FF.pdf and Chinese, 

accessible at http://library.fes.de/pdf-files/bueros/china/13983.pdf) and presented 

in seminar “Sovereign Debt Vulnerabilities and the Opportunity for a New Debt 

Workout Mechanism Building on the UNGA process” at the United Nations in 

October.

“The State, the Market, and Development,” to be published in Mapping Development 

Economics: the Past, Present and Future, Tony Addison and Finn Tarp (eds.) and 

WIDER working paper 2016/1, January 2016, originally presented at UNUWIDER 30th Anniversary Conference held September 2015 in Helsinki, Finland, 

accessible at https://www.wider.unu.edu/sites/default/files/wp2016-1.pdf. 

“Stockholm Statement: Towards a Consensus on the Principles of Policymaking for the 

Contemporary World,” with twelve economists, statement issued November, from 

meeting in Stockholm, Sweden, September 16-17, 2016, hosted by Swedish 

International Development Cooperation Agency (Sida) and the World Bank, 

accessible at https://www.sida.se/globalassets/sida/eng/press/stockholmstatement.pdf. 

“Striving for Balance in Economics: Towards a Theory of the Social Determination of 

Behavior,” with Karla Hoff, Journal of Economic Behavior and Organization, 

Issue 126 (June), pp. 25–57; World Bank Policy Research Working Paper No. 

WPS 7537, January; and NBER Working Paper 21823, December 2015, 

accessible 

at http://documents.worldbank.org/curated/en/636811468179051978/pdf/WPS753

7.pdf. 

“A Theory of Pseudo-Wealth,” Contemporary Issues in Macroeconomics: Lessons from 

The Crisis and Beyond, Joseph E. Stiglitz and Martin Guzman (eds.), IEA 

Conference Volume, No.155-II, Houndmills, UK and New York: Palgrave 

Macmillan, accessible at http://bit.ly/2nUyG9l. (Paper presented at a special 

session of the International Economic Association World Congress, Dead Sea, 

Jordan, June 2014.) 

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Towards a General Theory of Deep Downturns, IEA Conference Volume, 155-VI, 

Houndmills, UK and New York: Palgrave Macmillan, 2016. NBER Working 

Paper 21444, August 2015, accessible at http://www.nber.org/papers/w21444.pdf. 

Originally presented as Presidential Address to the 17th World Congress of the 

International Economic Congress, Dead Sea, Jordan, June, 2014, accessible 

at http://bit.ly/2ECenXO. 

2017 

“Artificial Intelligence, Worker-Replacing Technological Progress and Income

Distribution,” with Anton Korinek, NBER Working Paper No. 24174, December 

2017 and to be published in Economics of Artificial Intelligence, 

NBER/University of Chicago Press, accessible 

at http://www.nber.org/papers/w24174. (Paper presented in NBER AI conference 

September 13-14, 2017.) 

“The Coming Great Transformation,” Journal of Policy Modeling, Vol. 39, Issue 4, July–

August, pp. 625-638, accessible at http://bit.ly/2EmKurL. (Paper presented at the 

American Association Annual Meetings, Chicago, January 6, 2017.) 

“Countering the Power of Vested Interests: Advancing Rationality in Public DecisionMaking,” Journal of Economic Issues, 51(2), 2017, pp. 359-365, accessible 

at http://www.tandfonline.com/doi/full/10.1080/00213624.2017.1320907; paper 

presented at the 2017 ASSA Conference, January 2017. 

“From Global Savings Glut to Financing Infrastructure: The Advent of Investment 

Platforms,” with Rabah Arezki, Patrick Bolton, Sanjay Peters, and Frederic 

Samama, to be published in Economic Policy and IMF Working Paper WP/16/18, 

February 2016, accessible 

at https://www.imf.org/en/Publications/WP/Issues/2016/12/31/From-GlobalSavings-Glut-to-Financing-Infrastructure-The-Advent-of-Investment-Platforms43689. 

“The Fundamental Flaws in the Euro Zone Framework,” The Euro and the Crisis: 

Perspectives for the Eurozone as a Monetary and Budgetary Union, Nazaré da 

Costa Cabral, José Renato Gonçalves, Nuno Cunha Rodrigues (eds.), New York: 

Springer, pp. 11-16, accessible at http://bit.ly/2EnIbom; excerpt from "Crises: 

Principles and Policies: With an Application to the Eurozone Crisis,” Life After 

Debt: The Origins and Resolutions of Debt Crisis, Joseph E. Stiglitz and Daniel 

Heymann (eds.), Houndmills, UK and New York: Palgrave Macmillan, 2014, 

pp.43-79. 

“Growing Inequality: Laws of Nature or Laws of Men?” Starmus Beyond the Horizon: A 

Tribute to Stephen Hawking, Garik Israelian and Brian May (eds.), Starmus, pp. 

188–199, accessible at http://bit.ly/2BEFgER. (Speech at Starmus Festival 2016, 

Tenerife, Spain.) 

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 “Industrial Policy, Learning and Development,” in The Practice of Industrial Policy: 

Government-Business Coordination in Africa and East Asia, John Page and Finn 

Tarp (eds.), Oxford: Oxford University Press, pp. 23-39, accessible 

at http://bit.ly/2nbsI2w (WIDER Working Paper 2015/149, UNU-WIDER, and 

the Korean International Cooperation Agency, Helsinki, Finland, December 2015, 

accessible at https://www.wider.unu.edu/sites/default/files/wp2015-149.pdf, based 

on keynote address to 30th Anniversary celebration of WIDER, Helsinki, 

September 18, 2015.) 

“Innovation, Intellectual Property, and Development: A Better Set of Approaches for the 

21st Century,” with Dean Baker and Arjun Jayadev, paper in series AccessIBSA: 

Innovation & Access to Medicines in India, Brazil & South Africa, a project 

supported by the Shuttleworth Foundation, accessible 

at http://cepr.net/images/stories/reports/baker-jayadev-stiglitz-innovation-ipdevelopment-2017-07.pdf. 

“Interconnectedness as a Source of Uncertainty in Systemic Risk”, with Tarik Roukny 

and Stefano Battiston, forthcoming in Journal of Financial Stability, accessible 

at https://www.sciencedirect.com/science/article/pii/S1572308916302200?_rdoc=

1&_fmt=high&_origin=gateway&_docanchor=&md5=b8429449ccfc9c30159a5f

9aeaa92ffb. 

“Markets, States and Institutions”, in Markets, Governance and Institutions in the 

Process of Economic Development: Essays in Honor of Kaushik Basu, Ajit 

Mishra and Tridip Ray (eds.), Oxford: Oxford University Press (Roosevelt 

Institute Working Paper, June, accessible at http://rooseveltinstitute.org/marketsstates-and-institutions/.) 

“Monopolistic Competition, the Dixit–Stiglitz Model, and Economic Analysis,” Research 

in Economics, 71 (2017), Special Issue of in Honor of the 40 Years of the DixitStiglitz model, pp. 798-802, accessible 

at https://www.sciencedirect.com/science/article/pii/S1090944317303265?via%3

Dihub. 

“Overcoming the Copenhagen Failure with Flexible Commitments," Global Carbon 

Pricing: The Path to Climate Cooperation, Peter Cramton, David JC MacKay, 

Axel Ockenfels, and Steven Stoft (eds), Cambridge, Mass.: MIT Press, pp. 99–

108, accessible at http://bit.ly/2FEfqU1; and in Economics of Energy and 

Environmental Policy, Vol. 4, No. 2, Symposium on International Climate 

Negotiations, September 2015, pp. 29–36, accessible at http://bit.ly/2rSOUUF; 

and in Global Carbon Pricing: We Will If You Will, Peter Cramton, David J.C. 

MacKay, Azel Ockenfels, and Steven Stoft (eds), eBook, December 2015, P 59-

66, accessible at http://carbon-price.com/wp-content/uploads/Global-CarbonPricing-cramton-mackay-okenfels-stoft.pdf. 

“The Overselling of Globalization,” Business Economics, Vol. 52, No. 3, pp. 129–137, 

accessible at http://bit.ly/2nw9hCC. (Roosevelt Institute Working Paper, August, 

accessible at http://rooseveltinstitute.org/oversellingofglobalization/, based on

speech for Paul A. Volcker Lifetime Achievement Award for Economic and 

Monetary Policy of the National Association of Business Economics.) 

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“Pareto Efficient Taxation and Expenditures: Pre- and Re-distribution,” NBER Working 

Paper No. 23892, September 2017, Revised October 2017, accessible 

at http://www.nber.org/papers/w23892, and to be published in Journal of Public 

Economics Special Issue for Tony Atkinson, Henrik Kleven and Erzo Luttmer 

(eds.). 

“Report of the High-Level Commission on Carbon Prices,” with Nicholas Stern and 

Commission Members, Carbon Pricing Leadership Coalition, International Bank 

for Reconstruction and Development and International Development Association/ 

The World Bank, May 29, accessible 

at https://www.carbonpricingleadership.org/report-of-the-highlevel-commissionon-carbon-prices/. 

“Rethinking Globalization in the Trump Era: US-China Relations,” CDF Proceedings 

2017. Paper presented at China Development Forum, March 18, 2017 and 

published as Roosevelt Institute Working Paper, June, accessible 

at http://rooseveltinstitute.org/rethinking-globalization-trump-era-us-chinarelations/. 

“The Revolution of Information Economics: The Past and the Future,” to be published in 

proceedings from World Bank conference The State of Economics, The State of 

the World, and NBER Working Paper No. 23780, September, accessible 

at http://www.nber.org/papers/w23780. 

"Structural Transformation, Deep Downturns, and Government Policy," to be published 

in Oxford Handbook of Structural Transformation: Structural Transformation, 

Deep Downturns, and Government Policy, Célestin Monga and Justin Yifu Lin 

(eds.), and NBER Working Paper No. 23794, September, accessible 

at http://www.nber.org/papers/w23794. 

“Tony Atkinson and His Legacy,” with Rolf Aaberge, et al., Review of Income and 

Wealth, vol. 63, no. 3, Sept. 2017, pp. 411–44, accessible 

at http://onlinelibrary.wiley.com/doi/10.1111/roiw.12335/full. 

“Toward a Taxonomy of Media Capture,” in In The Service of Power: Media Capture 

and the Threat to Democracy, Anya Schiffrin (ed.), Washington, D.C.: Center for 

Media Assistance, National Endowment for Democracy, accessible 

at https://www.cima.ned.org/resource/media-capture-toward-taxonomy-mediacapture/. 

“Towards a Broader View of Competition Policy,” to be published in Competition Policy 

for the New Era: Insights from the BRICS Countries, Tembinkosi 

Bonakele, Eleanor Fox, and Liberty Mncube (eds.), Oxford: Oxford University 

Press, and Roosevelt Insitute Working Paper June, accessible 

at http://rooseveltinstitute.org/towards-broader-view-competition-policy/. 

(Lecture presented to the 4th BRICS International Competition Conference in 

Durban, November 2015.) 

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“Towards a Twenty-first Century Investment Agreement,” to be published as the Preface 

in Yearbook on International Investment Law and Policy 2015-2016, Lise 

Johnson and Lisa Sachs (eds.), Oxford University Press, accessible 

at http://bit.ly/2DVPqXv. 

"Wealth and Income Inequality in the Twenty-First Century", to be published in IEA 

Conference Volume. Paper presented at the 18th World Congress of the 

International Economic Association, Mexico City, June 19-23 2017, accessible 

at http://bit.ly/2DVMdHz. 

 “Where Modern Macroeconomics Went Wrong,” to be published in Oxford Review of 

Economic Policy, special issue on “The Future of Macroeconomic Theory”, 

David Vines and Sam Wills (eds.), and NBER Working Paper No. 23795, 

September, accessible at http://www.nber.org/papers/w23795. 

2018 

“Alternatives to Debt-driven Growth: Continuing in China's 40 year of Reform,” CDF 

Proceedings 2018. Paper presented at China Development Forum, accessible at 

https://bit.ly/2Gdp7JL. 

“An Analysis of Puerto Rico’s Debt Relief Needs to Restore Debt Sustainability,” with 

Pablo Gluzmann and Martin Guzman, Espacios Abiertos, January, accessible 

at http://espaciosabiertos.org/wp-content/uploads/2018/01/Final-Report-DSA2018.01.pdf. 

“Economic Justice in America: Fifty Years After the Kerner Report,” Healing Our 

Divided Society: Investing in America Fifty Years After the Kerner Report, Fred 

Harris and Alan Curtis (eds.), Philadelphia: Temple University Press, pp.127-138, 

accessible at https://bit.ly/2ITIZTR and Roosevelt Institute Working Paper, 

August 2017, accessible at http://rooseveltinstitute.org/economic-justice-america/. 

“Lessons from the Financial Crisis and their Implications for Global Economic Policy,” 

to be published in The 10 Years After: The End of the Familiar...Reflections on 

the Great Economic Crisis, Reinventing Bretton Woods Committee (RBWC), 

accessible at http://bit.ly/2BEVjmf. 

“The Theory of Credit and Macroeconomic Stability,” Economic Theory and Policy 

Amidst Global Discontent: Essays in Honour of Deepak Nayyar, Ananya Ghosh 

Dastidar, Rajeev Malhotra and Vivek Suneja (eds.), Routledge India and NBER 

Working Paper No. 22837, accessible at http://www.nber.org/papers/w22837.pdf. 

“The Welfare State in the Twenty First Century,” The Welfare State Revisited, Jose 

Antonio Ocampo and Joseph E. Stiglitz (eds.), Initiative for Policy Dialogure at 

Columbia, New York: Columbia University Press, accessible at 

https://bit.ly/2DXBW8S and Roosevelt Institute Working Paper, June, pp. 1-37, 

accessible at http://rooseveltinstitute.org/welfare-state-twenty-first-century/. 

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“Working with a Great Public Intellectual: Remembering Tony Atkinson,” The Economic 

and Labour Relations Review, Vol. 29(1) pp. 38–40, accessible at 

http://journals.sagepub.com/doi/10.1177/1035304618757111. 

Books 

An Agenda for the Development Round of Trade Negotations in the Aftermath of Cancun, 

with Andrew Charlton, prepared for the Commonwealth Secretariat, 2004. 

Contemporary Issues in Macroeconomics: Lessons from The Crisis and Beyond, Joseph 

E. Stiglitz and Martin Guzman (eds.), IEA Conference Volume, No.155-

III,Houndmills, UK and New York: Palgrave Macmillan, 2016. 

Contemporary Issues in Microeconomics, Joseph E. Stiglitz and Martin Guzman (eds.), 

IEA Conference Volume, No.155-II, Houndmills, UK and New York: Palgrave 

Macmillan, 2016. 

Creating a Learning Society: A New Approach to Growth, Development, and Social 

Progress, with Bruce C. Greenwald, New York: Columbia University Press, 2014. 

Reader’s Edition published 2015. Also published Chinese (simplified)/China 

(mainland PR) by CITIC Publishing Group (Expected December 2016), 

Czech/World by Nakladatestvi Academia (Expected September 2017), 

French/World by Editions Les Liens Qui Liberent (Expected Spring 2017), 

German/World by UllsteBuchverlage GmbH. (Published 10/9/15), 

Hungarian/World by Napvilag Kidao Kft. (Expected January 2017), Italian/World 

by Giulio Einaudi Editore (Expected end of 2017), Japanese/World by Toyo 

Keizai Inc. (Published 2017), Korean/World by The Korea Economic Daily & 

Business Publications (Published 2016), Portuguese/World ex. Brazil by Bertrand 

Editora Ltda (Expected 2017), Spanish/LatAmerica and US by Ediciones 

Culturales Paidos (Published 10/15/15) and Spanish/World ex. LatAmerica and 

US by La Esfera De Los Libros, S.L. (Published 1/26/16), Vietnamese by 

National Publishing House of Vietnam (Published 2017) 

An Economic Analysis of the Conservation of Depletable Natural Resources, with P. 

Dasgupta, G. Heal, R. Gilbert, and D. Newbery, prepared for the Federal Energy 

Administration, May 1977. 

The Economic Role of the State, Oxford, Basil Blackwell, 1989. (Translated in Italian by 

Marco Da Rin, Società editrice il Mulino, Bologna, 1992) 

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The Euro: How a Common Currency Threatens the Future of Europe, New York: W.W. 

Norton, 2016. Published in paperback in 2017, also by Norton. Also published the 

UK by Allen Lane/Penguin, audiobook by Audible, Bulgarian by Iztok-Zapad, 

Catalan by Edicions 62, Chinese complex characters by Business Weekly, 

Chinese simplified characters by China Machine Press, Croatian by Profil, Czech 

by Euromedia Group, Dutch by Athenaeum, French by Les Liens qui Liberent, 

German by Siedler, Greek by Editions K. Papadapoulos, Italian by Guilio Einaudi 

Editore, Japanese by Tokuma Shoten, Korean by The Open Books Col, Polish by 

Krytyka Polityczna, Portuguese by Bertrand Editoria, Romanian by Editura 

Publica, Serbian by Akademska Knjiga, Spanish by Taurus, and Swedish by 

Atlantis.

Effects of Risk on Prices and Quantities of Energy Supplies, with R. Gilbert, prepared for 

Electric Power Research Institute, EPRI EA-700, Project 869-1, Final Report, 1-4, 

May 1978. 

Fair Trade for All, with Andrew Charlton, New York: Oxford University Press, 2005. 

Also published in Simplified Chinese by China Renmin University Press, in 

Croatian by Masmedia, in Czech by Victoria, in French by Fayard, in German by 

Murmann, in Hungarian by Lexecon, in Italian by Garzanti, in Japanese by Nihon 

Keizai, in Korean by Nexus, in Polish by PWN, in Portuguese by Elsevier (Brazil) 

and ASA (Portugal), in Russian by Ves Mir, and in Spanish by Taurus. 

Freefall: America, Free Markets, and the Sinking of the World Economy, New York: 

WW Norton, 2010. Also published in the UK by Penguin/Allen Lane. Translated 

in Arabic by Dar Al Kitab al Arabi, Bahasa Melayu by Institut Terjemahan 

Negara, Bulgarian by Info Dar, complex Chinese by Commonwealth, simplified 

Chinese by China Machine Press, Dutch by Het Spectrum, Estonian by Tänapäev, 

French by Les Liens qui Liberent, German by Siedler, Greek by Papadopoulos, 

Italian by Einaudi, Japanese by Tokuma Shoten, Korean by Book 21, Polish by 

Polish Economic Society, Portuguese (Brazil) by Companhia das Letras, 

Portuguese (Portugal) by Ana Paula Faria, Romanian by Editura Publica Com Srl, 

Russian by Eksmo Press, Serbian by Media II, Spanish by Taurus and Debolsillo 

(by Penguin Random House Grupo Editorial), Swedish by Leopard, Thai by 

ASTV Manager Co., Turkish by Hiperlink Egtim Iletisim Yay, and Vietnamese 

by DT Books. Audio version published by Tantor Media. 

Globalization and Its Discontents, New York: W.W. Norton Company, 2002. Also 

published by Penguin Books (UK); Profil (Croatian); Alfa Basim Yayim Dagitm 

Tic (Turkish); Einaudi (Italian); Radarami (Georgian); ASTVmanager (Thai); 

Siedler (German); Turiba (Latvian); Youth Publisher (Vietnamese); Monsudar 

(Mongolian); Ecumenical Institute (Sinhala); Zenith (Albanian); Prophetes 

Globalizacija (Slovenian); China Machine Press (Chinese Simplified); PWN 

(Polish); PT Ina Publikatama (Indonesian); Livani (Greek); Taurus (Spanish); 

Tokuma Shoten (Japanese); Azerbaijan Center for Economic Reforms (Azeri); D 

C Books (Malayalam); Dar al-Farabi (Arabic); Editura Economica SRL 

(Romanian); Empuries (Catalan); Fayard (French); Hakibbutz Hameuchad 

(Hebrew); Het Spectrum (Dutch); Info Dar (Bulgarian); Kyiv Mohyla 

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(Ukrainian); Leopard (Swedish); Locus (Chinese Complex); Napvilag Kiado 

(Hungarian); National Public Scientific Foundation (Russian); PT-Kustannus 

(Finnish); Prostor (Czech); Sejong Books (Korean); Spektrum (Norwegian); Miba 

Books (Serbian). 

Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump, 

New York: W.W. Norton, 2017. Also published in the UK by Allen 

Lane/Penguin.

Globalizzazione, Rome: Donzelli, 2011. 

The Great Divide: Unequal Societies and What We Can Do About Them, New York: 

W.W. Norton, 2015. Published in paperback in 2016, also by Norton. Also 

published in the U.K. by Penguin Books and in audio format by Audible. 

Translated and published in Chinese complex characters by Commonwealth 

Magazine Group, in Chinese simplified characters by China Machine Press, in 

French by Les Liens qui Liberent, in German by Siedler, in Italian by Einaudi, in 

Japanese by Tokuma Shoten, in Korean by The Open Books Co., in Portuguese 

by Alta Books (Brazil) and Bertrand Editoria (Portugal), in Romanian by Editura 

Publica, in Russian by Exem License Limited, in Serbian by Akademska Knjiga, 

and in Spanish by Taurus. 

Have Recent Crises Affected the State-Market Debate? Dhaka: University Press Ltd (for 

the Bangladesh Economic Association), 1999. 

In un mondo imperfetto. Mercato e democrazia nell’era della globalization, Donzelli:

Rome, 2001. 

Informazione, Economia pubblica e Macroeconomia, edited by A. Boitani and A. 

Petretto, Bologna: Il Mulino, 2002. 

Intellectual Property Rights: Legal and Economic Challenges for Development, Mario 

Cimoli, Giovanni Dosi, Keith E. Maskus, Ruth L. Okediji, Jerome H. Reichman, 

and Joseph E. Stiglitz (eds.), Oxford, UK and New York: Oxford University 

Press, 2014.

Joseph Stiglitz for Project Syndicate: The Complete Archive, 2001-2011, Project 

Syndicate, 2011 (Kindle eBook).

Making Globalization Work, New York: WW Norton, 2006. Also published in the UK by 

Penguin/Allen Lane, in audio format by Audible, in Arabic by Arabic Book 

Program Cairo, in Catalan by Empuries, in complex Chinese by Commonwealth, 

in simplified Chinese by China People’s Publishing House, in Croatian by 

Algoritam, in Dutch by Het Spectrum, in French by Fayard, in German by 

Siedler, in Herbrew by Arieh Nir, in Indonesian by Mizan Pustaka, in Italian by 

Einaudi, in Japanese by Tokuma Shoten, in Korean by Book 21, in Malayalam by 

Kerala State Institute of Languages, in Norwegian by Pax Forlag, in Polish by 

PWN, in Portuguese by Companhia das Letras (Brazil) and ASA Editores 

(Portugal), in Romanian in Editura Polirom, in Serbian by Informatika, in Spanish 

by Debolsillo and Taurus, in Swedish by Daidalos, in Thai by Suan Nguen Mee 

Ma Press, in Turkish by Plan B, and in Vietnamese by Youth Publishers. 

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Mismeasuring Our Lives: Why GDP Doesn’t Add Up, with J. Fitoussi and A. Sen, New 

York: The New Press, 2010. Published in French by in French by Odile Jacob,

simplified Chinese by Xinhua, in Italian by Etas, in Korean by Dongnyok, and in 

Spanish by RBA. 

Peasants versus City-Dwellers: Taxation and the Burden of Economic Development, with 

R. Sah, Oxford and New York: Oxford University Press, 1992. Published in 

paperback in 2002, also by Oxford University Press. 

The Price of Inequality: How Today’s Divided Society Endangers Our Future, New 

York: W.W. Norton, 2012. Also published in the U.K. by Penguin/Allen Lane and 

in audio format by Tantor Media. Translated in Arabic by National Center for 

Translation, Egypt, in Bulgarian by Iztok-Zapad, in simplified Chinese by China 

Machine Press, in complex Chinese by Commonwealth, in French by Les Liens 

Qui Libèrent, in German by Siedler, in Greek by Papadopoulos, in Hebrew by 

Calcalist, in Italian by Einaudi, in Japanese by Tokuma Shoten, in Korean by 

Open Books, in Polish by Krytyka Polityczna, in Portuguese by Bertrand Editora, 

in Romanian by Editura Publica, in Russian by Exem License Limited, in Spanish 

by Taurus and Penguin Random House Grupo Editorial, in Tamil by Aazhi 

Publishers, in Thai by SE-Education Public Company Limited, in Turkish by 

Iletisim Yayincilik, in Ukranian by Ecem Media, and in Vietnamese by 

Knowledge Publishing House. 

The Rebel Within: Joseph Stiglitz and the World Bank, edited by Ha-Joon Chang, 

Anthem World Economics, London: Wimbledon Publishing Company, UK, 2001. 

(A collection of papers and lectures written or delivered during tenure as Chief 

Economist of the World Bank) 

Rewriting the Rules of the American Economy, with Nell Abernathy, Adam Hersh, Susan 

Holmberg and Mike Konczal, A Roosevelt Institute Book, New York: W.W. 

Norton, 2015. Also published in audio format by Random House Audio. 

Translated and published in Chinese complex characters by Commerical Press, in 

Chinese simplified characters by China Machine Press, in Italian by il Saggiatore, 

in Japanese by Tokuma Shoten, in Korean by The Open Books Co., and in 

Portuguese by Bertrand. Available at http://www.rewritetherules.org.

The Roaring Nineties: A New History of the World’s Most Prosperous Decade, New 

York: W.W. Norton, 2003. Also published in the U.K. by Penguin/ Allen Lane. 

Translated in Arabic by Dar al-Farabi, in complex Chinese by Commonwealth, in 

simplified Chinese by China Financial, in French by Fayard, in German by 

Siedler, in Greek by Livani, in Hungarian by Napvilag Kiado, in Indonesian by 

Marjin Kiri, in Italian by Einaudi, in Japanese by Tokuma Shoten, in Korean by 

Sejong, in Polish by PWN, in Portuguese by Companhia das Letras (Brazil) and 

Terramar (Portugal), in Romanian by Editura Economica, in Russian by National 

Public Scientific Foundation, in Spanish by Taurus, and in Turkish by CSA 

Global. 

Selected Works on Economics of Joseph E. Stiglitz (Chinese), Beijing: China Financial 

Publishing House, 2006. 

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The Selected Works of Joseph E. Stiglitz, Volume I: Information and Economic Analysis, 

Oxford: Oxford University Press, 2009. 

The Selected Works of Joseph E. Stiglitz, Volume II: Information and Economic Analysis: 

Applications to Capital, Labor, and Product Markets, Oxford: Oxford University 

Press, 2013. 

Stability with Growth: Macroeconomics, Liberalization, and Development, with José 

Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar, The 

Initiative for Policy Dialogue Series, Oxford: Oxford University Press, 2006. 

The Stiglitz Report: Reforming the International Monetary and Financial Systems in the 

Wake of the Global Crisis, with Members of the Commission of Experts on 

Reforms of the International Monetary and Financial System appointed by the 

President of the United Nations General Assembly, New York: The New Press, 

2010. Published in complex Chinese by Commonwealth Magazine Company, in 

simplified Chinese by Xinhua, in French by Odile Jacob, in India by Orient Black 

Swan (2011), in Korean by Dongnyok, in Russian by International Relations 

Publishing, and in Spanish by RBA. 

Sustainable Development and Neo-Liberalism, Dhaka:Bangladesh Economic 

Association, 2004. 

Taming Capital Flows: Capital Account Management in an Era of Globalization, IEA 

Conference Volume No. 154, Joseph E. Stiglitz and Refet S. Gurkaynak (eds.), 

Houndmills, UK and New York: Palgrave Macmillan, 2015.

The Theory of Commodity Price Stabilization, with D. Newbery, Oxford: Oxford 

University Press, 1981. 

The Three Trillion Dollar War: The True Cost of the War in Iraq, with L. Bilmes, New 

York: W.W. Norton and London: Penguin, 2008. Also published in the UK by 

Penguin, in Arabic by Dar al Kitab al Arabi, in Chinese simplified characters by 

China Renmin, in Dutch by Het Spectrum, in French by Fayard, in German by 

Siedler, in Indonesia by Mizan Pustaka, in Italian by Einaudi,, in Japanese by 

Tokuma Shoten, in Korean by Strategy and Culture Publishing, in Polish by 

PWN, in Romanian by Editura Tehnica, in Spanish by Taurus, and in Turkish by 

ODTU Gelistirme Vakfi.

Towards a New Paradigm in Monetary Economics, with Bruce Greenwald, Cambridge: 

Cambridge University Press, 2003. Also published in complex Chinese by Scitech Publishing, in simplified Chinese by CITIC Publishing, in French by 

Editions Librairie Economica, in Japanese by University of Tokyo Press, and in 

Portuguese (Brazil) by Editora Francis Ltda.

Towards a General Theory of Deep Downturns, IEA Conference Volume, 155-VI, 

Houndmills, UK and New York: Palgrave Macmillan, 2016. NBER Working 

Paper 21444, August 2015. Originally presented as Presidential Address to the 

17th World Congress of the International Economic Congress, Dead Sea, Jordan, 

June, 2014. 

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Whither Socialism? Cambridge, MA: MIT Press, 1994. (Expanded from a paper 

presented at the Wicksell Lectures, May 1990.) 

Textbooks

Economics, 1st Edition, New York: W.W. Norton, 1993. Translated in Catalan by 

Editorial Ariel. In Chinese simplified by China People’s University Press, in 

French by Edition de Boeck (France) and USIA (Haiti and Africa), in Italian by 

Bollati Boringhieri Editore, in Japanese by Toyo Kiezai Shinposha Ltd, in Latvian 

by The University of Latvia, in Spanish by Editorial Ariel (Spain) and Planeta 

International (Latin America).

Economics, 2nd edition, New York: W.W. Norton, 1997. Translated in Chinese 

simplified by China People’s University Press and China Renmin, in French by 

Edition de Boeck (France) and by USIA/Nouveaux Horizons (Haiti and Africa), 

in German by Oldenbourg Verlag, in Italian by Bollati Boringhieri Editore, in 

Japanese by Toyo Kiezai Shinposha Ltd, and in Korean by Hanul. 

Economics, with Carl Walsh, 3rd edition, New York: W.W. Norton, 2002. Translated in 

Chinese (simplified) by China People’s University Press and China Renmin, 

French by Edition de Boeck, in Japanese by Toyokezai Shinposha, in Portuguese 

by Editora Campus, and in Romanian by Economica.

Economics,with Carl Walsh, 4th Edition, New York: W.W. Norton, 2006. Also published 

in Chinese simplified by China Renmin, in English by Viva Books (India) and 

Wiley Australia (Australia & New Zealand), in French by de Boeck, and in 

German by Oldenbourg, in Greek by Papazissis, and in Japanese by Toyokeizai 

Shinposha. 

Economics and the Canadian Economy, with R. Boadway, Canadian Edition. New York: 

W.W. Norton, 1994. 

Economics and the Canadian Economy, 2nd edition, with R. Boadway, Canadian Edition. 

New York: W.W. Norton, 1997. 

Economics of the Public Sector, New York: W.W. Norton, 1986. Translated in Czech by 

Liberal Institute USIA/ Victoria Publishing, in French by Editions de Boeck, in 

German by Oldenbourg Verlag, in Italian by Ulrico Hoepli Editore, in Japanese 

by McGraw Hill Book Co. and Toyokeizai Shinposha, in Norwegian by NorskLyd, in Portuguese by Editora Atlas, in Russian by Moscow University Press, in 

Spanish by Antoni Bosch, and in Turkish by Marmara University USIA.

Economics of the Public Sector, second edition, New York: W.W. Norton, 1988. 

Translated in Czech by Liberal Institute/USIA/ Victoria Publishing, in Chinese 

(simplified) by China People’s University Press, in Estonian by the Estonian 

Institute of Public Administration, in Greek by Kritiki, in Hungarian by 

Kozgazdasagi Ed Jugi Konyvkiado, in Japanese by Toyo Keizai Shinposha, in 

Spanish by Antoni Bosch, and in Ukranian by Osnovy Publishers. 

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Economics of the Public Sector, third edition, New York: W.W. Norton, 2000. 

Translated in Chinese (simplified) by China People’s University Press and China 

Renmin, in French by Edition de Boeck, in Italian by Ulrico Hoepli Editore, in 

Japanese by Toyokiezai Shinposha Ltd, in Macedonian by Macedonian Ministry 

of Finance and Tabernakul Publishing, in Polish by Wydawnictwo Naukowe 

PWN, in Portuguese by Editora Atlas (Brazil), in Serbian by the University of 

Belgrage Economic Department and Center for Publishing Activiti, in Spanish by 

Antoni Bosch.. 

Economics of the Public Sector, fourth edition, New York: W.W. Norton, 2015. 

Translated in Chinese simplified by China Renmin, in French by De Boeck, in 

Italian by Hoepli, and in Spanish by Antoni Bosch. 

Lectures on Public Economics, with A.B. Atkinson, McGraw-Hill Book Company, New 

York and London, 1980. Reprinted in 2015, with a new introduction, Princeton: 

Princeton University Press. (Spanish translation 1988, Instituto de Estudios 

Fiscales; Chinese translation 1991, Shanghai San-Lian Publishing.) 

Principles of Macroeconomics, New York: W.W. Norton, 1993. 

Principles of Macroeconomics, 2nd Edition, New York: W.W. Norton, 1997. 

Principles of Macroeconomics, with Carl Walsh, 3rd Edition New York: W.W. Norton, 

2002. Translated in Portuguese by Editora Campus and in Spanish by Editorial 

Ariel. 

Principles of Macroeconomics, with Carl Walsh, 4th Edition, New York: W.W. Norton, 

2006. 

Principles of Macroeconomics and the Canadian Economy, New York: W.W. Norton, 

1993. 

Principles of Microeconomics, New York: W.W. Norton, 1993. Translated into Spanish 

by Editorial Ariel.

Principles of Microeconomics, 2nd Edition, New York: W.W. Norton, 1997. 

Principles of Microeconomics, with Carl Walsh, 3rd Edition, New York: W.W. Norton, 

2002. Translated in Italian by Ulrico Hoepli Editore, in Portuguese by Editora 

Campus, and in Spanish by Editorial Ariel. 

Principles of Microeconomics, with Carl Walsh, 4th Edition, New York: W.W. Norton, 

2006. Translated in French by de boeck. Translated in Japanese by Toyokeizai 

Shinposha. 

Edited books

The Collected Scientific Papers of P.A. Samuelson, volumes 1 and 2, M.I.T. Press, 1965; 

Japanese language edition, 1991. 

Readings in Modern Theory of Economic Growth, with H. Uzawa, M.I.T. Press, 1969 

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Capital Market Liberalization and Development, with Jose Antonio Ocampo (eds.), New 

York: Oxford University Press, 2008. 

Contemporary Issues in Macroeconomics: Lessons from The Crisis and 

Beyond, with Martin Guzman (eds.), IEA Conference Volume No. 155-II, 

Houndmills, UK and New York: Palgrave Macmillan, 2016. 

Contemporary Issues in Microeconomics, with Martin Guzman, IEA Conference Volume 

No. 155-III, Houndmills, UK and New York: Palgrave Macmillan, 2016. 

Debates on the Measurement of Global Poverty, with Sudhir Anand and Paul Segal 

(eds.), New York: Oxford University Press, 2010. 

The Economics of Rural Organization: Theory, Practice, and Policy, with K. Hoff and A. 

Braverman (eds.), New York: Oxford University Press, 1993. 

The Economists’ Voice: Top Economists Take on Today’s Problems, with Aaron S. Edlin 

and J. Bradford DeLong (eds.), New York: Columbia University Press, 2008. 

Efficiency, Finance, and Varieties of Industrial Policy: Guiding Resources, Learning, and 

Technology for Sustained Growth, with Akbar Noman (eds.), New York: Columbia 

University Press, 2016. 

Escaping the Resource Curse, with Macartan Humphreys and Jeffrey Sachs (eds.), New 

York: Columbia University Press, 2007. 

Etica y Desarrollo, with B. Kliksberg and A. Sen (eds.), Buenos Aires: El Ateneo, 2002.

Financial Liberalization: How Far, How Fast? with Gerard Caprio and Patrick Honohan 

(eds.), Cambridge, UK: Cambridge University Press, 2001. 

Frontiers of Development Economics: the Future in Perspective, with Gerald M. Meier 

(eds.), New York: Oxford University Press, 2001. 

The Global Macro Economy and Finance, with Franklin Allen, Masahiko Aoki, 

Nobuhiro Kiyotaki, Roger Gordon, and Jean-Paul Fitoussi (eds.), Palgrave 

Macmillan, 2012. 

Good Growth and Governance in Africa, with Akbar Noman, Kwesi Botchwey, and 

Howard Stein (eds.), New York: Oxford University Press, 2012. 

Governance, Equity, and Global Markets, with Pierre-Alain Muet (eds.), Oxford: Oxford 

University Press, 2001. 

The G20 and Recovery and Beyond: An Agenda for Global Governance for the TwentyFirst Century, with J.P. Fitoussi (eds), e-book with contributions from The Paris 

Group, 2011 (available at www.josephstigliz.com).

In the Wake of the Crisis, J. Blanchard, David Romer, Michael Spence and J. E. Stiglitz 

(eds.), Cambridge, MA: MIT Press, 2012, Cambridge, MA: MIT Press, 2012. 

Income Contingent Loans: Theory, Practice and Prospects, with B. Chapman and T. 

Higgins (eds.), Houndmills, UK and New York: Palgrave Macmillan, 2014. 

Industrial Policy and Development, with M. Cimoli and G. Dosi (eds.), Oxford: Oxford 

University Press, 2009. 

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Industrial Policy and Economic Transformation in Africa, with Akbar Noman (eds.), 

New York: Columbia University Press, 2015. 

The Industrial Policy Revolution I: The Role of Government Beyond Ideology, with Justin 

Yifu Lin, Houndmills, UK and New York: Palgrave Macmillan, 2014. Translated 

in Chinese by Peking University Press.

The Industrial Policy Revolution II: Africa in the 21st Century, with Justin Yifu Lin and 

Ebrahim Patel, Houndmills, UK and New York: Palgrave Macmillan, 2014. 

Translated in Chinese by Peking University Press. 

Inequality and Growth: Patterns and Policy, Volume I: Concepts and Analysis, with 

Kaushik Basu (eds.), IEA Conference Volume No. 156-I, Houndmills, UK and 

New York: Palgrave Macmillan, 2016. 

Inequality and Growth: Patterns and Policy, Volume II: Regions and Regularities, with 

Kaushik Basu (eds.), IEA Conference Volume No. 156-I, Houndmills, UK and 

New York: Palgrave Macmillan, 2016. 

Intellectual Property Rights: Legal and Economic Challenges for Development, with 

Mario Cimoli, Giovanni Dosi, Keith E. Maskus, Ruth L. Okediji, Jerome H. 

Reichman (eds.), Oxford: Oxford University Press, 2014. 

Knowledge, Informtation and Expectation in Modern Macroeconomics: In Honor of 

Edmund S. Phelps, with P. Aghion, R. Frydman, and M, Woodford, Princeton, 

NJ: Princeton University Press, 2003. 

Law and Economic Development with Chinese Characteristics: Institutions for the 21st 

Century, with David Kennedy (eds.), 2013, Oxford and New York: Oxford 

University Press.

Life After Debt: The Origins and Resolutions of Debt Crisis, with Daniel Heymann, 

Houndmills, UK and New York: Palgrave Macmillan, 2014. Also published in 

Spanish by Eudeba. 

New Developments in the Analysis of Market Structure, with C.F. Mathewson (eds.), 

London: The Macmillan Press, 1986. 

New Ideas about Old Age Security, with Robert Holzmann (eds.), Washington, D.C.: 

World Bank, 2001. 

The Quest for Security: Protection without Protectionism and the Challenge of Global 

Governance, with Mary Kaldor (eds.), New York: Columbia University Press, 

2013. Translated in Spanish as La Búsqueda de la Seguridad: Protección sin 

Protecciónsimo y el Desafío de la Gobernanza Global, Buenos Aires: Paidós, 

2013; and in Portuguese by Bertrand Editora,2015.. 

Rethinking the East Asian Miracle, with S. Yusuf (eds.), World Bank and Oxford 

University Press, 2001. 

Sovereign Wealth Funds and Long-Term Investing, with Patrick Bolton and Frederic 

Samama (eds.), New York: Columbia University Press, 2012. 

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Taming Capital Flows: Capital Account Management in an Era of Globalization, with 

Refet S. Gurkaynak (eds.), IEA Conference Volume No. 154, Houndmills, UK 

and New York: Palgrave Macmillan, 2015. 

Time for a Visible Hand: Lessons from the 2008 World Financial Crisis, with S. GriffithJones and J.A. Ocampo (eds.), Initiative for Policy Dialogue Series, Oxford: 

Oxford University Press, 2010. 

Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises,with Martin Guzman 

and J.A. Ocampo (eds.), Initiative for Policy Dialogue at Columbia, New York: 

Columbia University Press, 2016. 

The Washington Consensus Reconsidered: Towards a New Global Governance, with 

Narcis Serra (eds.), New York: Oxford University Press, 2008. 

What Have We Learned? Macroeconomic Policy after the Crisis, George Akerlof, 

Olivier Blanchard, David Romer, and J. E. Stiglitz (eds.), Cambridge, Mass. and 

London: MIT Press, 2014. 

Journalism 

2018 

“When Shall We Overcome?” Project Syndicate, March 12, 2018. 

“Post-Davos Depression,” Project Syndicate, February 1, 2018. 

“A Fiscal Plan for Puerto Rico Recovery,” with Daron Acemoglu, Alan A. Aja, Robert 

Blecker, José Caraballo Cueto, Hector Cordero-Guzman, William "Sandy" Darity, 

Jr., Alberto Dávila,Zadia M. Feliciano, José M. Fernández, Richard Freeman, Jason 

Furman, Jamie Galbraith, Martin Guzman, Darrick Hamilton, Simon Johnson, Thea 

Lee, José Alameda Lozado, Mario Marazzi Santiago, Marie T. Mora, Francisco L. 

Rivera-Batiz, Dani Rodrik, Jeffrey Sachs, Gene Sperling, Mark Weisbrot, and Antonio 

Weiss, January 24, 2018. 

“The US Donor Relief Act of 2017,” Project Syndicate, January 2, 2018. 

2017 

“The Global Economy's Risky Recovery,” Project Syndicate, December 20, 2017. 

“Don't Expect Debt Payments from Puerto Rico Any Time Soon,” with Martin Guzman 

and Antonio Weiss, December 11, 2017. 

“The Globalization of Our Discontent,” Project Syndicate, December 5, 2017. 

“In Celebration of Africa's Fine, Upstanding Muckrakers,” Sunday Times (South Africa), 

with Anya Schiffrin, November 12, 2017. 

“Has Trump Captured the Fed?,” Project Syndicate, November 3, 2017. 

“230 Law and Economics Professors Urge President Trump to Remove Investor-State 

Dispute Settlement (ISDS) from NAFTA and Other Pacts,” October 25, 2017. 

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“America Has a Monopoly Problem—and It's Huge,” The Nation, October 23, 2017. 

“Bail-ins and Bailouts: Incentives, Connectivity, and Systemic Stability,” VOX, October 

18, 2017. 

“Intellectual Property for the Twenty First Century Economy,” with Dean Baker and 

Arjun Jayadev, Project Syndicate, October 17, 2017. 

“When It Comes to The Economy, Britain Has a Choice: May's 80s Rerun or Corbyn's 

Bold Rethink,” Prospect Magazine, October 9, 2017. 

“Déjà Voodoo,” Project Syndicate, October 4, 2017. 

“PROMESA's Dangerous Premises,” with Martin Guzman, Project Syndicate, September 

18, 2017. 

“Learning from Harvey,” Project Syndicate, September 8, 2017. 

“Why Tax Cuts for the Rich Solve Nothing,” Project Syndicate, July 27, 2017. 

“Trump and the Truth About Climate Change,” Project Syndicate, July 2, 2017. 

“Austerity Has Strangled Britain. Only Labour will Consign it to History,” The Guardian, 

June 7, 2017. 

“Trump's Rogue America,” Project Syndicate, June 2, 2017. 

“Lessons from the Anti-Globalists,” Project Syndicate, May 1, 2017. 

Janet Yellen Piece for TIME 100, April 20, 2017. 

“Le programme antieuropéen de Marine Le Pen dénoncé par 25 Nobel d’économie,” Le 

Monde, April 18, 2017. (The anti-European program of Marine Le Pen denounced by 25 

Nobel economics.) 

“Illiberal Stagnation,” Project Syndicate, April 2, 2017. 

“From Bad to Worse for Puerto Rico,” with Martin Guzman, Project Syndicate, February 

27, 2017. 

“Letter to the Editor on Puerto Rico,” The New York Times, February 27, 2017. 

“How to Survive the Trump Era,” Project Syndicate, February 20, 2017. 

“Trump's Most Chilling Economic Lie,” Vanity Fair, February 17, 2017. 

“Nobel Economist: One-Percenters, Pay Your Taxes,” CNN.com and on Frankfurter 

Allgemeine Zeitung, January 16, 2017. 

“Trumpian Uncertainty,” Project Syndicate, January 9, 2017. 

2016 

“A New Year's Development Resolution,” with Kaushik Basu, Francois Bourguignon, 

and Justin Yifu Lin, Project Syndicate, December 30, 2016. 

“Why 2017 Could See the Collapse of the Euro,” Fortune, December 30, 2016. 

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“A Nobel Laureate Explains How Trump Could Nuke the Economy,” Vanity Fair, 

December 27, 2016. 

“Bad News for America's Workers,” Project Syndicate, December 19, 2016. 

“How Democrats Can Fix Themselves: The Days of Triangulation Are Toast,” Vanity 

Fair, November 17, 2016. 

“What America's Economy Needs from Trump,” Project Syndicate, November 13, 2016. 

“Would a President Trump Be Good for Business?,” Tampa Bay Times, November 1, 

2016. 

“Why the Economy Has Failed So Many - And Why Donald Trump Has the Wrong 

Answers,” Cleveland Plain Dealer, October 26, 2016. 

“The One Thing Our Next President Needs to Know About the Economy,” Vanity Fair, 

October 24, 2016. 

“How Trump Happened,” Project Syndicate, October 14, 2016. 

“The Real Scandal Behind the Panama Papers,” Vanity Fair, September 29, 2016. 

“The Apple Tax Tussle Shows the Need for a New Way of Taxing Profits,” with Erika 

Siu, in Süddeutsche Zeitung, September 19, 2016. 

“A Better Economic Plan for Japan,” Project Syndicate, September 14, 2016. 

“Reform or Divorce in Europe,” Project Syndicate, August 22, 2016. 

“Why We Left the Panama Commission,” with Mark Pieth, TIME, August 10, 2016. 

“Globalization and its New Discontents,” Project Syndicate, August 5, 2016. 

“Trump and the Damage Done,” Boston Globe, August 4, 2016. 

“From Brexit to the Future,” Project Syndicate, July 6, 2016. 

“Learning from Namibia,” with Anya Schiffrin, Project Syndicate, June 14, 2016. 

“Donald Trump's Biggest Vulnerability,” Vanity Fair, June 1, 2016. 

“Monopoly's New Era,” Project Syndicate, May 13, 2016. 

“TTIP and Climate Change: A Tale of Two Cities from Paris to Hannover” and “Mit 

TTIP zerstören Merkel und Obama ihr eigenes Werk” ("Merkel and Obama destroy their 

own work with TTIP"), Suddeutsche Zeitung, April 21, 2016. 

“What's Wrong With Negative Interest Rates?”, Project Syndicate, April 13, 2016. 

“How Hedge Funds Held Argentina for Ransom,” New York Times, April 1, 2016. 

“Tricks of the Trade Deal: Six Big Problems with the Trans-Pacific 

Partnership,” Roosevelt Institute, March 28, 2016. 

“The New Generation Gap,” Project Syndicate, March 16, 2016. 

 “Closing Developing Countries' Capital Drain,” with Hamid Rashid, Project Syndicate, 

February 18, 2016. 

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“What's Holding Back the World Economy?”, with Hamid Rashid, Project Syndicate, 

February 8, 2016. 

“China's Bumpy New Normal,” Project Syndicate, January 27, 2016, and in Columbia 

Business School Chazen Global Insights, February 1, 2016.

Article in Economic Report of the President, “Chapter 7: The 70th Anniversary of the 

Council of Economic Advisors,” February 2016. 

“Argentina's Uncertain Prospects,” with Martin Guzman, Project Syndicate, January 29, 

2016. 

“Sri Lanka's Rebirth,” Project Syndicate, January 25, 2016. 

Article for New York Magazine's Beginnings: The Breakthrough Moment, January 12, 

2016. 

“The New Geo-Economics,” Project Syndicate, January 8, 2016. 

2015 

“How to Fix Inequality,” Boston Globe, December 10, 2015. 

“When Inequality Kills,” Project Syndicate, November 9, 2015. 

“A Step Forward for Sovereign Debt,” with Martin Guzman, Project 

Syndicate, November 9, 2015. 

“Tax avoidance Fuels Global Inequality,” CNN, October 9, 2015. 

“El Gobierno Debe Exigir un Acuerdo Transpacifico que Beneficie a los Mexicanos,” 

with Adam S. Hersh, La Jornada, October 3, 2015. 

“The Trans-Pacific Free-Trade Charade,” with Adam S. Hersh, Project Syndicate, 

October 2, 2015. 

“Don't Let TPP Jeopardise Malaysia's Future,” with Adam S. Hersh, The Malaysian 

Insider, October 2, 2015. 

“Nobel de Economia a Humala: No Permitan que el TPP Encierre al Peru en Relaciones 

Comerciales Desiguales,” with Adam S. Hersh, La Republica, October 1, 2015. 

“Fed Up with the Fed,” Project Syndicate, September 7, 2015. 

“Joseph Stiglitz Explains Why the Fed Shouldn't Raise Interest Rates,” Los Angeles 

Times, August 27, 2015. 

“What the United States Owes Puerto Rico,” with Mark Medish, The Wall Street Journal, 

August 13, 2015. 

“America in the Way,” Project Syndicate, August 6, 2015. 

“Greece, the Sacrificial Lamb,” The New York Times, July 25, 2015. 

“Joseph E. Stiglitz: The U.S. Must Save Greece,” Time.com, July 9, 2015. 

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“Europe Must Back Away from Greek Austerity Cliff: Joseph Stiglitz,” USA Today, July 

7, 2015. 

“Argentina Shows Greece There May Be Life After Default,” with Martin Guzman, 

Huffington Post, June 30, 2015. 

“Europe's Attack on Greek Democracy,” Project Syndicate, June 29, 2015. 

“A Rule of Law for Sovereign Debt,” with Martin Guzman, Project Syndicate, June 15, 

2015. 

“Europe's Last Act?”, Project Syndicate, June 5, 2015. 

“Inequality, Wealth, and Capital,” FEPS Queries Magazine, Summer 2015. 

“The Secret Corporate Takeover,” Project Syndicate, May 13, 2015. 

“Asia's Multilateralism,” op-ed on the AIIB, Project Syndicate April 13, 2015. 

“A Fair Hearing for Sovereign Debt,” with Martin Guzman, Project Syndicate, March 5, 

2015. 

“Obama Versus Obamacare,” with Dean Baker and Arjun Jayadev, Project Syndicate, 

February 10, 2015. 

“A Greek Morality Tale,” Project Syndicate, February 3, 2015. 

“Don't Trade Away Our Health,” The New York Times, January 31, 2015. 

“Europe Will Benefit from Greece Being Given a Fresh Start,” letter to the Financial 

Times, signed with several other scholars, January 22, 2015. 

“The Politics of Economic Stupidity,” Project Syndicate, January 20, 2015. 

“Europe's Lapse of Reason,” Project Syndicate, January 8, 2015. 

“The Chinese Century,” Vanity Fair, January 2015. 

2014 

“Inequality and the American Child,” Project Syndicate, December 11, 2014. 

“Ebola and Inequality,” Project Syndicate, November 20, 2014 

“Slow Growth and Inequality Are Political Choices. We Can Choose 

Otherwise.” Washington Monthly, December 2014. 

“Fed Can Influence Banks to Spread Opportunity,” The New York Times, October 28, 

2014. 

“The Age of Vulnerability,” Project Syndicate, October 13, 2014. 

“The World Needs a Sovereign Debt Restructuring Mechanism,” Emerging Markets, 

October 12, 2014. 

“Debeaking the Vultures,” Project Syndicate, October 1, 2014. 

“Europe's Austerity Zombies,” Project Syndicate, September 26, 2014. 

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“Comments on wage growth,” The Financial Times, September 18, 2014. 

“Comments on Scotland,” The Sunday Herald, September 14, 2014. 

“Democracy in the Twenty-First Century,” Project Syndicate, September 1, 2014. 

“The Economy Should Serve Society, Finance and Development,” September 2014. 

“Phony Capitalism,” Harper's Magazine, September 2014. 

“Argentina's Griesafault,” with Martin Guzman, Project Syndicate, August 7, 2014. 

“A New U.S. Strategy for Business in Africa,” The Financial Times, August 4, 2014. 

“A Global System Is Needed for Debt Restructuring,” The New York Times, Room for 

Debate forum on Argentina's default, August 1, 2014. 

“The Myth of America's Golden Age,” Politico, July/August 2014. 

“American Delusions Down Under,” Project Syndicate, July 9, 2014. 

 “Inequality Is Not Inevitable,” The New York Times, June 27, 2014. 

“Saving a Broken Euro,” Queries, June 23, 2014. 

“Creating a Learning Society,” Project Syndicate, June 3, 2014. 

“A Light Unto Cities (lessons from Medellin),” Project Syndicate, May 7, 2014. 

“Reforming China's State-Market Balance,” Project Syndicate, April 2, 2014. 

“Eliminating Extreme Inequality: A Sustainable Development Goal,” 2015-2030, with 

Michael Doyle, Ethics and International Affairs, March 20, 2014. 

“On the Wrong Side of Globalization,” The New York Times, March 17, 2014. 

“The Innovation Enigma,” Project Syndicate, March 9, 2014. 

“Stagnation by Design,” Project Syndicate, February 6, 2014. 

“Advanced Malaise,” Project Syndicate, January 13, 2014. 

“The Great Malaise Drags On,” Project Syndicate, January 5, 2014. 

“Joint Liability in International Lending: A Proposal for Amending the Treaty of 

Lisbon,” with Kaushik Basu, VOX, January 2, 2014. 

2013 

“In No One We Trust,” The New York Times, December 21, 2013. 

“An Agenda to Save the Euro,” Project Syndicate, December 4, 2013.

“The Insanity of Our Food Policy,” The New York Times, November 16, 2013. 

“Inequality Is a Choice,” The New York Times, October 13, 2013. 

“The Global Financial Crisis Has Made Capital Account Management More Important 

than Ever,” Emerging Markets, October 11, 2013. 

“Five Years in Limbo,” Project Syndicate, October 8, 2013. 

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“How Washington Caved to Wall Street,” TIME, September 23, 2013. 

“There Is Still Much to Learn from Lehman,” The Financial Times, September 18, 2013. 

“Why Janet Yellen, Not Larry Summers, Should Lead the Fed,” The New York Times, 

September 6, 2013. 

“The Vultures' Victory,” Project Syndicate, September 4, 2013. 

“Australia, You Don't Know How Good You've Got It,” The Sydney Morning Herald, 

September 2, 2013. 

“How Dr. King Shaped My Work in Economics,” The New York Times, August 28, 

2013. 

“The Wrong Lesson From Detroit's Bankruptcy,” The New York Times, August 12, 

2013. 

“The Changing of the Monetary Guard,” Project Syndicate, August 5, 2013. 

“How Intellectual Property Reinforces Inequality,” The New York Times, July 14, 2013. 

“The Free-Trade Charade,” Project Syndicate, July 4, 2013. 

“Sub-Saharan Africa's Subprime Borrowers,” with Hamid Rashid, Project Syndicate, 

June 25, 2013. 

“Japan Is a Model, Not a Cautionary Tale,” The New York Times, June 9, 2013. 

“East Asia's Lessons for Africa,” Project Syndicate, June 3, 2013. 

“Globalisation Isn't Just About Profits. It's About Taxes, Too,” The Guardian, May 27, 

2013. 

“Student Debt and the Crushing of the American Dream,” The New York Times, May 

12, 2013. 

“Lives versus Profits,” Project Syndicate, May 6, 2013. 

“The Lessons of the North Atlantic Crisis for Economic Theory and Policy,” IMF Direct, 

May 3, 2013. 

“A New World's New Development Bank,” with Nicholas Stern, Amar Bhattacharya, 

Mattia Romani, Project Syndicate, May 1, 2013. 

“A Tax System Stacked Against the 99 Percent,” The New York Times, April 15, 2013. 

“India's Patently Wise Decision,” with Arjun Jayadev, Project Syndicate, April 8, 2013. 

“The Promise of Abenomics,” Project Syndicate, April 5, 2013. 

“Singapore's Lessons for an Unequal America,” The New York Times, March 18, 2013. 

“What Is Italy Saying?” Project Syndicate, March 4, 2013. 

“Equality of Opportunity, Our National Myth,” The New York Times, February 16, 

2013. 

“Complacency in a Leaderless World,” Project Syndicate, February 6, 2013. 

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“No US Peace Dividend After Afghanistan,” with Linda Bilmes, Financial Times, 

January 23, 2013. 

“Inequality Is Holding Back the Recovery,” The New York Times, January 19, 2013. 

“The Post-Crisis Crises,” Project Syndicate, January 7, 2013. 

2012 

“Joseph Stiglitz: US Setting ‘Terrible Example’ with Income Inequality,” The Global 

Post, December 27, 2012. 

“Some Are More Unequal Than Others,” The New York Times, October 26, 2012. 

“Political Causes, Political Solutions for Inequality,” The New York Times, October 18, 

2012. 

“Fallacies of Romney's Logic,” USA Today, September 19, 2012. 

“The One Housing Solution Left: Mass Mortgage Refinancing,” with Mark Zandi, The 

New York Times, August 12, 2012. 

“Debt buries American dream,” USA Today, July 5, 2012. 

“America is no longer a land of opportunity,” Financial Times, June 26, 2012. 

“To grow again, attack inequality,” New York Daily News, June 24, 2012. 

“How policy has contributed to the great economic divide,” The Washington Post, June 

22, 2012. 

“An Economic Agenda for the G20, Emerging Markets,” June 14, 2012. 

 “The 99 percent wakes up,” The Daily Beast, May 2, 2012. 

“The 1 Percent's Problem,” Vanity Fair, May, 2012. 

“End the monopoly: Let's make it a real World Bank at last,” Financial Times, March 18, 

2012. 

“The US labour market is still a shambles,” Financial Times, March 12, 2012. 

“The Book of Jobs,” Vanity Fair, January 2012. 

2011 

“Achieving the Impossible, Emerging Markets,” September 22, 2011. 

“America's Costly War Machine,” with Linda Bilmes, Los Angeles Times, September 18, 

2011. 

“How to put America back to work,” Politico, September 7, 2011. 

“How to make the best of the long malaise,” Financial Times, August 9, 2011. 

“Europe finally admits its debt problem to save the Euro,” Financial Times, July 22, 

2010. 

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“Eurozone's problems are political, not economic,” Financial Times, July 20, 2011. 

“Europe's travails and our collective fate,” The New York Times and International Herald 

Tribune, July 19, 2011. 

Response to PBS story on Fannie Mae, PBS NewsHour Web site, July 1, 2011. 

“We must help Tunisia to nurture democracy,” Financial Times, May 25, 2011. 

“The IMF cannot afford to make a mistake with Strauss-Kahn's successor,” The 

Telegraph, May 21, 2011. 

 “Of the 1%, by the 1%, for the 1%,” Vanity Fair, May 2011. 

“ECB-IMF deal is a noose that will strangle economic recovery,” with Michael Cragg, 

Irish Times, April 9, 2011. 

“The best alternative to a new global currency,” Financial Times, March 31, 2011. 

“Why I didn't sign deficit letter,” Politico, March 28, 2011. 

“A balanced debate about reforming economics,” IMF blog, March 22, 2011. 

“Turbulence ahead: another year of malaise along the Atlantic,” Newsweek, January 23, 

2011. 

2010 

 “The Economic Outrage of 2010,” New York Daily News, December 22, 2010. 

“Federal Spending Is a Necessity,” Los Angeles Times, November 14, 2010. 

“A Currency War Has No Winners,” The Guardian, November 1, 2010. 

“Why Easier Money Won't Work,” The Wall Street Journal, October 23, 2010. 

“To Choose Austerity Is to Bet It All on the Confidence Fairy,” Guardian, October 19, 

2010. 

“It Is Folly to Place All Our Trust in the Fed,” Financial Times, October 18, 2010. 

“Time to Build a Better Stimulus,” Politico, September 15, 2010. 

“The True Cost of the Iraq War: $3 Trillion and Beyond,” with Linda J. Bilmes, The 

Washington Post, September 5, 2010. 

“Needed: a New Economic Paradigm,” Financial Times, August 19, 2010. 

“Taming Finance in an Age of Austerity,” Project Syndicate, July 8, 2010. 

“Fiscal Conservatism May Be Good for One Nation, but Threatens Collective Disaster,” 

The Independent, June 15, 2010. 

“Reach Equals Grasp on Banking Bill,” Politico, June 7, 2010. 

“Financial Re-Regulation and Democracy,” Project Syndicate, June 4, 2010. 

 “Protect Taxpayers from Wall Street Risk,” CNN.com, May 3, 2010. 

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“Can the Euro Be Saved?”, Project Syndicate, May 2010. 

“The Non-Existent Hand,” London Review of Books, April 22, 2010. 

“The Case Against Gene Patents,” with John Sulston, Wall Street Journal, April 16, 2010. 

“Build Strong Rules for Finance System,” Politico, April 12, 2010. 

“No Time for a Trade War,” Project Syndicate, April 6, 2010. 

“The Dangers of Deficit Reduction,” Project Syndicate, March 5, 2010. 

“Obama Must Resist "Deficit Fetish"” Politico.com, February 10, 2010. 

“Watchdogs Need Not Bark Together,” Financial Times, February 10, 2010. 

“Obama's Banking Proposals are a Good First Step,” LA Times, January 29, 2010. 

“Obama's Falling Down on the Job,” New York Daily News, January 29, 2010. 

“A Principled Europe Would Not Leave Greece to Bleed,” The Guardian (UK), January 

25, 2010. 

"Incentives and the Performance of America's Financial Sector," testimony at the Hearing 

on Compensation in the Financial Industry, House Committee on Financial Services, 

January 22, 2010. 

“Economics: Facing a Marked Global Reversal,” Financial Times, January 3, 2011. 

“Overcoming the Copenhagen Failure,” Project Syndicate, January 2010. 

2009 

“The Imperative for Improved Global Economic Coordination,” Development Outreach, 

December 2009.

“Too Big to Live,” Project Syndicate, December 2009. 

“Let a Hundred Theories Bloom,” Project Syndicate, November 2009. 

“Death Cometh for the Greenback,” The National Interest, October 27, 2009. 

“For all of Obama's Talk of Overhaul, the US has Failed to Wind in Wall Street,” The 

Guardian (UK), September 14, 2009. 

“GDP Seen as Inadequate Measure of Economic Health,” by David Jolly, New York 

Times, September 14, 2009. 

“Towards A Better Measure of Well-Being,” Financial Times, September 13, 2009. 

“Thanks to the Deficit, the Buck Stops Here,” Washington Post, August 30, 2009. 

“Stimulate or Die,” Project Syndicate, August 2009. 

 “The US in Iraq: An Economics Lesson,” LA Times, July 2, 2009. 

“The UN Takes Charge,” Project Syndicate, July 2009. 

“Wall Street's Toxic Message,” Vanity Fair, July 2009. 

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“One Small Step Forward,” The Guardian (UK), June 28, 2009. 

“A Global Recovery for a Global Recession,” The Nation, June 24, 2009. 

“America's Socialism for the Rich,” Project Syndicate, June 2009. 

“The Spring of the Zombies,” Project Syndicate, May 2009. 

 “Obama's Ersatz Capitalism,” The New YorkTimes, April 1, 2009. 

“Developing Countries and the Global Crisis,” Project Syndicate, April 2009. 

“Reform is Needed. Reform is in the Air. We Can't Afford to Fail,” The Guardian (UK), 

March 27, 2009. 

“A Bank Bailout That Works,” The Nation, March 23, 2009. 

 “Obama's Chance to Lead the Green Recovery,” with Nicholas Stern, Financial Times, 

March 4, 2009. 

“How to Fail to Recover,” Project Syndicate, March 2009. 

“Davos Man's Depression,” Project Syndicate, February 2009. 

“Give us Bangs for our Bailout Bucks,” The Times (London), January 27, 2009. 

“How to Rescue the Bank Bailout,” CNN.com, January 26, 2009. 

“Do Not Squander America's Stimulus on Tax Cuts,” Financial Times, January 15, 2009. 

“Recommendations for Immediate Action,” a statement from the first meeting of the 

Comission of Experts, January 4-6, 2009, New York.

“The Rocky Road to Recovery,” Project Syndicate, January 2009. 

“The $10 Trillion Hangover: Paying the Price for Eight Years of Bush,” Harper's 

Magazine, January 2009. 

2008 

“Markets Can't Rule Themselves,” Newsweek, December 31, 2008. 

“Chapter 11 is the Right Road for America's Carmakers,” The Financial Times, 

December 12, 2008. 

“Getting Bang for Your Buck,” The Guardian (UK), December 5, 2008. 

“The Triumphant Return of John Maynard Keynes,” Project Syndicate, December 2008. 

“The Seven Deadly Deficits,” Mother Jones Magazine, November/December 2008. 

 “A $1 Trillion Answer,” New York Times, November 29, 2008. 

“It Doesn't Take Nostradamus,” Economists' Voice, November 2008. 

“Dealing with the Global Crisis,” Q&A for the International Herald Tribune, November 

18, 2008. 

“Global Crisis, Made in America,” Der Spiegel, November 12, 2008. 

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 “Financial Crisis: Europe's Leaders Can Seize This Opportunity to Fill the Leadership 

Gap,” The Daily Telegraph (UK), November 11, 2008. 

“More Pain to Come, Even if He's Perfect,” Washington Post, November 9, 2008. 

“Let's Throw Away the Rule Book,” The Guardian (UK), November 6, 2008. 

“The Next Bretton Woods,” Project Syndicate, November 2008. 

 “Realign the Interests of Wall Street,” Harpers Magazine, November 2008. 

“Reversal of Fortune,” Vanity Fair, November 2008 issue. 

“Dear Mr. President: Advice from Seven Nobel Laureates on Fixing the Economy,” 

Newsweek, October 22, 2008. 

“A Crisis of Confidence,” The Guardian (UK), October 22, 2008. 

Testimony on "The Future of Financial Services Regulation," House Financial Services 

Committee, October 21, 2008. 

Economist.com Online Debate: Con side of "It would be a mistake to regulate the 

financial system heavily after the crisis," Economist online, October 17, 2008. 

“How to Get Out of the Financial Crisis,” Time Magazine, October 17, 2008. 

“Guided by an Invisible Hand,” New Statesman (UK), October 16, 2008. 

“Paulson Tries Again,” The Guardian, October 16, 2008. 

“The Dismal Questions,” The New York Times, October 7, 2008. 

 “Good Day for Democracy,” The Guardian (UK), October 1, 2008. 

“We Aren't Done Yet: Comments on the Financial Crises and Bailout,” The Economists' 

View, October 2008. 

“A Chance to Improve the Bail-out,” USA Today, September 30, 2008. 

“Bail-out Blues,” The Guardian (UK), September 30, 2008. 

“A Better Bail-out,” The Nation.com, September 26, 2008. 

“Dr. Joseph Stiglitz, Interview with Ron Garmon about the Financial Crisis and the Iraq 

war,” LA City Beat, September 24, 2008. 

 “Commentary: How to Prevent the Next Wall Street Crisis,” CNN.com, September 17, 

2008. 

“Stiglitz: The Fall of Wall Street is to Market Fundamentalism What the Fall of the 

Berlin Wall Was to Communism,” interview with Nathan Gardels, The Huffington Post, 

September 16, 2008. 

“The Fruit of Hypocrisy,” The Guardian (UK), September 16, 2008. 

Transcript of Interview on the Turmoil on Wall Street, Lou Dobbs Tonight, September 

15, 2008. 

“Little Risk of Great Depression Repeat,” AFP News, September 15, 2008. 

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“Falling Down: No manufacturing. No new ideas. What's our economy based on?” The 

New Republic, September 10, 2008 issue. 

“Kevin Conrad - Heroes of the Environment 2008,” Time Magazine, September 2008. 

“Learning the Lessons of Iraq,” Project Syndicate, September 2008. 

“Is this any way to rebuild Iraq? by Joseph Stiglitz and Linda Bilmes, The Los Angeles 

Times, August 15, 2008. 

“Turn Left for Growth,” Project Syndicate, August 2008. 

“Stiglitz on Central Banks and Inflation,” Interview on Europe this Week, July 31, 2008. 

“Fannie and Freddie Must Not Get a Free Lunch,” The Financial Times, July 25, 2008. 

“Science is Being Held Back by Outdated Laws,” Letter with John Sulston, The Times 

(London), July 5 2008. 

“The End of Neo-Liberalism?” Project Syndicate, July 2008. 

“Joseph Stiglitz talks to the Sunday Times,” Sunday Times (UK), June 15, 2008. 

“Scarcity in an Age of Plenty,” The Guardian UK, June 15, 2008. 

“Joseph Stiglitz on Recession,” interview with James Harris, TruthDig, June 3, 2008. 

“Stagflation Redux,” Inc. Magazine, June 2008. 

“Scarcity in an Age of Plenty,” Project Syndicate, June 2008. 

“Fair Trade: The Fair Play Debate,” The National Interest, Number 95, May/June 2008. 

“The Failure of Inflation Targeting,” Project Syndicate, May 2008. 

“Deficit, Schmeficit,” Conde Nast Portfolio, May 2008 Issue. 

 “A Deficit of Leadership, Comment is Free,” The Guardian (UK), April 8, 2008. 

“$3 Trillion May Be Too Low, by Joseph Stiglitz and Linda Bilmes, Comment is Free, 

The Guardian (UK), April 6, 2008. 

“Stiglitz on US Economy,” interview with Anna Martin, CNBC, April 2, 2008. 

“America's War-Torn Economy,” Project Syndicate, April 2008. 

“The Three Trillion Dollar War,” Project Syndicate, April 2008. 

"The $3 Trillion War," an excerpt from the book “The Three Trillion Dollar War” by 

Stiglitz and Linda Bilmes, in Vanity Fair, April 2008 issue. 

“Ways We Can Fix This Giant Mess,” Newsweek, March 31, 2008. 

“Are We in the Worst Financial Crisis and Can We Solve it? You Ask the 

Questions...” The Independent (UK), March 24, 2008. 

“Economist Stiglitz Blames Crunch on ‘Flawed’ City Bonuses System,” by Sean 

O'Grady, The Independent (UK), March 24, 2008. 

“There is no Such Thing as a War for Free, by Joseph Stiglitz and Linda Bilmes, Chicago 

Tribune, March 20, 2008. 

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“Stiglitz: U.S. Fiscal Measures Too Little Too Late,” by Brian Fallow, New Zealand 

Herald, March 19, 2008. 

“The High Cost of Fighting a Losing Battle, by Joseph Stiglitz and Linda Bilmes, The 

Financial Times, March 18, 2008. 

“War's price tag, by Joseph Stiglitz and Linda Bilmes, Los Angeles Times, Sunday, 

March 16, 2008. 

“The Iraq War Will Cost Us $3 Trillion, and Much More, by Joseph Stiglitz and Linda 

Bilmes, The Washington Post, Sunday, March 9, 2008. 

“The Three Trillion Dollar War,” Project Syndicate, March 2008. 

“Iraq War Caused Slowdown in the US,” by Peter Wilson, The Australian, February 28, 

2008. 

"War at Any Cost? The Total Economic Costs of the War Beyond the Federal 

Budget," written testimony for the Joint Economic Committee, February 28, 2008. 

“The Three Trillion Dollar War,” with Linda Bilmes, The Sunday Times (London), 

February 23, 2008. 

“Alpine Schadenfreude,” Project Syndicate, February 2008. 

“How to Stop the Downturn,” The New York Times, January 23, 2008. 

“Day of Reckoning in the US Glasshouse,” The Times (London), January 21, 2008. 

“Stagflation Cometh,” The Guardian (UK), January 2, 2008. 

“Ask a Question: The Three Trillion Dollar War, readers' questions answered by Joseph 

Stiglitz and Linda Bilmes, McClatchy Newspapers.

2007 

“Showdown in Bali,” Project Syndicate, December 2007. 

“The Economic Consequences of Mr. Bush,” Vanity Fair, December 2007. 

“Financial Hypocrisy,” Project Syndicate, November 2007. 

“America's Houses of Cards,” Project Syndicate, October 2007. 

“Bleakonomics: Review of The Shock Doctrine: The Rise of Disaster Capitalism, by 

Naomi Klein,” New York Times Sunday Book Review, September 30, 2007. 

“Q&A with Joseph Stiglitz on economic and climate change,” International Herald 

Tribune, September 26, 2007. 

“The Malaysian Miracle,” Project Syndicate, September 2007. 

“America's Day of Reckoning,” Project Syndicate, August 2007. 

“The Asian Crisis Ten Years After,” Project Syndicate, July 2007. 

“Questions for Robert Zoellick,” Project Syndicate, June 2007. 

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“The World Bank and Development Assistance Testimony,” presentation before the 

House Financial Services Committee May 22, 2007. 

“The Wolfowitz Affair and its Consequences,” The Financial Times, May 6, 2007. 

“Good Governance Begins at Home,” Project Syndicate, May 2007. 

 “Getting Beyond Balanced Budget Mania and Addressing the Nation's Needs,” 

Transcript of event at "Beyond Balanced Budget Mania," Economic Policy Institute, 

April 12, 2007. 

“China's New Economic Model,” Project Syndicate, April 2007. 

“The EUs Global Mission,” Project Syndicate, March 2007. 

“Prizes, Not Patents,” Project Syndicate, March 2007. 

MBA Podcast: “Making Globalization Work,” Times Online, February 18, 2007. 

“Managing Globalization, Q&A with Joseph Stiglitz,” International Herald Tribune, 

February 14, 2007. 

The Most Global Issue, Our Planet, the magazine of the United Nations Environment 

Programme, February 2007. 

“Will the Dam Break in 2007?”, Project Syndicate, January 2007. 

2006 

 “John Kenneth Galbraith Understood Capitalism as Lived - not as Theorized,” The 

Christian Science Monitor, December 28, 2006. 

“The Phelps Factor,” Project Syndicate, December 2006. 

“A Cool Calculus of Global Warming,” Project Syndicate, November 2006. 

 “Taking Control of Globalization,” The Seattle Post-Intelligencer, October 13, 2006.

“Managing Globalization: Q&A with Joseph Stiglitz,” The International Herald Tribune, 

October 11, 2006. 

 “Can the World Economy Be Saved?”, The Toronto Globe and Mail, October 12, 2006. 

“How to Fix the Global Economy,” The New York Times, October 3, 2006. 

“Good Numbers Gone Bad,” Fortune Magazine, October 2, 2006. 

“The Tyranny of King Cotton,” Project Syndicate, October 2006. 

“Corrupting the Fight Against Corruption,” Project Syndicate, October 2006. 

“How Globalization Could Help Ease Global Warming,” The San Francisco Chronicle, 

September 17, 2006. 

“Give Prizes not Patents,” The New Scientist, September 16, 2006. 

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 “We Have Become Rich Countries of Poor People,” The Financial Times, September 8, 

2006. 

“Making Globalization Work,” The Guardian, September 7, 2006. 

“Making Globalization Work,” Project Syndicate, September 2006. 

“The Real Reason You're Held up at the Airport,” The London Evening Standard, August 

25, 2006. 

“An Airport Debacle Worsened by Greed and Neglect,” The Financial Times, August 22, 

2006. 

 “The Demise of the Development Round,” Project Syndicate, August 2006. 

“America's New Trade Hypocrisy,” with Hamid Rashid, Project Syndicate, July 2006. 

“Who Owns Bolivia?” Project Syndicate, June 2006. 

“The IMF's America Problem,” Project Syndicate, May 2006. 

 “A Progressive Response to Globalization,” The Nation, "Taming Global Capitalism 

Anew" forum, April 17, 2006 issue. 

 “Development in Defiance of the Washington Consensus,” The Guardian, April 13, 

2006. 

“China's Roadmap,” Project Syndicate, April 2006. 

“Markets and Morals,” The Atlantic Monthly, April 2006, pp. 44. 

“The High Cost of the Iraq War,” The Economists' Voice, Vol.3, Issue 5, March 2006. 

 “Bush's Bad-Faith Energy Policy,” Project Syndicate, March 2006. 

“It Takes More than Free Trade to End Poverty,” The Independent, February 3, 2006. 

“War's Stunning Price Tag,” op-ed by Joseph Stiglitz and Linda Bilmes from LA Times, 

January 17, 2006 

“A Tale of Two Deficits,” Global Agenda, The Magazine of the World Economic Forum 

Annual Meeting, 2006, pp. 85-86. 

2005 

“The Doha Round is Missing the Point on Helping Poor Countries,” with Andrew 

Charlton, The Financial Times, December 13, 2005 

“Conservation: Analysis: This is a bold initiative that could unite the whole world,” The 

Independent, December 12, 2005

“The Ethical Economist, Review of ‘The Moral Consequences of Economic Growth,’ by 

Benjamin M. Friedman,” Foreign Affairs, November/December 2005 

“The Way to Help Ourselves by Helping Others,” with Andrew Charlton, The Daily 

Telegraph, November 28, 2005 

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“Progressive Dementia,” The Atlantic Monthly, November 2005 

“America has Little to Teach China about a Steady Economy,” Financial Times, July 27, 

2005 

“No Old-Age Security in the Private Sector Either,” Los Angeles Times, May 22, 2005. 

“Global Playing Field: More Level, but It Still Has Bumps,” Review of Thomas 

Friedman's book The World is Flat, The New York Times, April 30, 2005. 

 “China's Alternative to Revaluation,” with Lawrence Lau, The Financial Times, April 

25, 2005 

“Reforms Take the Security out of Social Security,” Financial Times, March 21, 2005 

“Securing Social Security for the Future,” The Economists' Voice, Special Issue on 

Social Security, Volume 2, Issue 1, 2005. 

2004 

 “It's not the Economy, Stupid,” Financial Times, September 28, 2004 

“We Can Now Cure Dutch Disease,” The Guardian, August 18, 2004 

“New Trade Pacts Betray the Poorest Partners,” New York Times, July 10, 2004 

“It Is Time for a True Development Trade Round,” Financial Times, June 20, 2004 

“The Social Costs of Globalization,” Financial Times, February 25, 2004. 

“That Was Then,” The American Prospect, February 2004. 

“The Broken Promise of NAFTA,” New York Times, January 6, 2004 

“The Parties' Flip-Flops on Deficit Spending: Economics or Politics?”, The Economists' 

Voice, Volume 1, Issue 1, 2004. 

2003 

"My Book and Its Discontents," Aspenia International: Is the West Still the West, 9(19-

20), 2003, pp.9-25. Also in Italian under "Tutti gli Errori del Fondo Monetario 

Internazionale," Aspenia: Il Prezo dell'Impero, 9(20), 2003, pp. 10-28. 

“A Deficit of Fiscal Smarts,” San Francisco Chronicle, December 21, 2003 

“Do as the US Says, Not as it Does,” The Guardian, October 29, 2003 

“The Ideas Exchange: Economic View - How America Lost its Balance,” The 

Independent, October 5, 2003

“Odious Rulers, Odious Debts,” The Atlantic Monthly, September 10, 2003. 

“Trade Imbalances,” The Guardian, August 15, 2003 

 “Terrorism: There's No Futures in It,” The LA Times, July 31, 2003 

“Don't Trust Technocrats,” The Guardian, July 16, 2003 

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“Biting the Budget Bullet: Why Raising Taxes is the Least Painful Way Out of the State's 

Fiscal Crisis,” with Peter Orszag, The Boston Globe, April 27, 2003 

“The Ruin of Russia,” The Guardian, April 9, 2003 

“Bush's Tax Plan - The Dangers,” The New York Review of Books, March 13, 2003. 

 “Fair Play? Not Always In Fair-Trade Treaties,” The Nation, February 18, 2003. 

“Economists' Statement Opposing the Bush Tax Cuts,” Economic Policy Institute, 

February 2003. 

2002 

“There Is No Invisible Hand,” The Guardian, December 20, 2002 

 “Rewriting History,” The Moscow Times, November 27, 2002 

“White House Economic Policies Are Bankrupt,” The Los Angeles Times, October 2, 

2002 

“The Disastrous Consequences of a World Without Balance,” Financial Times, 

September 23, 2002 

“A Second Chance for Brazil and the IMF,” New York Times, August 14, 2002 

 “Argentina, Shortchanged: Why the Nation that Followed the Rules Fell to Pieces,” 

Washington Post, May 12, 2002 

 “Accounting for Options,” Wall Street Journal, May 3, 2002 

“Overseas Aid is Money Well Spent,” Financial Times, April 14, 2002 

“Global Greenbacks,” Economic Times, March 22, 2002 

“Globalism's Discontents,” The American Prospect, January 14, 2002. 

2001 

“Thanks for Nothing,” Atlantic Monthly, October, 2001 

2000 

“What I Learned at the World Economic Crisis,” New Republic, April 17, 2000 

1998 

“Virtue Should be Granted its Reward; Instead of Reducing Foreign Aid to an All-time 

Low, Donors Should Target it at Developing World's Well-Governed Countries,” The 

Guardian (London), November 16, 1998. 

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Online publications, testimonies etc.

“Brief of Joseph E. Stiglitz as Amicus Curiae in Support of Petitioners,” for Esther 

Kiobel, et al. v. Royal Dutch Petroleum Co., et al., in the Supreme Court of the 

United States, December, 2011.

“Brief of Joseph E. Stiglitz as Amicus Curiae in Support of Petitioners,” for Republic of 

Argentina, Petitioner, v. NML Capital Ltd., et al., Respondents, in the Supreme 

Court of the United States, March 24, 2014. 

“Budget Cuts vs. Tax Increases at the State Level: Is One More Counter-Productive than 

the Other During a Recession?” with Peter Orszag, Center on Budget and Policy 

Priorities Report, Nov. 6, 2001. http://www.cbpp.org/10-30-01sfp.htm. 

“Declaration of Joseph E. Stiglitz, Ph.D”, for ACLU regarding BRCA patents, Case 1:09-

cv-04515-RWS, Document 224, Filed 01/20/2010, the United States District 

Court for the Southern District of New York.

“I Dissent: Unconventional Economic Wisdom,” monthly column for Project Syndicate, 

an association of over 150 newspapers around the world. 

http://www.project-syndicate.org/series/series_list.php4?id=11. 

 “The Impact of Paying for College on Family Finances,” with Laura Tyson, Peter 

Orszag, and Jonathan Orszag, commissioned by UPromise, Inc., November 2000. 

http://www.upromise.com/pdfs/tysonStiglitzResearch.pdf. 

“Implications of the New Fannie Mae and Freddie Mac Risk-based Capital Standard,” 

with Jonathan M. Orszag and Peter R. Orszag, Fannie Mae Papers, I(2), March 

2002. 

http://www.sbgo.com/Papers/fmp-v1i2.pdf. 

“Incentives and the Performance of America’s Financial Sector, House Committee on 

Financial Services, Hearing on Compensation in the Financial Industry,” 

testimony by Joseph E. Stiglitz, January 22, 2010. 

http://financialservices.house.gov/media/file/hearings/111/stiglitz.pdf.

 “On the Need for Increased Capital Requirements for Banks and Further Actions to 

Improve the Safety and Soundness of America's Banking System,” testimony 

before the Senate Banking Committee, August 3, 2011. 

http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileSt

ore_id=97cec3e1-2d1d-44fa-acd9-a0a1bc640bc4. 

“Optimal Fire Departments: Evaluating Public Policy in the Face of Externalities,” with 

Peter R. Orszag, The Brookings Institution, Jan. 4, 2002. 

http://www2.gsb.columbia.edu/faculty/jstiglitz/download/papers/2002_Optimal_F

ire_Depts.pdf. 

“The Role of Government in a Digital Age,” with Peter Orszag and Jonathan Orszag, 

study commissioned by the Computer & Communications Industry Association, 

October 2000. 

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“Statement of Joseph Stiglitz at Center on Budget and Policy Priorities Press 

Conference,” Center on Budget and Policy Priorities Report, Oct. 26, 2001. 

http://www.cbpp.org/10-26-01bud.htm 

“Too Big to Fail or Too Big to Save? Examining the Systemic Threats of Large Financial 

Institutions,” testimony at a hearing of the United States Congress's Joint 

Economic Committee, April 21, 2009. 

http://www.jec.senate.gov/public/?a=Files.Serve&File_id=6b50b609-89fa-4ddfa799-2963b31d6f86. 

“Tax Cuts are not Automatically the Best Stimulus: A Response to Glenn Hubbard,” with 

Peter Orszag, Center on Budget and Policy Priorities Report, Nov. 27, 2001. 

 http://www.cbpp.org/11-27-01tax.pdf 

“The True Cost of the War,” testimony with Linda J. Bilmes at the House Committee on 

Veterans’ Affairs, September 30, 2010, 

http://veterans.house.gov/hearings/Testimony_Print.aspx?newsid=632&Name=_L

inda_J._Bilmes 

“U.S. versus Microsoft, Declaration as Part of The Tunney Act Proceeding,” with Jason 

Furman, commissioned by the Computer & Communications Industry 

Association, Jan. 28, 2002. 

http://www.sbgo.com/Papers/tunney_jesjf.pdf 

“Witness Testimony of Joseph E. Stiglitz,” Congressional Oversight Panel, Hearing on 

Impact of the TARP on Financial Stability, March 4, 2011. 

http://cybercemetery.unt.edu/archive/cop/20110401230935/http://cop.senate.gov/

documents/testimony-030411-stiglitz.pdf. 

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Other outside activities

Speaking engagements at some point during the past five years 

List includes lectures, speeches, and participation in panels. To view a select 

chronological list of Professor Stiglitz’s speeches and links to powerpoints, videos, and 

speech texts, please visit his website, www.josephstiglitz.com. For more information on 

this list or an item on it, please write to stiglitzpress@gmail.com. 

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92nd Street Y, Abraaj Capital, Absa Capital African Central Banks Conference, 

Academy of Achievement, Academy of Behavioral Finance & Economics, Acumen 

Fund, Adana Young Businessmen Association (Turkey), ADC Forum (Australia), 

Advanced Graduate Workshop on Poverty, Development and Globalization (Bangalore), 

Affordable World Security Conference, AFL-CIO, African Export-Import Bank Advisory 

Group on Trade Finance and Export Development in Africa, All Party Parliamentary 

Group on Inclusive Growth of the UK, American Academy of Political and Social 

Science, American Bar Association, American Civil Liberties Union, American 

Economic Association (AEA) / Allied Social Science Association, American Federation 

of Labor and Congress of Industrial Organizations, Amundi, Annual India Business 

Conference (Columbia), Ansonia Independent Democratic Club, Asia Society, Asia 

Society (Hong Kong), Asian Development Research Institute, Associação Portuguesa de 

Empresas de Distribuição, Association for Evolutionary Economics, Atlanta Fed, Atlantic 

Council, Australia and New Zealand Banking Group Limited, Australia Institute, 

Australian Conference of Economists, Australian Institute of Superannuation Trustees 

(AIST), Azim Premji University, B&C Industrieholding, Bachelet Commission on 

Pension Re-reform, Bank of Singapore, Bank of Uganda, Barcelona Graduate School of 

Economics, Barclays, Barnes & Noble, Berggruen Institute, Bertelsmann Foundation, 

Blackwood Capital, BNDES - Brazilian Development Bank, Bohemian Club (Sonoma, 

California), BRICS International Competition Conference, British Academy, Brooklyn 

Public Library, B-Team, Calouste Gulbenkian Foundation, Camera dei Deputati (Italy), 

Carbon Commission, Carbon Pricing Leadership Coalition (CPLC), Catholic University 

of the Sacred Heart, Center for a New Economy (CNE), Center for Economic 

Development (Australia), Center for Popular Democracy, Center for Public Integrity, 

Center for Public Policy Debate (Brazil), Center of Studies of the University of Alcalá, 

Center on Global Economic Governance, Center on Japanese Economy and Business, 

Centre for International Governance Innovation, Centre of Excellence in Population 

Aging Research (Australia), Charles Krause Gallery, Chatham House, Chicago Council 

on Global Affairs, Chifley Research Centre (Australia), China Development Research 

Foundation, China Development Research Foundation (CDRF), China Entrepreneur 

Club, China Finance 40 Forum, China Machinery Press, Citi, City of Sydney, City 

University of New York, Clinton Global Initiative, CLSA Investors’ Forum, Columbia 

Club of New York, Columbia European Society, Columbia Global Center (Turkey), 

Columbia Real Estate Forum, Columbia University Alumni Assocation (Bangalore), 

Columbia University Club, Comisiones Obreras (CCOO), Committee for Economic 

Development of Australia, Committee of 100, Committee on Global Thought, Committee 

on Japan's Long-term Low Carbon Vision, Commonwealth Club, Conference on 

Development Policy Options in Myanmar, Cornell Club, Council of Eminent Persons, 

Council on Foreign Relations, Coursera, Crawford School of Economics, Credit Suisse, 

Cultural Services of the French Embassy (New York), Deakin University (Australia), 

DeGroote School at McMasters University, Democratic Party of Japan, Dhurakij Pundit 

University, Discovery Leadership Conference (South Africa), 

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Doosan Global Business Forum, Dubai World Government Summit, Economic and 

Social Research Institute, Economic Commission for Latin America and the Caribbean 

(ECLAC), Economic Society of Australia, ECOSOC, Edinburgh Book Festival, 

Employment and Social Affairs Committee (EU Parliament), Ernst and Young, ETH 

Zurich, European Parliament Members Inquiry Committee (PANA), European Pensions 

& Investments Summit, European Petrochemical Association, Federal Department of 

Foreign Affairs (Switzerland), Federal Reserve System, Feltrinelli Foundation, Financial 

Conduct Authority, Fondation Jean Jaurès, Ford Foundation, Fordham University, 

Foundation for European Progressive Studies (FEPS), Free Library of Philadelphia, 

Friedrich-Ebert-Stiftung, Frontiers of Thought, Fundación RAP, George Washington 

University Law School, German Council on Foregin Relations, Gerson Lehrman Group, 

Global Alliance for Tax Justice, Global Development Institute, Global Economic 

Symposium, Global Relations Forum, Government of Chile, Government of China, 

Government of Colombia, Government of Cuba, Government of Japan, Government of 

Mexico, Government of Namibia, Government of Panama, Government of Scotland, 

Government of South Africa, Government of Sri Lanka, Government of Tunisia, 

Government of United Arab Emirates, Greenpeace, Hans Boecker Foundation, Harvard 

Business School, Harvard Club, Harvard University, HEC Paris, Hessian State Centre for 

Civic Education, Hitachi Innovation Forum, Hong Kong Trade Development Council 

(Asia Financial Forum), House Democratic Caucus Issues Conference, How To 

Academy, Icahn School of Medicine at Mt. Sinai, IHEC School of Business (Tunisia), 

Independent Commission for the Reform of International Corporate Taxation, 

Independent Commission for the Reform of International Corporate Taxation, Initiative 

for Policy Dialogue (IPD), Innovasjon Norge, Institute for Human Rights and Business, 

Institute for New Economic Thinking (INET), Institute for Science, Engineering and 

Public Policy, Institute of Development Studies Kolkata, Institute of Latin American 

Studies at Columbia University, Intergovernmental Group of 24, International Bar 

Association, International Economics Association, International Federation of 

Accountants, International Institute for Journalism, International Institute of Information 

Technology (Bangalore), International Labour Organization, International Monetary 

Fund, International Political Science Association World Congress, International Summit 

of Cooperatives, Istituto di Studi Economici e per l'Occupazione (I.S.E.O.), Italian 

Cultural Institute, Japan Broadcasting Corporation (NHK), Japan International 

Cooperation Agency, Jewish Community Center, Joseph Crowley, Joseph Fisher Lecture, 

Julius Baer, Kairos, Kentucky Author Forum, Khazanah (Malaysia), Kiel Institute, Koç 

Holding, Korea Business News, Labour Party of the UK, Lanxess, Le Havre Forum, Les 

Entretiens du Tresor, Libera Universita Internazionale degli Studi Sociali (LUISS), 

Lindau Nobel Laureate Meetings, lit.COLOGNE, Living Liberally, London School of 

Economics, Lotos Club, Lugano Fund Forum, LUISS University, Luxembourg Income 

Study, Lycee Francaise (New York), Macao International Environmental Co-operation 

Forum & Exhibition, Marche Polytechnic University, Martha's Vineyard Hebrew Center 

Summer Institute, Masic Investment Forum, Massachusetts Institute of Technology, 

Mexican Association of Insurance Companies, Milestones Conference, Ministry of 

Finance (Ethiopia), Ministry of Finance (Indonesia), Monetary Authority of Macau, 

Morgan Stanley Investment Management, MS Europa, Museum of American Finance, 

Myanmar Federation of Chambers of Commerce and Industry (sponsored by UNDP and 

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Myanmar Development Research Institute), Nasscom, National Assembly (France), 

National Association for Business Economics (NABE), National Association of 

Economists and Accountants of Cuba (ANEC), National Press Club, National Tax 

Association, Negotiators of the Trans-Pacific Partnership, New Democratic Party of 

Canada, New York City Bar Association, New York Hedge Fund Roundtable, New York 

Historical Society, New York Public Library, New York University, NMS Management, 

North Jersey Public Policy Network , OECD, Open Society Institute, Organisation for 

Economic Co-operation and Development, Otis University, Oxfam, Oxford Blavatnik 

School, Oxford Fulbright Distinguished Lecture in International Relations, Oxford 

Martin School, Paris School of Economics, Parliament of Scotland, Pew Charitable 

Trusts, Phoenix Group, Polish Chamber of Commerce, Pontifical Academy of Social 

Sciences, Princeton University Press, Princeton University’s Griswold Center for 

Economic Policy Studies, Productivity Commission (Australia), Program for Economic 

Research, Progressive Alliance of Socialists and Democrats (European Parliament), 

Progressive Economy Annual Forum (Belgium), Public Eye Awards, Public Pension 

Funding Forum (Columbia), Public Theater, Rabobank, Raising the Bar, Ramapo 

College, Real Academia de Ciencias Económicas y Financieras, Reinventing Bretton 

Woods Committee, Renmin University, Research Institute for Development, Growth and 

Economics (RIDGE), Reserve Bank of India, Resources for the Future, Responsible 

Endowments Coalition, Rockefeller Brothers Fund, Roosevelt Institute, Rosa DeLauro, 

Royal Bank of Canada, Royal Geographical Society , Royal Society for the 

Encouragement of Arts, Manufactures and Commerce, Russell Sage Foundation, Rutgers 

University, Sacred Heart school (New York), Sapienza University of Rome, Sceintific 

Council for Government Policy (Netherlands), School of International and Public Affairs 

at Columbia University, Sciences Po, Scuola Superiore Sant'Anna, SEC, Securities & 

Exchange Commission, Shanghai Jiaotong University, Shearman and Sterling, LLP, 

Social Business Awards (France), Society for Progress, Society of Corporate Secretaries 

and Governance Professionals, Spanish Royal Academy, Standard Chartered, Starmus 

Festival, Statoil, Stuyvesant High School, Sun Hung Kai Properties, Swedish 

International Development Cooperation Agency (SIDA), Swiss International Finance 

Forum, Tamer Center, Tannenbaum Lecture (Columbia), The Chinese University of 

Hong Kong, The Commonwealth, The Economist, The Greens/European Free Alliance 

(European Parliament), The New Republic, The New School, The Overseas Development 

Institute, Tiger Forum (France), Tokyo International Conference on African 

Development, Town Hall Seattle , Trento Festival of Economics , Trinity College, 

Tsinghua University, Turkish Economic Association, UBS, UK Treasury, UNDESA, 

UNDP, UNESCO, UNFPA, UNICEF, Union Investment, United Nations, United Nations 

Conference on Trade and Development, United Nations Development Programme, 

United Nations Economic and Social Commission for Asia and the Pacific, United 

Nations High-Level Panel on Innovation and Access to Medicines, United Nations 

Industrial Development Organization, United Nations Office of the High Commissioner 

for Human Rights, United Nations Panel Sovereign Debt Vulnerabilities and the 

Opportunity for a New Debt Workout Mechanism Building on the UNGA process, 

United Nations University World Institute for Development Economics Research (UNUWIDER), United States Congress, United States Senate, United States Senate Budget 

Committee, United States State Department, Universidad del Rosario, Universidad 

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Nacional de Cordoba (Argentina), Universite Paris-Dauphine, University of Adelaide, 

University of British Columbia, University of California at Berkeley, University of 

Chicago Booth School of Business, University of Fribourg (Switzerland), University of 

Goettingen, University of Havana, University of Hawaii, University of Heidelberg, 

University of Hyderabad, University of Macao, University of New South Wales, 

University of Oslo, University of Ottawa, University of Split (Croatia), University of 

Trento, University of Zurich, Vector Casa de Bolsa, Victoria University, Vienna 

University of Economics and Business, Virginia Festival of the Book, Washington Center 

for Equitable Growth, Ways With Words Festival (Totnes, UK), Winton Capital 

Management, Women's Alternative Investment Summit, World Affairs Council, World 

Bank, World Economic Forum, World Health Organization, World Leaders Forum, 

World Technology Network, World Urban Forum, Yale Institution for Social and Policy 

Studies, Youth Forum on Foreign Policy (India), ZFU International Business School. 

Additional outside activities (including consulting, advising, paid and unpaid) at 

some point during last five years: 

CFTC-SEC Advisory Committee on Emerging Regulatory Issues (Member), Acumen 

Fund (member of the board), Amherst College (member of board of trustees), Resources 

for the Future (member of board of trustees), Alliance for Climate Projection, Center for 

Global Development, Economic Research Forum (Cairo), Barcelona Graduate School of 

Economics Advisory Scientific Council, International Advisory Board, Statoil and 

Docomo, Scientific Advisory Board, Institute for New Economic Thinking, International 

Economics Association (President, 2011-2013), World Bank (CEAC, Chief Economist’s 

Advisory Council, Eminent Persons), OECD (High Level Expert Group on the 

Measurement of Economic Performance and Social Progress, co-chair), Commission of 

Experts on Reforms of the International Monetary and Financial System, appointed by 

the President of the General Assembly of the United Nations (2009, chair), Economic 

Advisory Council (South Africa), South African Competitive Council (Expert), 

Government of South Africa, Fiscal Commission Working Group (Scotland), Roosevelt 

Institute (Chief Economist), Oxfam, Advisory Board of the Martin School of Oxford, 

Independent Commission for the Reform of International Corporate Taxation 

(Commissioner), World Economic Forum (on Latin America, Co-chair and other 

advisory work), China Development Research Foundation, Research Institute for 

Development, Growth and Economics (Chairman), Brennan Center for Justice (Member, 

Economic Advisory Board), Carbon Pricing Leadership Coalition’s High-level 

Commission on Carbon Prices (Co-Chair), Center for a New Economy’s Growth 

Commission for Puerto Rico (Member). 

Litigation support/expert witness for plaintiffs in anti-trust litigation concerning alleged 

anti-competitive restraints imposed by Visa, Mastercard, and American Express and for 

US Air concerning alleged anti-competitive restraints imposed by Sabre GDS; for plaintiffs 

in Canada concerning alleged anti-competitive practices of Microsoft and their impacts on 

consumers and innovation; for plaintiffs involved in litigation involving alleged 

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misconduct by credit rating agency; pro-bono expert for Argentina in litigation involving 

debt restructuring; expert witness on welfare costs associated with exclusionary actions 

against Intel, Apple, and Hewlett Packard before ITC in case involving alleged patent 

infringement; pro-bono amicus filings in cases concerning Alien Torts Act, patentability 

of human genes (BRAC genes), and debt restructuring (interpretation of pari passu clause), 

Brattle (work involving financial sector misconduct and anti-trust issues). 

Informal and unpaid consultations and advice to a variety of governments and government 

officials, including those in Greece, Namibia, Panama, South Africa, Spain, Scotland, and 

France; congressional testimony and to the congressional oversight panel on matters 

relating to reforming the financial sector, the cost of Iraq and Afghanistan wars, and 

inequality. 

Working papers and unpublished papers (in categories)

1. Economics of Information 

“Characterization, Existence, and Pareto Optimality in Insurance Markets with 

Asymmetric Information with Endogenous and Asymmetric Disclosures: 

Revisiting Rothschild-Stiglitz,” (update and revision of “Equilibrium in a 

Competitive Insurance Market Under Adverse Selection with Endogenous 

Information”), February 2018.

“Contests and Cooperation: Toward a General Theory of Compensation and 

Competition,” presented at a Conference on the Internal Organization of Firms, 

International Institute of the Internal Organization of Firms, International Institute 

of Management, Berlin, July 1980; and at a Conference on the Economics of 

Information, University of Pennsylvania, May 1981. 

“Cutting off Credit: An Application of Constraints on Incentive Devices,” with A. Weiss, 

April 1982. 

“Equilibrium in a Competitive Insurance Market Under Adverse Selection with 

Endogenous Information,” with Jungyoll Yun and Andrew Kosenko, NBER 

Working Paper No. 23556, June 2017. 

 “Equilibrium Unemployment as a Worker Screening Device,” with B. Nalebuff and A. 

Rodriguez, NBER Working Paper 4357, May 1993. (Paper presented as 

“Equilibrium Unemployment, Testing, and the Pure Theory of Selection” at the 

NBER/CEPR Conference on Unemployment and Wage Determination, Boston, 

October 1991.) 

“Equilibrium Unemployment, Testing, and the Pure Theory of Selection,” with A. 

Rodriguez, presented at NBER/CEPR Conference on Unemployment and Wage 

Determination, Boston, October 1991. 

“The Existence and Characteristics of Competitive Equilibrium,” with R. Arnott, revised 

1985. 

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“Existence and Equilibrium in Markets with Imperfect Information,” with M. Rothschild, 

presented to World Congress of Econometric Society, Toronto, 1975. 

“Incentives Schemes Under Differential Information Structures: An Application to Trade 

Policy,” with P. Dasgupta, IMSSS Technical Report No. 172, Stanford 

University, July 1972. 

“Information and Exploration Externalities,” SEER Technical Report, Stanford 

University, 1976. 

“Information in a Decentralized (Market) Economy,” presented at Spoleto Conference on 

Post Industrial Society, July 1986. 

“Information, Planning and Incentives,” presented at the CSCCRP Sino-American 

Conference on Alternative Development Strategies in Wingspread, Racine, WI, 

November 1980. (Chinese edition published 1982.) 

“Knowledge of Technology and the Technology of Knowledge: New Strategies for 

Development,” Background paper for UNDP Human Report 2001. 

“Moral Hazard and Unemployment in Competitive Equilibrium,” with P. Rey. October 

1993. (Revised July 1996.) 

“Prices and Queues in Screening Services in Competitive Markets,” IMSSS Technical 

Report 212, Stanford University, August 1976. 

“Remarks on Inequality, Agency Costs, and Economic Efficiency,” prepared for a 

workshop in “Economic Theories of Inequality,” Stanford Institute for Theoretical 

Economics, Stanford University, March 11-13, 1993. 

“Unemployment and Efficiency Wages: The Adverse Selection Model,” with A. 

Rodriguez, presented at NBER/CEPR Conference on Unemployment and Wage 

Determination, Boston, October 17-19 1991. 

“Unemployment As a Worker Selection Device,” with B. Nalebuff, Princeton University, 

1985, (Revision of “Quality and Prices,” Princeton University Econometric 

Research Memorandum No. 297, May 1982.) 

2. Economics of Uncertainty 

“Risk and Trade Policy,” with D. Newbery, World Bank Working Paper No. 53, January 

1983. (Revised 1985.) 

3. Risk and Agriculture

“Alternate Stabilization Schemes for Supply Uncertainty,” with D. Newbery, Economic 

Theory Discussion Paper No. 4, University of Cambridge, January 1978. 

“Determinants of the Distributional Impact of Commodity Price,” with D. Newbery, 

Economic Theory Discussion Paper 17, University of Cambridge, July 1979. 

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4. Financial Markets 

 “Bail-ins and Bail-outs: Incentives, Connectivity, and Systemic Stability”, with B. 

Benjamin and A. Capponi, NBER Working Paper No. 23747, August 2017. 

(Presented to the World Congress of the International Economic Association, 

Mexico City, June, 2017.)

“Economics of Small Business Lending,” at “Bank Lending to Small Businesses: A 

Conference,” Office of the Comptroller, November 15, 1991. 

“The Effect of Financial Repression in an Economy with Positive Real Interest Rates: 

Theory and Evidence,” with K. Murdock, August 1993. 

“Equity Financing for New Firms,” with I. Gale, May 1986. 

“The Fall: A Chronicle of the Financial Crisis,” lecture at IMCA 2010 Annual 

Conference in Orlando, Florida, May 17, 2010. 

“Financial Restraint: Toward a New Paradigm,” with Thomas Hellmann and Kevin 

Murdock, Stanford Graduate School of Business Research Paper: 1355, April 

1995. (Prepared for World Bank’s EDI Workshop on “Role of Government in 

Economic Development: Analysis of East Asian Experiences,” Kyoto, Japan, 

September 16-17, 1994.) 

 “Futures Markets and Risk: A General Equilibrium Approach,” Princeton University 

Financial Research Center Memorandum 47, April 1984. 

“Futures Markets Are Almost Always Informationally Inefficient,” with I. Gale, 

Princeton University Financial Research Center Memorandum No. 57, February 

1985. (Revised as “A Simple Proof that Futures Markets Are Almost Always 

Informationally Inefficient,” Working Paper, 1989.) 

“Multiple Stock Offering and the Financing of New Firms,” with I. Gale, Princeton 

University Financial Research Center Memorandum 73, November 1986. 

“Perfect and Imperfect Capital Markets,” presented to the Econometric Society Meetings, 

New Orleans, 1971. 

“Restoring Stability and Confidence in European Sovereign Debt Markets,” lecture given 

at Global ARC in London, May 18, 2010. 

“Theory of Liquidity Preference and the Term Structure of Interest Rates,” Cowles 

Foundation Discussion Paper No. 252, August 1968. 

5. Growth and Capital Theory 

“Capital Constraints and Economic Growth,” revised version of a paper prepared for a 

conference at Buffalo, May 1990. 

“Imperfect Capital Markets and Productivity Growth,” with B. Greenwald and M. 

Salinger. Paper presented at NBER Conference in Vail, CO, April 1990, revised 

March 1991 and April 1992. 

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“Notes on Learning, Capital Constraints, Growth and Efficiency,” presented at 

Conference held by Institute for the Study of Free Enterprise Systems, Buffalo, 

NY, May 1990. 

6. Natural Resources

“Climate Change: An Agenda for Global Collective Action,” with Joseph E. Aldy and 

Peter R. Orszag, prepared for the conference on “The Timing of Climate Change 

Policies,” Pew Center on Global Climate Change, October 2001. 

“Stepping Toward Balance: Addressing Global Climate Change,” presented at the 

Conference on Environmentally and Socially Sustainable Development. 

Washington, D.C., October 6, 1997. 

“Sharing the Burden of Saving the Planet: Global Social Justice for Sustainable 

Development,” Keynote speech at the meeting of the International Economic 

Association, Istanbul, June 2008. 

7. Theory of Market Structure, R&D

“Analysis of Factors Affecting the R&D Choices of Firms,” with P. David, Center for 

Research in Economic Growth Memorandum 232, Stanford University, 1979. 

“Creating Competition in Telecommunications,” presented at the Conference on 

Managing the Telecommunications Sector Post-Privatization, George Washington 

University, Washington, D.C., April 27, 1998. 

“Entry, Equilibrium, and Welfare,” with R. Gilbert. 

“Exercises in the Economics of Learning-By-Doing,” with P. Dasgupta, Cambridge 

University, May 1985. (Presented at GTE Conference on Industrial Organization, 

Cambridge, August 1985.) 

“Intellectual Property Rights, the Pool of Knowledge, and Innovation,” NBER working 

paper 20014, March 2014, available at 

http://www.nber.org/papers/w20014.pdf?new_window=1. 

“Some Rough Notes on Diversity of Tastes and Diversity of Commodities,” Oxford 

University, paper presented at Bell Labs Conference on Monopolistic 

Competition, February 1977. 

“Sunk Costs, Competition, and Welfare,” with P. Dasgupta, August 1985. 

“Unemployment and Innovation,” NBER Working Paper 20670, November 2014. 

“Welfare and Competition with Sunk Costs,” with P. Dasgupta, November 1985. 

8. Macroeconomics

“An Agenda for Reforming Economic Theory,” lecture at Institute for New Economic 

Thinking Conference in Cambridge, April 10, 2010. 

“Bankruptcy protection against macroeconomic shocks: the case for a ‘super chapter 

11’,” with M. Miller, World Bank Conference on Capital Flows, Financial Crises, 

and Policies, April 15, 1999. 

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“Capital Market Imperfections and Labor Market Adjustments,” with B. Greenwald, 

presented to NBER/CEPR Conference on Labor Market Dynamics, Cambridge, 

October, 1991. 

“An Economic Analysis of Labor Turnover,” Institute for Mathematical Studies in the 

Social Sciences (ISMMM) Working Paper No. 53, Stanford University, February 

1976. 

“Evolutionary Theory and the Current Economic Crisis,” presented at the American 

Economic Association annual meeting, January, 2010. 

“Expectations, Asset Accumulation and the Real-Balance Effect,” with P. Neary, 

presented at Dublin Meetings of the Econometric Society, September 1982, 

Working Paper 1990. 

“Financially Constrained Fluctuations in an Evolving Network Economy,” with D. Delli 

Gatti, M. Gallegati, B. Greenwald and A. Russo, NBER working paper No. 

14112, June 2008. 

“From Measuring Production to Measuring Wellbeing,” lecture co-hosted by the 

Economic Society of Australia Victorian Branch and the Productivity 

Commission in Melbourne, Australia, July 29, 2010. 

“Growth and Equity in a World of Deficits: An Alternative to Austerity,” lecture given in 

Copenhagen, Denmark, May 13, 2011. 

“Household Labor Supply, Unemployment, and Minimum Wage Legislation”, with 

Kaushik Basu and Garance Genicot, Policy Research Working Paper 2049, 

Washington, D.C.: World Bank, 1999. 

“Imperfect Information and Macroeconomic Analyses,” with B. Greenwald.

 “The Long Boom? Business Cycles in the 1980s and 1990s,” given to CEPR conference 

“The Long Boom”, Stanford University, September 5, 1997. 

“Macro-economic Management in an Electronic Credit/Financial System, “ NBER 

Working Paper 23032, January 2017. 

“Macroeconomic Dynamics, Heterogeneous Interacting Agents and Network: A Solvable 

Agent Based Model of a Monetary Economics,” with M. Gallegati and S. Landini, 

2010. 

“Macroeconomic Equilibrium and Credit Rationing,” with A. Weiss, NBER Working 

Paper 2164, 1987. 

“The New Keynesian Economics: Money and Credit,” Fisher-Schultz Lecture presented 

at the Meetings of Econometric Society, Copenhagen, August 1987. 

“Principles and Guidelines for Deficit Reduction,” The Roosevelt Institute, December 2, 

2010, Working Paper No. 6. 

“Psuedo-Wealth and Consumption Fluctuations,” with Martin Guzman, NBER Working 

Paper No. 22838, November 2016 and presented at the American Economic 

Association Meetings, January, 2015. 

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"Rethinking Macroeconomics: What Went Wrong and How to Fix It," Adam Smith 

Lecture, European Economic Association, Glasgow, August 24, 2010. Also 

presented at DIME conference, Budapest, September 8, 2010. 

“A Theorist’s View of Policymaking and a Policymaker’s View of Theory Perspectives 

on Modern Macro-economics,” Marshall Lectures presented at Cambridge 

University. April 29-30, 1996.

9. Monetary Economics

“Adverse Selection, Credit Rationing and Central Bank Policy,” Working Paper, 1989. 

“Capital Market Imperfections and Regional Economic Development,” with B. 

Greenwald and A. Levinson, prepared for CEPR conference on Finance and 

Development in Europe, Santiago, Spain, December 1991. 

“Consumer and Producer Price-Neutral Tax Reform with an Informal Economy,” with 

M. Shahe Emran, Working Paper, September, 2002. 

“Money Neutrality in a Model of Firm Adjustment,” with B. Greenwald and K. Clay, 

Working Paper, Stanford University, 1990. 

“Monetary and Exchange Rate Policy in Small Open Economies: The Case of Iceland,” 

Central Bank of Iceland Working Paper Nr. 15. 

http://www.sedlabanki.is/uploads/files/WP-15.pdf 

“Monetary Policy and the Institutional Structure of Banking,” with B. Greenwald, June 

1991. 

“Monetary Policy and the Theory of the Risk-Averse Bank,” with B. Greenwald, 

prepared for the conference “Macroeconomic Stabilization Policy: Lessons for the 

Future,” CEPR, Stanford University and the Federal Reserve Bank of San 

Francisco, March 5, 1993. 

“Net Worth, Exchange Rates, and Monetary Policy: The Effects of a Devaluation in a 

Financially Fragile Environment,” with D. Delli Gatti, M. Gallegati, and B. 

Greenwald, Stiglitz, NBER working paper No. 13244, July 2007. 

“Real Exchange Rate Policies for Economic Development,” with M. Guzman and J.A. 

Ocampo, NBER working paper No. 23868, September 2017. 

10. International Economics 

“Asia and the Emerging Global Economic System,” lecture presented at Institute for New 

Economic Thinking conference, Bretton Woods, April 10, 2011. 

“Back to Basics: Policies and Strategies for Enhanced Growth and Equity in Post-Crisis 

East Asia,” Bangkok, Thailand. July 29, 1999. 

“Can We Prevent Another Global Financial Crisis?” public lecture at the University of 

Hobart in Hobart, Australia, August 2, 2010. 

“The Economic Crisis: Towards a New World Order? Towards Sustainable Growth?” 

lecture given in Mumbai, May 26, 2010. 

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“Farewell to the Invisible Hand? A Global Financial System for the Twenty-first 

Century,” 2010 David Finch Lecture at the University of Melbourne in 

Melbourne, Australia, July 28, 2010. 

“Freefall: The Sinking of the Global Economy,” public lecture at Murdoch University in 

Perth, Australia, Jul 19, 2010 and at the University of Queensland in Brisbane, 

Australia on July 26, 2010. 

“The Future of the Euro: An Analysis of the Challenges Facing the Currency Union,” 

Columbia University working paper, 2014. 

“The Global Financial Crisis: Lessons for Economc and Financial Theory and Policy,” 

presented to Swiss Finance Institute, Zurich, September 20, 2010. 

“The Global Financial Crisis: Perspectives and Policies,” presented to Stanford Institute 

for Economic Policy Research, Stanford, March 24, 1999. Also given as talk to 

Pacific Affairs Council and Pomona College. 

“New Economic World Order: Perspectives from the U.S.” presented in Flims, 

Switzerland, September 17, 2010. 

“A New Era of Opening Up,” lecture at the China Development Forum, March 20, 2011. 

“Two Principles for the Next Round or, How to Bring Developing Countries in from the 

Cold,” Stockholm, Sweden, April 12, 1999. Revised and presented to WTO, 

Geneva, Switzerland, September 21, 1999. 

 “Responding to Economic Crises: Policy Alternatives for Equitable Recovery and 

Development,” presented to North-South Institute, Ottawa, Canada, September 

29, 1998. 

"Responding to the Crisis: Real Estate, Asia, and the Global Economy," MIPIM Asia, 

Hong Kong, November 11, 2010. 

“Road to Ruin?: Financial Instability and the Global Economy,” lecture at the Crawford 

School of Economics in Canberra, Australia, August 3, 2010. 

“A Short Note on Surveillance and How Reforms in Surveillance Can Help the IMF to 

Promote Global Financial Stability,” International Monetary Fund, July 2011. 

“Towards a New International Architecture: Principles and Policies,” presented to 

European Investment Bank in Fiesole, Italy, October 15, 1995. 

11. Development

“Allocation of Capital in East Asia,” with M. Uy, prepared for The East Asian Miracle,

World Bank, 1993. 

“Can Aid Facilitate Development? A New Vision for Development Cooperation in the 

21st Century,” paper presented Tokyo, Japan, September 17, 1997. 

“Confronting AIDS in Developing Countries,” address to Members of the European 

Parliament, Brussels, November 25, 1997. 

 “Development Under Adversity? The Palestinian Economy in Transition,” address to the 

Conference on Development Under Adversity, Gaza, November 22, 1997. 

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“The East Asian Crisis and Its Implications for India,” Commemorative Lecture for the 

Golden Jubilee Year Celebration of Industrial Finance Corporation of India, New 

Delhi, India, May 19, 1998. 

“The Dialectics of Law and Development,” with Antara Haldar, presented at the Institute 

for Policy Dialogue’s China Task Force Meeting, June, 2008. 

“Distribution, Efficiency and Voice: Designing the Second Generation of Reform,” 

presented at Conference on Asset Distribution, Poverty, and Economic Growth. 

Ministry of Land Reform, Brazil and the World Bank, Brasília, Brazil, July 14, 

1998. 

“Equitable and Sustainable Development,” presented at the Conference on “Central 

Banking and Sustainable Development in the 21st Century,” Kuala Lumpur, 28-

30 August, 2000. 

“Financial Liberalization, Financial Restraint, and Entrepreneurial Development,” with 

Shahe Emran, January, 2009. 

“The Future of China,” presented in “China: Challenges and Prospects,” at the World 

Bank Group - International Monetary Fund Annual Meetings Program of 

Seminars, Hong Kong SAR, China, September 22, 1997. 

“Government, Financial Markets, and Economic Development,” NBER Working Paper 

3669, 1991. (Presented at a conference by the Vargas Foundation, “The Economic 

Reconstruction of Latin America,” Rio de Janeiro, August 1989.) 

“Growth with Responsibility in a Globalized World – Findings of the Shadow G-8,” with 

Stephany Griffith-Jones, Friedrich-Ebert-Stiftung Dialogue on Globalization

Occasional Paper No. 31, May 2007. 

“The Impact of Individual Accounts: Piecemeal vs. Comprehensive Approaches,” with 

Mike Orszag, Peter Orszag, and Dennis Snower, presented at the World Bank 

Annual Development Conference, April 1999. 

“The Indian Microfinance Crisis,” with Antara Haldar, February 2013. 

“Introduction,” working paper distributed at Fifth Tokyo International Conference on 

African Development (TICAD), Initiative for Policy Dialogue, Columbia, June 1-

3, 2013. 

“An Issues Paper on Financial Markets and Policies in East Asian Economies,” June 

1992. 

“Markets and Development,” prepared for the American Economic Association 

Meetings, December 1980. 

“Microfinance and Missing Markets,” with Shahe Emran and Mahbub Morshed, October 

2006. 

“More Instruments and Broader Goals: Moving Toward the Post-Washington 

Consensus,” World Institute for Development Economics Research (WIDER) 

Annual Lectures 2, Helsinki, Finland, January 1998. 

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“Participation and Development: Perspectives from the Comprehensive Development 

Paradigm,” presented at the International Conference on Democracy, Market 

Economy, and Development. Seoul, Korea, February 27, 1999. 

“Post Financial Crisis: Options for SIDS and Emerging Economies,” presentation in 

Mauritius, February 9, 2011. 

“Reducing Poverty: Some Lessons from the Last Quarter Century,” presented at 

BWPI/Chronic Poverty Research Centre International Conference, “Ten years of 

global poverty reduction: What have we learned and what should we do?” 

September 8, 2010. 

“A Report on the China Trip for the World Bank Project ‘Public Policy and the Asian 

Miracle’,” with Y. Qian, January 1993. 

 “The Role of Cognitive Change in Societal Rigidity and Change,” with K. Hoff, March 

20, 2011. 

“The Role of the Financial System in Development,” presentation at the Fourth Annual 

World Bank Conference on Development in Latin America and the Caribbean 

(LAC ABCDE), San Salvador, El Salvador, June 29, 1998. 

“Second Generation Strategies for Reform for China,” presented to Beijing University, 

Beijing, China, July 20, 1998

“A Social Democratic Agenda for a More Dynamic Indian Economy: Creating an 

Innovative and Learning Society,” The 2010 Jawaharlal Nehru Memorial Lecture, 

November 18. 

“Sound Finance and Sustainable Development in Asia,” Keynote Address to the Asia 

Development Forum Manila, the Philippines, March 12, 1998. 

“Statement to the Meeting of Finance Ministers of ASEAN plus 6 with the IMF and the 

World Bank,” Kuala Lumpur, Malaysia, December 1, 1997. 

“Statement to the Meeting of the Heads of Multilateral Development Banks,” InterAmerican Development Bank, Washington, D.C., January 15, 1998. 

“Survey of the Economics of International Debt,” with J. Eaton and M. Gersovitz, 1985. 

“Taxes, Prices, and the Balance Between Industry and Agriculture,” with R. Sah, 

presented at 8th International Economic Congress in New Dehli, December 1986. 

“Technology, Taxes, Prices, and the Balance between Industry and Agriculture,” with R. 

Sah, prepared in EMBRAPA-Yale Workshop, Brasilia, May 18-22, 1987. 

“Theory of Imperfect Competition in Rural Credit Markets,” with K. Hoff, Institute for 

Policy Reform Working Paper IPR 49, October 1992. 

“A Theory of Rural Credit Markets with Costly Enforcement,” with K. Hoff, October 

1992. 

“Toward a New Paradigm for Development: Strategies, Policies, and Processes,” given as 

the 1998 Prebisch Lecture at UNCTAD, Geneva, October 19, 1998. 

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“Towards a Pro-Development and Balanced Intellectual Property Regime,” Keynote 

address presented at the Ministerial Conference on Intellectual Property for Least 

Developed Countries, World Intellectual Property Organization (WIPO), Seoul, 

October 25, 2004. 

12. Distribution of Income and Wealth 

“Inequality, Stagnation, and Market Power: The Need for a New Progressive Era,” 

Roosevelt Working Paper, November 2017. 

“Intergenerational Mobility and Dynastic Inequality,” with R. Kanbur, Princeton 

University Economic Research Program Research memorandum No. 324, April 

1986. 

“Mobility and Inequality: A Utilitarian Analysis,” with R. Kanbur, Economic Theory 

Discussion Paper 57, University of Cambridge, May 1982. 

“New Theoretical Perspectives on the Distribution of Income and Wealth Among 

Individuals: Parts I-IV” NBER Working Papers 21189-21192, May 2015. 

“Piketty Meets Pasinetti: On Public Investment and Intelligent Machinery,” with L. 

Mattauch, D. Klenerty, and O. Edenhoferx, January 2017. 

“Remarks on Inequality, Agency Costs, and Economic Efficiency,” prepared for a 

workshop in “Economic Theories of Inequality,” Stanford Institute for Theoretical 

Economics, Stanford University, March 11-13, 1993. 

“Simple Formulae for the Measurement of Inequality and the Optimal Linear Income 

Tax,” IMSSS Technical Report No. 215, Stanford University, August 1976. 

13. Welfare Economics

“The Inefficiency of the Competitive Stock Market and Its Implications for the 

Depletion of Natural Resources,” Studies in the Economics of Energy Resources, 

Technical Report No. 21, Stanford University, 1977. 

“Pareto Inferior Trade and Optimal Trade Policy,” with D. Newbery, Princeton 

University Econometric Research Program Research Memorandum 281, May 

1981. 

14. Comparative Economic Systems / Organization Theory 

“Economics of Committees,” with R. Sah, Center Discussion Paper 486, Economic 

Growth Center, Yale University, June 1985. 

“Human Nature and Economic Organization,” Jacob Marashak Lecture, presented at Far 

Eastern Meetings of the Econometric Society, October 1987. 

“Lessons for Transition Economies from the Experience of the East Asian Tigers,” 

Videorecording of a lecture given in an IMF Institute seminar series, November 7, 

1996. 

“Managerial Quality in Centralized versus Decentralized Economic Systems,” with R. 

Sah, July 1986. 

 A-127

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“Notes on Evolutionary Economics: Imperfect Capital Markets, Organizational Design, 

Long-run Efficiency.” 1995. 

“Perpetuation and Self-Reproduction of Organizations: The Selection and Performance of 

Managers,” with R. Sah, presented at World Congress of Econometric Society, 

Cambridge, August 1985. 

“Some Aspects of a General Theory of Economic Organization,” lecture presented at the 

Ninth Latin American Meeting of the Econometric Society, Santiago, Chile, 

August 1989. 

15. Political Economy 

“Gender and Development: The Role of the State,” World Bank Gender and 

Development Workshop, Washington, D.C., April 2, 1998. 

“Political Economy in a Contestable Democracy: The Case of Dividend Taxation,” with 

A. Korinek, 2008 Meeting Papers, Society for Economic Dynamics. 

“Public Policy for a Knowledge Economy,” remarks at the Department for Trade and 

Industry and Center for Economic Policy Research, London, U.K., January 27, 

1999. 

“Reflections on the Theory and Practice of Reform,” presented to Stanford University, 

September 17, 1998. 

“Rethinking the Economic Role of the State: Publicly Provided Private Goods,” lecture 

delivered at Universitat Pompeu Fabra, Barcelona, November 15, 1992. 

16. Theory of Taxation / Public Finance 

“Financial Structure and the Incidence of the Corporate Income Tax,” with B. 

Greenwald, March 1987. 

“Information and Multi-Period Optimal Income Taxation with Government 

Commitment,” with D. Brito, J. Hamilton, and S. Slutsky, NBER Working Paper 

2458, December 1987. 

“Information and Multi-Period Optimal Taxation With Self-Selection,” with D. Brito, J. 

Hamilton and S. Slutsky, Princeton University, October 1983. 

“Local Financing Alternative to the International Incidence of Corporate Income Taxes,” 

with B. Greenwald, presented to NBER Conference on International Aspects of 

Taxation, September 1991. 

“Modelling the Effects of Capital Gains Taxes on the Accrual and Realization of Capital 

Gains,” Report prepared for the Department of the Treasury, October 1981. 

“Pareto Efficient Taxation and Expenditure Policies, With Applications to the Taxation 

of Capital, Public Investment, and Externalities,” presented at conference in honor 

of Agnar Sandmo, Bergen, January 1998. 

“Technological Change and Taxation,” prepared for Conference on Tax Policy in the 

Twenty-First Century, Washington, D.C. 

 A-128

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“Taxation and Agricultural Pricing Policies, Cost Benefit Analysis, and the Foreign 

Exchange Constraint,” Paper prepared for the World Bank, September 1982. 

“The Town-Versus-Country Problem: Optimal Pricing in an Agrarian Economy,” with A. 

Braverman and R. Sah, presented to a Conference at the World Bank, June 1982. 

17. Theory of Public Expenditures

“Project Appraisal and Foreign Exchange Constraints: A Simple Exposition,” with C.R. 

Blitzer and P. Dasgupta, NBER Working Paper 2165, 1987. 

“The Theory of International Public Goods and the Architecture of International 

Organizations,” Background Paper No. 7, Third Meeting, High Level Group on 

Development Strategy and Management of the Market Economy, UNU/WIDER, 

Helsinki, Finland, July 8-10, 1995. 

18. Miscellaneous

“Bailouts, Regulation or Free Markets? Business and Government in a Small Regional 

Economy,” lecture given to Economic Society of Australia Tasmania Branch and 

the Tasmanian Chamber of Commerce and Industry in Hobart, Australia, August 

2, 2010. 

“China: Forging a Third Generation of Reforms,” Speech given on July 23, 1999. 

“The Impact of Asbestos Liabilities on Workers in Bankrupt Firms,” with Jonathan M. 

Orszag and Peter R. Orszag, commissioned by the American Insurance 

Association, December 2002. 

“Inequality and Capital Taxation,” IMSSS Technical Report 457, Stanford University, 

July 1985. 

“Incentives and Institutions in the Provision of Health Care in Developing Countries: 

Toward an Efficient and Equitable Health Care Strategy,” Keynote Address, 

International Conference in Health and Economic Development, National 

Institutes of Health, November 15, 1999. 

“Optimal Leverage: The Role of Externalities,” with S. Battiston, D. Delli Gatti, M. 

Gallegati, and B. Greenwald.

“Optimal Provision of Loans and Insurance against Unemployment from a Lifetime 

Perspective,” with Jungyoll Yun, National Bureau of Economic Research 

Working Paper 19064, May 2013. 

“Optimality and Equilibrium in a Competitive Insurance Market under Adverse Selection 

and Moral Hazard,” with Jungyoll Yun, NBER Working Paper 19317, August, 

2013. 

 A-129

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EXHIBIT B: 

PREVIOUS EXPERT TESTIMONY

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 181 of 193
B-1 

The list below indicates all matters in which I have provided expert reports, affidavits, 

declarations, witness statements, deposition testimony, or trial testimony in the past five years. 

While I have in my possession copies of all such reports, affidavits, declarations, and witness 

statements, many of these cases are subject to protective orders or confidentiality agreements that 

prevent me from providing copies in this matter. 

Case: Ambac Assurance Corporation and The Segregated Account of Ambac Assurance 

Corporation, vs. Countrywide Home Loans, Inc., Countrywide Securities Corp., 

Countrywide Financial Corp., and Bank of America Corp., Index No.: 

653979/2014 

Forum: Supreme Court of the State of New York, New York County 

Testimony: Report 

This case is subject to a protective order that prevents disclosure of materials. 

Case: American International Group, Inc. and Subsidiaries vs. United States of America, 

ECF Case No.: 09 Civ. 1871 (LLS) 

Forum: United States District Court for the Southern District of New York 

Testimony: Report, Rebuttal Report, Deposition 

This case is subject to a protective order that prevents disclosure of materials. 

Case: MBIA Insurance Corporation vs. Credit Suisse Securities (USA) LLC, DLJ 

Mortgage Capital Inc., and Select Portfolio Servicing, Inc., Index No.: 

603751/2009 

Forum: Supreme Court of the State of New York, New York County 

Testimony: Report, Rebuttal and Reply Report, Deposition 

This case is subject to a protective order that prevents disclosure of materials. 

Case: Ambac Assurance Corporation vs. EMC Mortgage LLC (f/k/a EMC Mortgage 

Corporation), J.P. Morgan Securities LLC (f/k/a Bear, Stearns & Co. Inc.), and 

JPMorgan Chase Bank, N.A., Index No.: 650421/2011 

Forum: Supreme Court of the State of New York, New York County 

Testimony: Report, Rebuttal Report 

This case is subject to a protective order that prevents disclosure of materials. 

Case: Ambac Assurance Corporation and The Segregated Account of Ambac Assurance 

Corporation, vs. Countrywide Home Loans, Inc., Countrywide Securities Corp., 

Countrywide Financial Corp., and Bank of America Corp., Index No.: 

651612/2010 

Forum: Supreme Court of the State of New York, New York County 

Testimony: Report, Rebuttal Report, Deposition 

This case is subject to a protective order that prevents disclosure of materials. 

Case: US Airways, Inc., vs. Sabre Holdings Corporation, Sabre, Inc., Sabre Travel 

International Limited, Civil Action No.: 1:11-cv-02725-LGS 

Forum: United States District Court for the Southern District of New York 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 182 of 193
B-2 

Testimony: Report, Reply Report, Deposition, Declaration, Trial Testimony, Rebuttal Trial 

Testimony 

This case is subject to a protective order that prevents disclosure of materials. 

Case: In re: American Express Anti-Steering Rules Antitrust Litigation, 11-MD-02221 

Forum: United States District Court for the Eastern District of New York 

Testimony: Declaration 

This case is subject to a protective order that prevents disclosure of materials.

Case: Abaclat and Others vs. The Argentine Republic, Case No.: ARB/07/5 

Forum: International Centre for Settlement of Investment Disputes 

Testimony: Reports, Rebuttal Reports 

This case is subject to a confidentiality agreement that I believe prevents 

disclosure of materials.

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 183 of 193
EXHIBIT C: 

MATERIALS CONSIDERED

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 184 of 193
C-1 

MATERIALS CONSIDERED 

CASE FILINGS AND EXPERT REPORTS

1. J. Hansen, “Exhibit A: Declaration of Dr. James E. Hansen in Support of Plaintiffs’ 

Complaint for Declaratory and Injunctive Relief,” in Juliana et al. v. United States et al., 

Case No. 6:15-cv-01517-TC, Doc. No. 7-1., 2015. 

2. H. Wanless, “Declaration of Dr. Harold R. Wanless in Support of Answer of Real Parties 

in Interest to Petition for Writ of Mandamus”, in United States of America et al. v. United 

States District Court for the District of Oregon et al., Case No. 17-71692, Doc. No. 14-3. 

ACADEMIC ARTICLES AND BOOKS

1. K. Arrow, W.R. Cline, K-G. Maler, M. Munasinghe, J. E. Stiglitz, and R. Squitieri, 

“Intertemporal Equity and Discounting,” in Global Climate Change: Economic and 

Policy Issues, M. Munasinghe (ed.), World Bank Environment Paper 12, Washington, 

D.C. 1995, pp. 1-32. Reprinted in an abbreviated format as “Intertemporal Equity, 

Discounting, and Economic Efficiency,” Climate Change 1995: Economic and Social 

Dimensions of Climate Change, J. Bruce, H. Lee, and E. Haites (eds.), Cambridge: 

Cambridge University Press, 1996, pp. 125-144. 

2. J. Beccherle, and J. Tirole, “Regional Initiatives and the Cost of Delaying Binding 

Climate Change Agreements”, Journal of Public Economics 95 (December 2011): 1339-

1348. 

3. M. Burke, S.M. Hsiang and E. Miguel, (2015) “Global non-linear effect of temperature 

on economic production,” Nature, 527 (7577): 235-239. 

4. K. Burrows & P. Kinney, “Exploring the Climate Change, Migration and Conflict 

Nexus,” International Journal of Environmental Research and Public Health 13(4) 

(2016): 443. 

5. P. Dasgupta and J.E. Stiglitz, “Uncertainty and the Rate of Extraction Under Alternative 

Arrangements,” Institute Mathematical Studies in the Social Sciences, tech. rep. no. 179 

(September 1975). 

6. P. Dasgupta, S.A. Marglin, A. Sen, Guidelines for project evaluation, United Nations 

Industrial Development Organization, Vienna (1972) (United Nations publication sales 

no.: E.72.II.B.11). 

7. P. Erickson and M. Lazarus, “Would constraining US fossil fuel production affect global 

CO2 emissions? A case study of US leasing policy,” Climatic Change, 2018, 

https://doi.org/10.1007/s10584-018-2152-z. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 185 of 193
C-2 

8. R.J. Gordon, “Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six 

Headwinds,” NBER Working Paper, No. 18315, August 2012, 

http://www.nber.org/papers/w18315.pdf. 

9. R.J. Gordon, The Rise and Fall of American Growth: The U.S. Standard of Living since 

the Civil War, Princeton University Press, 2016. 

10. R. Greenwood and D. Scharfstein, “The Growth of Finance,” Journal of Economic 

Perspectives, 27(2) (Spring 2013): 3-28. 

11. J. Hansen et al., “Young People’s Burden: Requirement of Negative CO2 Emissions,” 

Earth System Dynamics, vol. 8, 2017, pp. 577-616 

12. J. Hansen, et al., “Ice melt, sea level rise and superstorms: evidence from paleoclimate 

data, climate modeling, and modern observations that 2C global warming is highly 

dangerous,” Atmospheric Chemistry and Physics Discussions, 15, 20059-179, 2015, 

http://faculty.sites.uci.edu/erignot/files/2017/06/Ice-melt-sea-level-rise-and-superstormsevidence-from-paleoclimate-data-climate-modeling-and-modern-observations-that-2Cglobal-warming-is-highly-dangerous.pdf. 

13. J.E. Hansen, et al., “Earth’s Energy Imbalance: Confirmation and Implications,” 

Sciencexpress, April 28, 2004, 

http://science.sciencemag.org/content/early/2005/04/28/science.1110252. 

14. J. Hansen et al., “Assessing ‘’Dangerous Climate Change’: Required Reduction of 

Carbon Emissions to Protect Young People, Future Generations and Nature,” PLOS One, 

8:12, e81648, 2013. 

15. K.Z. House, et al., “Economic and energetic analysis of capturing CO2 from ambient 

air,” Proceedings of the National Academy of Sciences, 108(51) (December 2011): 

20428-20433, http://www.pnas.org/content/108/51/20428.full.pdf. 

16. M. Jakob and M. Tavoni, “Time to act now? Assessing the costs of delaying climate 

measures and benefits of early action”, Climate Change 114 (2012): 79-99. 

17. M. Kaldor and J.E. Stiglitz, eds., The Quest for Security: Protection without 

Protectionism and the Challenge of Global Governance, New York: Columbia 

University Press, pp. 161-190. 

18. J.J. Leitzinger and J.E. Stiglitz, “Information Externalities in Oil and Gas Leasing,” 

Contemporary Policy Issues 5 (March 1984): 44-57 

19. I.M.D. Little and J.A. Mirrlees, Manual of Industrial Project Analysis in Developing 

Countries vols. 1 and 2, OECD, Paris (1968, 1969). 

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20. National Research Council of the National Academies, “Climate Change: Evidence, 

Impacts, and Choices,” The National Academies of Sciences, Engineering, and Medicine, 

2012, http://nas-sites.org/americasclimatechoices/files/2012/06/19014_cvtx_R1.pdf. 

21. R.G. Richels and G.J. Blanford, “The value of technological advance in decarbonizing 

the U.S. economy,” Energy Economics 30(6) (2008): 2930-2946, ISSN 0140-988.3. 

22. S.H. Schneider and T.L. Root, “Ecological implications of climate change will include 

surprises,” Biodiversity and Conservation 5 (1996): 1109-1119. 

23. J.E. Stiglitz, “Monopoly and the Rate of Extraction of Exhaustible Resources,” The 

American Economic Review 66(4) (September 1976): 655-661 

24. J.E. Stiglitz, “Information and the Change in the Paradigm in Economics,” Prize Lecture, 

December 8, 2001, pp. 489-490, https://www.nobelprize.org/nobel_prizes/economicsciences/laureates/2001/stiglitz-lecture.pdf. 

25. J.E. Stiglitz, “What is the Role of the State?” Chapter 2 in M. Humphreys, J.D. Sachs, 

and J.E. Stiglitz (eds.) Escaping the Resource Curse, 2007, Columbia University Press, 

pp. 23-52 

26. J.E. Stiglitz, “Sharing the Burden of Saving the Planet: Global Social Justice for 

Sustainable Development: Lessons from the Theory of Public Finance,” Columbia 

University Academic Commons, https://doi.org/10.7916/D8KD24MX 

27. J. E. Stiglitz, “The Rate of Discount for Cost-Benefit Analysis and the Theory of the 

Second Best,” Discounting for Time and Risk in Energy Policy, R. Lind (ed.), Resources 

for the Future, 1982, pp. 151-204. 

28. K. Trenberth et al., “Attribution of climate extreme events,” Nature Climate Change 5 

(2015): 725-730. 

DATA

1. U.S. Energy Information Administration, Table 1.3 Primary Energy Consumption by 

Source, March 2018 Monthly Energy Review. 

2. U.S. Energy Information Administration, Table 1.7 Primary Energy Consumption, 

Energy Expenditures, and Carbon Dioxide Emissions Indicators, March 2018 Monthly 

Energy Review. 

U.S. GOVERNMENT REPORTS AND DOCUMENTS

1. “Climate Science Special Report: Fourth National Climate Assessment, Volume I,” U.S. 

Global Change Research Program, November 2017. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 187 of 193
C-4 

2. “Global and regional sea level rise scenarios for the United States,” NOAA Technical 

Report NOS CO-OPS 083, January 2017, 

https://tidesandcurrents.noaa.gov/publications/techrpt83_Global_and_Regional_SLR_Sce

narios_for_the_US_final.pdf. 

3. “Direct Federal Financial Interventions and Subsidies in Energy in Fiscal Year 2013”, 

U.S. Energy Information Administration, March 2015, 

https://www.eia.gov/analysis/requests/subsidy/pdf/subsidy.pdf. 

4. Daniel R. Coats, Director of National Intelligence, “Statement for the Record: 

Worldwide Threat Assessment of the US Intelligence Community,” Office of the 

Director of National Intelligence, February 13, 2018, 

https://www.intelligence.senate.gov/sites/default/files/documents/os-dcoats-021318.PDF. 

5. “The Impact of Climate Change on Natural Disasters,” NASA, 

https://earthobservatory.nasa.gov/Features/RisingCost/rising_cost5.php. 

6. “Global Warming and Hurricanes,” NOAA, https://www.gfdl.noaa.gov/global-warmingand-hurricanes/. 

7. “Climate Change Indicators: Weather and Climate,” EPA, https://www.epa.gov/climateindicators/weather-climate. 

8. “Potential Increases in Hurricane Damage in the United States: Implications for the 

Federal Budget”, Congressional Budget Office (CBO), June 2016, 

https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51518-

hurricane-damage.pdf. 

9. “Potential Increases in Hurricane Damage in the United States: Implications for the 

Federal Budget”, Congressional Budget Office (CBO), June 2016, 

https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51518-

hurricane-damage.pdf. 

10. “Billion-Dollar Weather and Climate Disasters: Overview,” National Centers for 

Environmental Information, 2018, https://www.ncdc.noaa.gov/billions/. 

11. “Climate change in the United States: Benefits of Global Action”, EPA. 

12. Climate change in the United States: Benefits of Global Action, EPA, 

https://www.epa.gov/sites/production/files/2015-06/documents/cirareport.pdf. 

13. “The cost of delaying action to stem climate change,” Executive Office of the President 

of the United States, July 2014, 

https://obamawhitehouse.archives.gov/sites/default/files/docs/the_cost_of_delaying_actio

n_to_stem_climate_change.pdf. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 188 of 193
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14. “The study of Earth as an integrated system,” NASA, 

https://climate.nasa.gov/nasa_science/science/. 

15. EPA, “Global Greenhouse Gas Emissions Data,” United States Environmental Protection 

Agency, data as of 2014, https://www.epa.gov/ghgemissions/global-greenhouse-gasemissions-data#Country. 

16. Office of Fossil Energy FY 2019 Budget,” U.S. Department of Energy, 

https://www.energy.gov/fe/about-us/our-budget. 

17. Jason Furman and Gene Sperling, “Reducing America’s Dependence on Foreign Oil As a 

Strategy to Increase Economic Growth and Reduce Economic Vulnerability,” Obama 

White House Archives, August 29, 2013, 

https://obamawhitehouse.archives.gov/blog/2013/08/29/reducing-america-s-dependenceforeign-oil-strategy-increase-economic-growth-and-redu. 

18. “The Economics of Coal Leasing on Federal Lands: Ensuring a Fair Return to 

Taxpayers,” Executive Office of the President of the United States, June 2016, 

https://obamawhitehouse.archives.gov/sites/default/files/page/files/20160622_cea_coal_l

easing.pdf. 

19. Attachment to Memorandum from Jim Schlesinger to The President, “Domestic Policy 

Review of Solar Energy: A Response Memorandum to The President of the United 

States,” December 5, 1978. 

20. Memorandum from Frederick M. Bernthal to Richard T. McCormack, Department of 

State, February 9, 1989, attachment “Environment, Health and Natural Resources 

Issues,” and responses to “Question #1.” 

21. OMB Circular No. A-94, “Discount Rates to be Used in Evaluating Time-Distributed 

Costs and Benefits” (Mar. 27, 1972) 

22. OMB Circular No. A-94, “Guidelines and Discount Rates for Benefit-Cost Analysis of 

Federal Programs”, Oct. 1992. 

23. “Economic Analysis of Federal Regulations Under Executive Order 12866,” The White 

House, January 11, 1996, https://obamawhitehouse.archives.gov/omb/inforeg_riaguide/. 

24. “Preserving Our Natural Heritage,” Message from the President of the United States, 

transmitting “Programs for Controlling Pollution and Preserving our Natural and 

Historical Heritage,” February 23, 1966. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 189 of 193
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OTHER PUBLIC INFORMATION

1. “National Security and the Threat of Climate Change,” The CNA Corporation, 2007, 

https://www.cna.org/cna_files/pdf/national%20security%20and%20the%20threat%20of

%20climate%20change.pdf. 

2. High-Level Commission on Carbon Prices, “Report of the High-Level Commission on 

Carbon Prices”, 2017, Washington, DC: World Bank. 

3. Coady et al., “How Large Are Global Energy Subsidies?”, IMF Working Paper, Fiscal 

Affairs Department, 2015, 

https://www.imf.org/en/News/Articles/2015/09/28/04/53/sonew070215a. 

4. Doukas, Alex, “G20 subsidies to oil, gas and coal production: United States”, Overseas 

Development Institute, 2015, https://www.odi.org/sites/odi.org.uk/files/odiassets/publications-opinion-files/9979.pdf). 

5. Associated Press in Washington, “US deficit to approach $1tn after Trump tax cuts and 

spending bill, CBO says,” The Guardian, April 9, 2018, 

https://www.theguardian.com/us-news/2018/apr/09/us-deficit-trump-tax-cuts-trillion-cboprojection. 

6. Ryan Whitman, “We could be headed for a solar power renaissance as costs keep 

dropping,” ExtremeTech, December 19, 2016, 

https://www.extremetech.com/extreme/241300-headed-solar-power-renaissance-costskeep-dropping. 

7. Frankfurt School-UNEP Centre/BNEF, “Global Trends in Renewable Energy Investment 

2017,” 2017, http://fs-unepcentre.org/sites/default/files/publications/globaltrendsinrenewableenergyinvestment2017.

pdf. 

8. W. Richter, “We may never be able to know the true cost of California’s massive 

wildfires,” Business Insider, December 7, 2017, http://www.businessinsider.com/santarosa-california-fires-cost-damage-2017-12. 

9. “AccuWeather predicts 2017 California wildfire season cost to rise to $180 billion,” 

AccuWeather, December 8, 2017, https://www.accuweather.com/en/weathernews/accuweather-predicts-2017-california-wildfire-season-cost-to-rise-to-180-

billion/70003495. 

10. “Northern Alberta Wildfire Costliest Insured Natural Disaster in Canadian History – 

Estimate of insured losses: $3.58 billion,” Insurance Bureau of Canada, July 7, 2016, 

http://www.ibc.ca/ab/resources/media-centre/media-releases/northern-alberta-wildfirecostliest-insured-natural-disaster-in-canadian-history. 

Case 6:15-cv-01517-TC Document 266-1 Filed 06/28/18 Page 190 of 193
C-7 

11. W. Koblensky, “Fort McMurray in top 10 worst insured losses globally,” Insurance 

Business Canada, March 29, 2017, 

http://www.insurancebusinessmag.com/ca/news/environmental/fort-mcmurray-in-top-10-

worst-insured-losses-globally-63960.aspx. 

12. K. Hoover & B. Lindsay, “Wildfire Suppression Spending: Background, Issues, and 

Legislation in the 115th Congress,” Congressional Research Service, October 5, 2017, 

https://fas.org/sgp/crs/misc/R44966.pdf. 

13. G. Mercer, “The Link Between Zika and Climate Change,” The Atlantic, February 24, 

2016, https://www.theatlantic.com/health/archive/2016/02/zika-and-climatechange/470643/. 

14. OECD, “Inequality hurts economic growth, finds OECD research,” September 12, 2014, 

http://www.oecd.org/newsroom/inequality-hurts-economic-growth.htm. 

15. Prakash Loungani and Jonathan D. Ostry, “The IMF’s Work on Inequality: Bridging 

Research and Reality,” IMF, February 22, 2017, https://blogs.imf.org/2017/02/22/theimfs-work-on-inequality-bridging-research-and-reality/. 

16. “Underinsurance of Property Risks: Closing the Gap,” Swiss Re, No. 5/2015, 

http://institute.swissre.com/research/overview/sigma/5_2015.html. 

17. Doyle Rice, “Harvey to be costliest natural disaster in U.S. history, estimated cost of 

$190 billion,” USA Today, August 31, 2017, 

https://www.usatoday.com/story/weather/2017/08/30/harvey-costliest-natural-disaster-us-history-estimated-cost-160-billion/615708001/ 

18. Reuters, “Hurricane Harvey Damages Could Cost up to $180 Billion,” Fortune, 

September 3, 2017, http://fortune.com/2017/09/03/hurricane-harvey-damages-cost/. 

19. Jill Disis, “Hurricane Maria could be a $95 billion storm for Puerto Rico,” CNN, 

September 28, 2017, http://money.cnn.com/2017/09/28/news/economy/puerto-ricohurricane-maria-damage-estimate/index.html. 

20. “Catastrophes: U.S.,” Insurance Information Institute, http://www.iii.org/factstatistic/catastrophes-us. 

21. “Carbon is forever,” Nature Reports Climate Change, November 20, 2008. 

22. Nicholas Stern, “Stern Review: The Economics of Climate Change,” 

http://unionsforenergydemocracy.org/wpcontent/uploads/2015/08/sternreview_report_complete.pdf. 

23. UNEP 2016. The Adaptation Finance Gap Report 2016. United Nations Environment 

Programme (UNEP), Nairobi, Kenya. 

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24. J. Gillis and N. Popovich, “The U.S. Is the Biggest Carbon Polluter in History. It Just 

Walked Away From the Paris Climate Deal,” The New York Times, June 1, 2017, 

https://www.nytimes.com/interactive/2017/06/01/climate/us-biggest-carbon-polluter-inhistory-will-it-walk-away-from-the-paris-climate-deal.html. 

25. Coral Davenport and Campbell Robertson, “Resettling the First American ‘Climate 

Refugees,’” The New York Times, May 3, 2016, 

https://www.nytimes.com/2016/05/03/us/resettling-the-first-american-climaterefugees.html 

26. Aryn Baker, “How Climate Change is Behind the Surge of Migrants to Europe,” Time, 

September 7, 2015, http://time.com/4024210/climate-change-migrants/. 

27. Rebecca Leber, “Happy 100th Birthday, Big Oil Tax Breaks,” Think Progress, March 1, 

2013, https://thinkprogress.org/happy-100th-birthday-big-oil-tax-breaks-3c9731c4bc85/. 

28. Seth Hanlon, “Big Oil’s Misbegotten Tax Gusher,” Center for American Progress, May 

5, 2011, https://www.americanprogress.org/issues/economy/news/2011/05/05/9663/bigoils-misbegotten-tax-gusher/. 

29. Bridle, Richard, Kitson, Lucy, “The Impact of Fossil-Fuel Subsidies on Renewable 

Electricity Generation”, International Institute for Sustainable Development, December 

2014, http://www.iisd.org/sites/default/files/publications/impact-fossil-fuel-subsidiesrenewable-electricity-generation.pdf. 

30. “Congressional Subsidies for Private Logging,” Taxpayers for Common Sense, 

December 13, 2001, http://www.taxpayer.net/library/article/congressional-subsidies-forprivate-logging. 

31. European Commission, “The Macroeconomic and Other Benefits of Energy Efficiency”, 

https://ec.europa.eu/energy/sites/ener/files/documents/final_report_v4_final.pdf. 

32. Colin Young, “9 states, including Mass., Agree to Accelerate Emission Reductions in 

Next Decade,” WBUR, August 23, 2017, http://www.wbur.org/news/2017/08/23/9-statesincluding-mass-agree-to-extend-carbon-reduction-goals-to-2030. 

33. “U.S. Leads in Greenhouse Gas Reductions, but Some States are Falling Behind,” 

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C-9 

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