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51-768: Ellerman is a surname. Notable people with the surname include: David Ellerman (born 1943), philosopher working in economics, political economy, social theory, philosophy and mathematics Derek Ellerman (born 1978), the co-founder and board chair of Polaris Project, a Washington DC–based organization Ferdinand Ellerman (1869–1940), American astronomer and photographer John Ellerman , CH (1862–1933), English shipowner and investor Sir John Ellerman, 2nd Baronet (1910–1973), English shipowner, natural historian and philanthropist Juul Ellerman (born 1965), Dutch former international footballer See also [ edit ] Ellermann , surname Ellerman (crater) , lunar crater on

102-622: A blunt demand is questionable – Wolfensohn claims he would "have told him to *** himself". Stiglitz resigned from the World Bank in January 2000, a month before his term expired. The Bank's president , James Wolfensohn, announced Stiglitz's resignation in November 1999 and also announced that Stiglitz would stay on as Special Advisor to the President, and would chair the search committee for

153-574: A doctorate in mathematics in 1972. His PhD thesis was titled Sheaves Of Relational Structures And Ultraproducts , and was advised by Rohit Jivanlal Parikh . After his PhD, Ellerman remained teaching at Boston University in the mathematics and then the economic department until 1976. He then taught economics at the University of Massachusetts, Boston until 1982, then at Boston College until 1987, and finally at Tufts University until 1990. In 1990, he moved to Ljubljana, Slovenia , where he started

204-487: A firm's production decisions. Stiglitz made early contributions to a theory of public finance stating that an optimal supply of local public goods can be funded entirely through capture of the land rents generated by those goods (when population distributions are optimal). Stiglitz dubbed this the ' Henry George theorem ' in reference to the radical classical economist Henry George who famously advocated for land value tax . The explanation behind Stiglitz's finding

255-401: A general equilibrium context. In the opening remarks for his prize acceptance at Aula Magna , Stiglitz said: I hope to show that Information Economics represents a fundamental change in the prevailing paradigm within economics. Problems of information are central to understanding not only market economics but also political economy, and in the last section of this lecture, I explore some of

306-533: A labor consulting firm. From 1992 until 2003, he worked at the World Bank as an economics advisor to the Chief Economist ( Joseph Stiglitz and Nicholas Stern ). From 2003 to 2020, he was a visiting scholar at the University of California, Riverside and since 2020, he is an associate researcher at the University of Ljubljana . Ellerman's books include: Joseph Stiglitz In 2000, Stiglitz founded

357-580: A major recession". He argued that Greek debt should be written off. Since March 2012, Stiglitz has been a member of the Scottish Government 's Fiscal Commission Working Group, which oversees the work to establish a fiscal and macroeconomic framework for an independent Scotland on behalf of the Scottish Council of Economic Advisers . Together with Professors Andrew Hughes Hallett , Sir James Mirrlees and Frances Ruane , Stiglitz will "advise on

408-571: A more sustainable and just global economic order ". Its final report was released on September 21, 2009. In 2010, Stiglitz acted as an advisor to the Greek government during the Greek debt crisis . He appeared on Bloomberg TV for an interview on the risks of Greece defaulting, in which he stated that he was very confident that Greece would not default. He went on to say that Greece was under "speculative attack" and though it had "short-term liquidity problems ... and would benefit from Solidarity Bonds",

459-466: A number of policy roles throughout his career. He served in the Clinton administration as the chair of the President's Council of Economic Advisers (1995–1997). At the World Bank , he served as a senior vice-president and the chief economist from 1997 to 2000. He was fired by the World Bank for expressing dissent with its policies. Stiglitz has advised American president Barack Obama , but has criticized

510-560: A successor. Joseph E. Stiglitz said today [Nov. 24, 1999] that he would resign as the World Bank's chief economist after using the position for nearly three years to raise pointed questions about the effectiveness of conventional approaches to helping poor countries. In this role, he continued criticism of the IMF, and, by implication, the US Treasury Department. In April 2000, in an article for The New Republic , he wrote: They'll say

561-434: A tractable model of monopolistic competition that was an alternative to traditional perfect-competition models of general equilibrium . They showed that in the presence of increasing returns to scale, the entry of firms is socially too small. The model was extended to show that when consumers have a preference for diversity, entry can be socially too large. The modeling approach was used by Paul Krugman in his analysis of

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612-477: A variable X being 'more variable' than a variable Y were all equivalent – Y being equal to X plus noise, every risk-averse agent preferring Y to X, and Y having more weight in its tails, and that none of these were always consistent with X having a higher statistical variance than Y – a commonly used definition at the time. In a second paper, they analyzed the theoretical consequences of risk aversion in various circumstances, such as an individual's savings decisions and

663-513: A way that justifies state action – socialism – as a remedy. The effect of Stiglitz's influence is to make economics even more presumptively interventionist than Samuelson preferred. Samuelson treated market failure as an exception to the general rule of efficient markets. But the Greenwald-Stiglitz theorem posits market failure as the norm, establishing "that government could potentially almost always improve upon

714-641: Is a philosopher and author who works in the fields of economics and political economy, social theory and philosophy, quantum mechanics, and in mathematics. He has written extensively on workplace democracy based on a modern treatment of the labor theory of property and the theory of inalienable rights as rights based on de facto inalienable capacities. Ellerman was born 14 March 1943. He received an undergraduate degree in philosophy from Massachusetts Institute of Technology in 1965. He went on to Boston University for his graduate work, receiving an MA in philosophy of science in 1967, an MA in economics in 1968, and

765-573: Is also one of the 25 leading figures on the Information and Democracy Commission launched by Reporters Without Borders . According to the Open Syllabus Project , Stiglitz is the fifth most frequently cited author on college syllabi for economics courses. Heterodox Stiglitz was born in Gary, Indiana into a Jewish family. His mother was Charlotte (née Fishman), a schoolteacher, and his father

816-630: Is an editor of The Economists' Voice journal with J. Bradford DeLong and Aaron Edlin . He teaches classes for a double-degree program between Sciences Po Paris and École Polytechnique in Economics and Public Policy. He has chaired the Brooks World Poverty Institute at the University of Manchester since 2005. Stiglitz is widely considered a New-Keynesian economist, although at least one economics journalist says his work cannot be so clearly categorized. Stiglitz has played

867-435: Is an opportunity for economic contribution social measures", argued Stiglitz, who made a speech about the way authorities are handling the political exit to the crisis. He encouraged those present to respond to the ideas with good ideas. "This does not work, you have to change it", he said. Stiglitz has been critical of rating agencies , describing them as the "key culprit" in the 2007–2008 financial crisis , noting "they were

918-580: Is imperfect information or imperfect risk markets – that is always. The real debate today is about finding the right balance between the market and government. Both are needed. They can each complement each other. This balance will differ from time to time and place to place. In an interview in 2007, Stiglitz explained further: The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to

969-448: Is introduced, Chicago-school defenders of the market system cannot sustain descriptive claims of the Pareto efficiency of the real world. Thus, Stiglitz's use of rational-expectations equilibrium assumptions to achieve a more realistic understanding of capitalism than is usual among rational-expectations theorists leads, paradoxically, to the conclusion that capitalism deviates from the model in

1020-440: Is that rivalry for public goods takes place geographically, so competition for access to any beneficial public good will increase land values by at least as much as its outlay cost. Furthermore, Stiglitz shows that a single tax on rents is necessary to provide the optimal supply of local public investment. Stiglitz also shows how the theorem could be used to find the optimal size of a city or firm. Stiglitz's most famous research

1071-670: Is that the magnitude of debt is far greater than the capacity of the economy to service", Stiglitz replied, "That's rather absurd". In 2012, Stiglitz described the European austerity plans as a "suicide-pact". In 2015, he said that the programmer of austerity in Greece had been "an enormous mistake", that the International Monetary Fund, European Central Bank and the European Commission had "criminal responsibility for causing

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1122-632: Is the author of several books, the latest being The Road to Freedom (2024), People, Power, and Profits (2019), The Euro: How a Common Currency Threatens the Future of Europe (2016), The Great Divide: Unequal Societies and What We Can Do About Them (2015), Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity (2015), and Creating a Learning Society: A New Approach to Growth Development and Social Progress (2014). He

1173-524: The Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University . He has been a member of the Columbia faculty since 2001 and received the university's highest academic rank ( university professor ) in 2003. He was the founding chair of the university's Committee on Global Thought. He also chairs the University of Manchester 's Brooks World Poverty Institute . He

1224-815: The North American Free Trade Agreement (NAFTA) had they been aware of stealth provisions, inserted by lobbyists, that they overlooked. In July 2000, Stiglitz founded the Initiative for Policy Dialogue . At the beginning of 2008, Stiglitz chaired the Commission on the Measurement of Economic Performance and Social Progress , also known as the Stiglitz- Sen - Fitoussi Commission, initiated by President Sarkozy of France. The Commission held its first plenary meeting on April 22–23, 2008, in Paris. Its final report

1275-590: The Obama Administration 's financial-industry rescue plan. He said whoever designed the Obama administration's bank rescue plan is "either in the pocket of the banks or they're incompetent." In October 2008, he was asked by the President of the United Nations General Assembly to chair a commission drafting a report on the reasons for and solutions to the 2007–2008 financial crisis . In response,

1326-599: The 2018 mid-term elections in the United States, he wrote a statement about the importance of economic justice to the survival of democracy worldwide. After getting his Ph.D. from M.I.T. in 1967, Stiglitz co-authored one of his first papers with Michael Rothschild for the Journal of Economic Theory in 1970. Stiglitz and Rothschild built upon works by economists such as Robert Solow on the concept of risk aversion . Stiglitz and Rothschild showed three plausible definitions of

1377-448: The IMF is arrogant. They'll say the IMF doesn't really listen to the developing countries it is supposed to help. They'll say the IMF is secretive and insulated from democratic accountability. They'll say the IMF's economic 'remedies' often make things worse – turning slowdowns into recessions and recessions into depressions. And they'll have a point. I was chief economist at the World Bank from 1996 until last November, during

1428-640: The UK and of the Clintonites in the US have been a disappointment." On September 27, 2015, it was announced that he had been appointed to the British Labour Party's Economic Advisory Committee , convened by Shadow Chancellor John McDonnell and reporting to Labour Party Leader Jeremy Corbyn, although he reportedly failed to attend the first meeting. For Stiglitz, there is no such thing as an invisible hand , in

1479-541: The chair of the international Commission on the Measurement of Economic Performance and Social Progress , appointed by the French President Sarkozy , which issued its report in 2010, Mismeasuring our Lives: Why GDP doesn't add up, and currently serves as co-chair of its successor, the High Level Expert Group on the Measurement of Economic Performance and Social Progress. From 2011 to 2014, Stiglitz

1530-729: The commission produced the Stiglitz Report . On July 25, 2011, Stiglitz participated in the "I Forro Social del 15M" organized in Madrid , expressing his support to the 15M Movement protestors. Stiglitz was the president of the International Economic Association from 2011 to 2014. On September 27, 2015, the United Kingdom Labour Party announced that Stiglitz was to sit on its Economic Advisory Committee along with five other world-leading economists. After

1581-411: The country was "on track to meet its obligations". The next day, during a BBC interview, Stiglitz stated that "there's no problem of Greece or Spain meeting their interest payments". He argued nonetheless, that it would be desirable and needed for all of Europe to make a clear statement of belief in social solidarity and that they "stand behind Greece". Confronted with the statement: "Greece's difficulty

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1632-455: The establishment of a credible Fiscal Commission which entrenches financial responsibility and ensures market confidence". In July 2015, Stiglitz endorsed Jeremy Corbyn 's campaign in the Labour Party leadership election . He said: "I am not surprised at all that there is a demand for a strong anti-austerity movement around increased concern about inequality. The promises of New Labour in

1683-494: The far side of the Moon Ellerman bombs , micro solar flares named after Ferdinand Ellerman Ellerman Lines , cargo and passenger shipping company that operated from the late 19th century into the 20th century [REDACTED] Surname list This page lists people with the surname Ellerman . If an internal link intending to refer to a specific person led you to this page, you may wish to change that link by adding

1734-489: The gathering that Wolfensohn had agreed to fire Stiglitz. Meanwhile, the bank's External Affairs department told the press that Stiglitz had not been fired; his post had merely been abolished. In a September 19, 2008 radio interview, with Aimee Allison and Philip Maldari on Pacifica Radio 's KPFA 94.1 FM in Berkeley , United States, Stiglitz implied that President Clinton and his economic advisors would not have backed

1785-432: The gravest global economic crisis in a half-century. I saw how the IMF, in tandem with the U.S. Treasury Department, responded. And I was appalled. Stiglitz's protector-of-sorts at the World Bank, Wolfensohn, had privately empathized with Stiglitz's views, but was worried for his second term, which Summers had threatened to veto. Stanley Fischer, deputy managing director of the IMF, called a special staff meeting and informed

1836-513: The implications of information imperfections for political processes. On July 25, 2011, Stiglitz participated in the "I Forro Social del 15M" organized in Madrid (Spain) expressing his support for the anti-austerity movement in Spain . During an informal speech, he made a brief review of some of the problems in Europe and in the United States, the serious unemployment rate and the situation in Greece. "This

1887-483: The market's resource allocation." And the Sappington-Stiglitz theorem "establishes that an ideal government could do better running an enterprise itself than it could through privatization" As David L. Prychitko discusses in his "critique" to Whither Socialism? , he thought that Stiglitz seems generally correct, though it still leaves how the coercive institutions of the government should be constrained and what

1938-482: The non-comparative advantage trading patterns. Stiglitz also did research on efficiency wages , and helped create what became known as the "Shapiro–Stiglitz model" to explain why there is unemployment even in equilibrium, why wages are not bid down sufficiently by job seekers (in the absence of minimum wages) so that everyone who wants a job finds one, and to question whether the neoclassical paradigm could explain involuntary unemployment . An answer to these puzzles

1989-768: The optimal level, even in a competitive market. Stiglitz and Rothschild showed that in an insurance market, firms have an incentive to undermine a 'pooling equilibrium', where all agents are offered the same full-insurance policy, by offering cheaper partial insurance that would only be attractive to the low-risk types, meaning that a competitive market can only achieve partial coverage of agents. Stiglitz and Grossman showed that trivially small information acquisition costs prevent financial markets from achieving complete informational efficiency, since agents will have an incentive to free-ride on others' information acquisition, and acquire this information indirectly by observing market prices. Stiglitz, together with Avinash Dixit , created

2040-435: The particular style of MIT economics suited him well, describing it as "simple and concrete models, directed at answering important and relevant questions." From 1966 to 1970 he was a research fellow at the University of Cambridge . Stiglitz initially arrived at Fitzwilliam College, Cambridge as a Fulbright Scholar in 1965, and he later won a Tapp Junior Research Fellowship at Gonville and Caius College, Cambridge which

2091-459: The person's given name (s) to the link. Retrieved from " https://en.wikipedia.org/w/index.php?title=Ellerman&oldid=1252351225 " Category : Surnames Hidden categories: Articles with short description Short description is different from Wikidata All set index articles David Ellerman David Patterson Ellerman (born 14 March 1943 in Fayette, Missouri)

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2142-508: The refutation of Adam Smith's invisible hand: individuals and firms, in the pursuit of their self-interest , are not necessarily, or in general, led as if by an invisible hand, to economic efficiency. The preceding claim is based on Stiglitz's 1986 paper, "Externalities in Economies with Imperfect Information and Incomplete Markets ", which describes a general methodology to deal with externalities and for calculating optimal corrective taxes in

2193-692: The relation is between the government and civil society. Stiglitz joined the Clinton Administration in 1993, serving first as a member during 1993–1995, and was then appointed Chairman of the Council of Economic Advisers on June 28, 1995. Stiglitz always had a poor relationship with Treasury Secretary Lawrence Summers . In 2000, Summers successfully petitioned for Stiglitz's removal, supposedly in exchange for World Bank President James Wolfensohn 's re-appointment – an exchange that Wolfensohn denies took place. Whether Summers ever made such

2244-414: The sense that free markets lead to efficiency as if guided by unseen forces. According to Stiglitz: Whenever there are " externalities " – where the actions of an individual have impacts on others for which they do not pay or for which they are not compensated – markets will not work well. But recent research has shown that these externalities are pervasive, whenever there

2295-677: Was Nathaniel David Stiglitz, an insurance salesman. Stiglitz attended Amherst College , where he was a National Merit Scholar , active on the debate team, and president of the student government. During his senior year at Amherst College, he studied at the Massachusetts Institute of Technology (MIT), where he later pursued graduate work. In Summer 1965, he moved to the University of Chicago to do research under Hirofumi Uzawa who had received an NSF grant. He studied for his PhD from MIT from 1966 to 1967, during which time he also held an MIT assistant professorship. Stiglitz stated that

2346-671: Was a member of the Pontifical Academy of Social Sciences . In 2009, the President of the United Nations General Assembly Miguel d'Escoto Brockmann , appointed Stiglitz as the chairman of the U.N. Commission on Reforms of the International Monetary and Financial System, where he oversaw suggested proposals and commissioned a report on reforming the international monetary and financial system. He served as

2397-603: Was instrumental in shaping his understanding of Keynes and macroeconomic theory . In subsequent years, he held academic positions at Yale , Stanford , Oxford —where he was Drummond Professor of Political Economy —and Princeton . Since 2001, Stiglitz has been a professor at Columbia University , with appointments at the Business School , the Department of Economics and the School of International and Public Affairs (SIPA), and

2448-460: Was made public on September 14, 2009. In 2009, Stiglitz chaired the Commission of Experts on Reforms of the International Monetary and Financial System which was convened by the President of the United Nations General Assembly "to review the workings of the global financial system , including major bodies such as the World Bank and the IMF , and to suggest steps to be taken by Member States to secure

2499-850: Was on screening , a technique used by one economic agent to extract otherwise private information from another. It was for this contribution to the theory of information asymmetry that he shared the Nobel Memorial Prize in Economics with George A. Akerlof and A. Michael Spence in 2001 "for laying the foundations for the theory of markets with asymmetric information ". Much of Stiglitz's work on information economics demonstrates situations in which incomplete information prevents markets from achieving social efficiency. His paper with Andrew Weiss showed that if banks use interest rates to infer information about borrowers' types (adverse selection effect), or to encourage their actions following borrowing (incentive effect), then credit will be rationed below

2550-514: Was proposed by Shapiro and Stiglitz in 1984: "Unemployment is driven by the information structure of employment". Two basic observations undergird their analysis: Some key implications of this model are: The outcome is never Pareto efficient . The practical implications of Stiglitz's work in political economy and their economic policy implications have been subject to debate. Stiglitz himself has evolved his political-economic discourse over time. Once incomplete and imperfect information

2601-717: Was the president of the International Economic Association (IEA). He presided over the organization of the IEA triennial world congress held near the Dead Sea in Jordan in June 2014. In 2011, Stiglitz was named as one of the 100 most influential people in the world by Time magazine. Stiglitz's work focuses on income distribution from a Georgist perspective, asset risk management, corporate governance, and international trade. He

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