Columbia News Video Forum
Joseph Stiglitz

Traditional Theories of Economics Ignore Poverty and Equality Issues, Nobel Prize Winner Says

Old economic theories ignored differences and assumed homogeneity. The new information economics calls attention to heterogeneity and takes into account problems of poverty, unemployment and governmental transitions, says Joseph Stiglitz, 2001 Nobel Prize Winner of Economics, former adviser to the World Bank, and professor in Columbia's Schools of Business and of International and Public Affairs. Stiglitz recognizes that debate over the past decade has centered around the efficiency of market economy and the appropriate relationship between the market and the government, but suggests that traditional models of economics are not always relevant. Instead, he offers a new paradigm that includes a vision for more responsible economic prosperity and social justice.

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Shot: Feb 19, 2002
Published: Mar 21, 2002
Last modified:Sep 18, 2002