Competition leads to lower prices. That’s Economics 101. But when there’s market power, prices are a mark-up over marginal costs. And when market power increases, prices increase. Profits then increase as a share of national income. 🧵1/6
Forty-odd years after neoliberalism took hold it’s clear it doesn’t work. In fact, it never had either a robust theory or the data to back up its claims. Time to introduce a new, more freeing capitalism that allows all people to live up to their potential. That’s what I do in my…
The income that oil companies are getting today has nothing to do with what the companies have done but are windfall profits and undeserved. A well-designed windfall tax can raise revenue, keep prices down and encourage investment. Time to tax them.
The absence of an international legal framework for sovereign
#debt
#restructuring
should not deprive indebted countries like
#Argentina
of the ability to protect their people and provide for economic recovery. Read our letter below.
#COVID19
Whatever you think about student debt cancellation, inflation worries shouldn't drive the policy, as some people seem to be arguing. What next? Eliminate food stamps as a way to fight inflation?
From idea to draft to proofs to galleys to book, I always find it exciting and amazing. Thank you
@brendancurry
and
@wwnorton
for bringing this so elegantly to life. And thank you
@anyaSIPA
for the inspiration and discussion that was so important in shaping this.
Google in Brazil! Hoping the US newsmedia reports asap on their tactics against the Bargaining Code, media law. It's Australia again but worse. Journalists need funding.
Brazil votes today on the media law, bargaining code and Google has gone all out trying to stop it, telling everyone the internet will break etc. Govt will investigate Google's tactics.
We should be taxing wealth at a higher rate because much of it is inherited. Especially when almost two-thirds of new wealth accrued since the start of the pandemic has gone to the top 1%, per
@Oxfam
's new report.
Zephyr Teachout is a candidate for New York State Attorney General who not only understands monopolies in the 21st century but also the Attorney General's role as the people's lawyer who defends our environmental and civil rights. This is why I am strongly endorsing her.
We need to end tax abuse by multinationals and the wealthy. In tomorrow's vote at the UN we call on the European Union and the US to say yes to a
@UN
tax convention. Our open letter on
@ProSyn
@icrict
When we talk about freedom, whose freedom are we talking about? Polluters? Big Tech? Multinationals? Or yours and mine? I wrote a book about what true freedom is and how to set about achieving it. Out tomorrow, The Road to Freedom: Economics and the Good Society, published by…
Pleased to sign this letter to
@UN
and
@WorldBank
. Inequality deepens at an alarming rate. Currently the richest 10% of global population takes 52% of global income and poorest half of the population earns 8.5% of it. In
@guardian
Financial markets left to their own devices do not make economies and those who live in them free, despite what Milton Friedman said. Lots of data over 40 years shows we’re actually worse off. We need a new way to think about markets, economic policy and what we want our society…
Economic and political freedom starts with freedom over one’s own body. Devastated that the Supreme Court has overturned Roe v Wade. How can America expect to lead the free world as it makes another big step backward?
In
@EJ_RES
, my paper with
@Martin_M_Guzman
on pseudo-wealth and consumption fluctuations. An explanation for situations in which the fundamental state variables describing the economy do not change but aggregate consumption experiences significant changes.
How has a country of under five million people become a world leader in developing holistic policies that promote democratic, sustainable, and inclusive economic growth?
@ProSyn
Systemic racism lies at the heart of our political & economic systems in the US. It's a major force behind today's historic inequality. We must champion policy and leaders - in our communities and government - that will fight for equal opportunity for everyone.
#BlackLivesMatter
❓ Is there an alternative to
#neoliberalism
? 🌐
Join economist and Nobel Prize winner, Professor
@JosephEStiglitz
, in his lecture on post-neoliberal globalisation. 📚
📅 Thursday, 28 September | 14:00 - 15:30 CEST ⏰
Sign up here 👉
@EUI_Schuman
We've reached that great time of year again. I'm looking for Econ PhD candidates who would like to do a post-doc at Columbia University under my supervision. Please apply by November 15, 2023.
Our society has decided to accept enormous inequality but it doesn't have to. If we finally reject neoliberal doctrines and structure society in a way that takes all people and their right to live a full life into account—freer to live up to their potential—we would be better…
For 125+ years, competition laws have tried to ensure a more competitive economy. But for the last 40, free-market ideology and business interests undermined our laws aided and abetted by business and ideologically driven courts. 3/6
The original point of antitrust policy was to prevent agglomerations of power undermining democracy. Concentrations of economic power lead to political power, used to write rules reinforcing the concentrations of economic and political power. 5/6
Market power leads to economic inefficiency, more inequality and lower resiliency. A shock to one of the few suppliers can have market-wide consequences. Exhibit A: the baby formula shortage. One producer with 50% of the market shut down production because of a safety issue. 2/6
Dear
@POTUS
With your leadership, we can ensure that COVID-19 vaccine technology is shared with the world. Supporting the emergency waiver of COVID-19-related intellectual property rules will give all people a chance to live in a world free from the virus.
In 2019 before Covid-19 and before
@Martin_M_Guzman
became Argentina's Minister of Economy we wrote "Towards a Dynamic Disequilibrium Theory with Randomness" published today. Turns out it was timely in understanding the pandemic's macroeconomic challenges.
How, exactly, is enterprise “free”? How are markets “free”? Without any regulations they reduce people’s freedoms not enhance them. In my new book I show why and provide another way to think about building a fairer, freer, and more just society. The Road to Freedom, out now.…
We have a country with pervasive and increasing market power, which contributes to inflation, lack of resilience and slow overall productivity growth. 4/6
A reminder, if you're interested in applying, that the deadline is two weeks away: I'm looking for Econ PhD candidates who would like to do a post-doc at Columbia University under my supervision. Please apply by November 15, 2023.
No one’s truly free without rules and regulations. Counterintuitive? Think stoplights. Without them, pandemonium and gridlock. With them, I stop so you can drive through, and vice versa. We both have the freedom to move about with fewer traffic jams and accidents. This same idea…
Remembering the 60s and feeling sad that we have to keeping fighting against injustice and inequality. Proud of the next generation for taking on the cause.
#BlackLivesMatter
Please take a look if you're interested in economic inequality. The book is free online. Click on "Access Book" on left of landing page, and on next page, click "Open Access" on the right, and you will get the pdf.
At last, we are about to have a president that understands what our country and our economy need. Thursday's dire unemployment and soaring pandemic numbers highlight the importance of the $1.9 trillion economic and pandemic aid package.
"Anyone who knows me knows how much I love Joseph Stiglitz, the progressive economist who won the Nobel Prize in economic sciences for proving to us that markets aren’t perfect. New Yorker writer John Cassidy profiles Joe and his great new book, The Road to Freedom, which quite…
My op-ed in
@nytopinion
on the 2017 tax cuts, which soon will be tax hikes for Americans who absolutely can't afford them. Even crueler after the damage that Covid-19 continues to wreak. The 2017 tax law must be repealed.
I am deeply honored that
@KeoughGlobalND
is starting the annual Joseph E. Stiglitz Lecture on Inequality and the Good Society. I will give the inaugural lecture. April 15 at 4:30 pm at Hesburgh Library Carey Auditorium. To register:
.
@JosephEStiglitz
, premio Nobel de Economía, identifica en este oportuno libro las verdaderas fuentes de la prosperidad económica compartida, basadas en la investigación, la educación y el imperio de la ley
#CapitalismoProgresista
Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere. The Globalization of Our Discontent
@ProSyn
US unemployment in this pandemic is twice as bad as other nations, which is why Phase 4 of the congressional response to
#COVID19
must include a paycheck guarantee program.
Social media and the ever present camera has made us see vividly what used to be less visible. Vote in November with empathy and understanding of this history of oppression or there will be no national healing. Our divide will only get larger.
#BlackLivesMatter
It's that time of year again when I am looking for Econ PhD candidates who would like to do a post-doc at Columbia University under my supervision. Please apply by November 24, 2022.
Labor-saving advances in AI may undo gains from globalization of developing countries and pose new challenges for economic development, from
@akorinek
and
@JosephEStiglitz
"Hoarding the rights and recipes to life-saving, pandemic-ending medicines means letting people die, letting the pandemic struggle on, endangering everyone, and undermining the global economy," says
@Winnie_Byanyima
, and I agree.