Joseph Stiglitz

Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.

I don't think we can have democracies that work where most of the people are not benefiting economically, where most of the people are worried about their job security.

Let me put it very forcefully: No large economy has ever recovered from an economic downturn through austerity. It's not going to happen in the United States, and it's not going to happen in Europe.

What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources.

One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.

Trump sees the world in terms of a zero-sum game. In reality, globalisation, if well managed, is a positive-sum force: America gains if its friends and allies - whether Australia, the E.U., or Mexico - are stronger. But Trump's approach threatens to turn it into a negative-sum game: America will lose, too.

We have a locale-based education system; we have increasing economic segregation. We clearly need a larger federal program to try to help disadvantaged districts.

But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.

Tax policy should reflect a country's values and address its problems.

After the destruction of New Orleans by Hurricane Katrina in 2005, the shutdown of much of New York City by Sandy in 2012, and now the devastation wrought on Texas by Harvey, the U.S. can and should do better.

The IP standards advanced countries favour typically are designed not to maximise innovation and scientific progress, but to maximise the profits of big pharmaceutical companies and others able to sway trade negotiations.

With neoliberalism discredited and austerity failed, we need to rewrite the rules of the economy once again. But this time in the right way. We need rules that focus on long-term economic growth, and the only kind of sustainable prosperity is shared prosperity.

Obama had to save the banks, sure, but he didn't have to save the bankers and the shareholders and the bondholders. We broke the rules of capitalism in order to save those at the top - as we always do.

America's role in the global economy inevitably was going to diminish; we're smaller relative to - as China, India, other emerging markets grow.

While it was an experiment to bring them together, nothing has divided Europe as much as the euro.

There's a long list of investments that governments could and should be making. There is strengthening infrastructure, such as transport and communications; there is investment in education; there is investment in families, particularly putting measures in place that free women from having to make the choice between raising a family and work.

Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.

Drug companies spend more on advertising and marketing than on research, more on research on lifestyle drugs than on life saving drugs, and almost nothing on diseases that affect developing countries only. This is not surprising. Poor people cannot afford drugs, and drug companies make investments that yield the highest returns.

One of the things that happens when you have austerity is that wages get lower, and some people think lower wages in the short run can increase corporate profits.

If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?

To maximise global social welfare, policymakers should strongly encourage the diffusion of knowledge from developed to developing countries.