Toward a Just Society
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Edited by:
Martin Guzman
About this book
Author / Editor information
Martin Guzman is a Research Associate at the Department of Finance & Economics of Columbia University Graduate School of Business, and an Associate Professor at the Department of Economics of University of Buenos Aires. He is the co-editor, with Joe Stiglitz and Jose Antonio Ocampo, of Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (CUP, 2016).Martin Guzman is an economist based at the Columbia University Graduate School of Business and an associate professor of economics at the University of Buenos Aires. He is a leading economist in the field of public debt crisis resolution and is one of Joseph Stiglitz’s closest collaborators in the fields of macroeconomic theory and economic development.
Reviews
Joseph Stiglitz's fundamental belief that more equality and more dignity are possible for all shines through in Toward a Just Society. This conversation among generations of Stiglitz’s students and coauthors perfectly celebrates his career as scholar, teacher, and public servant. With groundbreaking work on everything from rents and inequality to the cost of war, this is a fitting testament to the life of the mind and a life well-lived.
Steven Cassou, Kansas State University:
Joseph Stiglitz is one of the greatest economists of our day, and in his breadth and depth of influence in economics he has few rivals. This volume offers useful reviews and critiques of the many subfields Stiglitz has contributed to. Faculty, students, policy makers, and journalists will all appreciate this volume.
Glenn Hubbard, dean and Russell L. Carson Professor of Finance and Economics, Columbia Business School, and former chairman of the U.S. Council of Economic Advisers:
Economics is often derided as ‘the dismal science’ or technical abstraction. But Joe Stiglitz’s lifetime work has shone a light on distributive justice through economic reasoning. In this extraordinary volume, thirty leading economists examine inequality, networks, and public policy. Toward a Just Society is essential reading for economists and policy professionals.
Robert Johnson, president, Institute for New Economic Thinking:
This volume is filled with essays by a collection of brilliant scholars who share one thing in common: They were all mentored by Joseph E. Stiglitz. Stiglitz taught more than economics; he taught courage and creativity. These authors are the evidence of his success.
Joan E. Spero, Columbia University:
Joseph Stiglitz is a national treasure—a distinguished scholar with a Nobel Prize in Economics, a policy maker who played a key role in U.S. economic policy, and a teacher who has profoundly shaped the scholarship and values of his students. The essays in this volume attest to Joe’s enduring success in shaping economic research and dialogue and linking this research to ethical and real world issues.
Robert Solow, Massachusetts Institute of Technology:
Joe Stiglitz has touched almost every part of economic theory and economic practice, and every part he has touched is livelier for his influence. The great variety and high quality of the essays in this book are a fitting response to his fertility and energy.
Topics
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Frontmatter
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Contents
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Preface
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Introduction
1 - PART I: Inequality
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1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality
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2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome
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3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class
63 - PART II: Microeconomics
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4. Companies Are Seldom as Good or as Bad as They Seem at the Time
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5. What’s So Special About Two-Sided Markets?
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6. Missing Money and Missing Markets in the Electricity Industry
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7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point?
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8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories
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9. Deleterious Effects of Sustained Deficit Spending
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10. The Rediscovery of Financial Market Imperfections
201 - PART IV: Networks
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12. Use and Abuse of Network Effects
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13. Financial Contagion Revisited
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14. The Economics of Information and Financial Networks
277 - PART V: Development
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15. Joseph Stiglitz and China’s Transition Success
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16. The Sources of Chinese Economic Growth Since 1978
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17. Knowledge as a Global Common and the Crisis of the Learning Economy
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18. Conservatism and Switcher’s Curse
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19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law
422 - PART VII: Public Policies
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20. Joe Stiglitz and Representative and Equitable Global Governance
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21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan
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22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans
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23. The Public Economics of Long-Term Care
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24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics
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List of Contributors
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Index
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