Nobel Prize in Economic Sciences Joseph Stiglitz at the "El Panorama de la Economía Mundial" Seminar (7 December 2011 -- Facultad de Ciencias Económicas de la Universidad de Buenos Aires; Noticiero de la TV Pública Argentina)

Key Economic Facts:
Joseph Eugene Stiglitz is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979).

He is also the former Senior Vice President and Chief Economist of the World Bank.

He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.

"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 [...] " (Joseph Stiglitz, 2001, Aula Magna, University of Stockholm)

"[...] 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 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. " (Joseph Stiglitz, 2007 Beppe Grillo's Blog)


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