To maximise global social welfare, policymakers should strongly encourage the diffusion of knowledge from developed to developing countries.
Interpretation
Promoting the spread of knowledge from wealthy to poorer nations can improve overall global welfare.
Joseph Stiglitz emphasizes the importance of knowledge transfer from developed countries to developing ones as a crucial step towards maximizing global social welfare. By facilitating this diffusion of knowledge, policymakers can help empower developing nations, improve their socio-economic conditions, and contribute to a more equitable world.
In practice
In a conference on global education, Stiglitz's quote could be used to emphasize the need for knowledge-sharing initiatives.
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 bequeath to you, the next generation, our knowledge but also our problems. While we still live, let us join hands, hearts and minds to work together for their solution so that your world will be better than ours and the world of your children even better.
Problems may be solved in the study which have baffled all those who have sought a solution by the aid of their senses. To carry the art, however, to its highest pitch, it is necessary that the reasoner should be able to use all the facts which have come to his knowledge; and this in itself implies, as you will readily see, a possession of all knowledge, which, even in these days of free education and encyclopaedias, is a somewhat rare accomplishment.
It is the duty of all teachers, and of teachers of mathematics in particular, to expose their students to problems much more than to facts.
I have seen schools across the country working long and hard to embed a commitment to the unlimited development of every student into their cultures. The result, in terms of motivated learners and test scores, often is spectacular.
Learning will be cast into the mire and trodden down under the hoofs of a swinish multitude.
Children do live in fantasy and reality; they move back and forth very easily in a way we no longer remember how to do.
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