As you are probably already aware, U.S. economist and Nobel laureate Joseph Stiglitz will be delivering the Schumpeter ‘Innovation in Enterprise’ lecture at the SME Assembly 2020, to be held online on 16 and 17 November during European SME Week. This promises to be a riveting address, so if you haven’t already saved the date, make sure to do so immediately. Ahead of the Assembly we are publishing a short introduction to Mr Stiglitz and his work on the Promoting Enterprise News Portal.
Joseph Stiglitz is an American economist, public policy analyst, and a professor at Columbia University. His CV is formidable – he is a former senior vice president and chief economist of the World Bank and a former member and chair of the US president’s Council of Economic Advisers. In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University, where he has been a faculty member since 2001.
Stiglitz has also served as chair of the international Commission on the Measurement of Economic Performance and Social Progress, appointed by President Sarkozy of France, and currently serves as co-chair of its successor, the High Level Expert Group on the Measurement of Economic Performance and Social Progress. In addition, from 2011 to 2014, Stiglitz was president of the International Economic Association (IEA).
In addition to his impressive work Stiglitz is the recipient of a long list of international awards. Chief among these are the John Bates Clark Medal, which he was awarded in 1979 by the American Economic Association, and later, in 2001, he was recipient of the Nobel Memorial Prize in Economic Sciences. Stiglitz received the Nobel Prize along with George Akerlof and Michael Spence for their analyses of markets with asymmetric information.
The economic theory of asymmetric information proposes that an imbalance of information between buyers and sellers can lead to market failure. Analysis of these markets looks at questions such as why interest rates are often excessively high on local lending markets in Third World countries, or why rich landowners don’t bear the entire harvest risk in contracts with poor tenants.
Stiglitz and his co-laureates proposed a common explanation and extended the theory, augmenting it with the realistic assumption of asymmetric information: agents on one side of the market have much better information than those on the other side – tenants know more than landowners about their work effort and harvesting conditions, for example. For more information on markets with asymmetric information, check out the Nobel Prize site.
Stiglitz is also the author of several books, most recently The Price of Inequality: How Today’s Divided Society Endangers Our Future. His other books include People, Power, and Profits; The Great Divide: Unequal Societies and What We Can Do About Them; Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity; and Globalization and its Discontents.
Don’t miss out!
In 2011, Time magazine named Stiglitz as one of the 100 most influential people in the world. Delivered by such a formidable keynote speaker, the Schumpeter ‘Innovation in Enterprise’ lecture at this year’s SME Assembly is a not-to-be-missed event that promises to be full of valuable insights for innovative businesses.
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