Volume I includes a number of classic papers which helped to form the foundations for the field of the economics of information. Stiglitz reflects on his work and the field more generally throughout the volume by including substantial original introductions to the Selected Works, the volume as a whole, and each part within the volume. The volume includes a number of foundational papers, specifically looking at market equilibrium with adverse selection, moral hazard, and screening. This volume sets out the basic concepts underlying the economics of information, while volume II goes a step further by applying and extending these concepts in a number of different settings in labor, capital, and product markets.
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Making Globalization Work
"A damning denunciation of things as they are, and a platform for how we can do better."—Andrew Leonard, Salon
Four years after he outlined the challenges our increasingly interdependent world was facing in Globalization and Its Discontents, Joseph E. Stiglitz offered his agenda for reform. Now in paperback, Making Globalization Work offers inventive solutions to a host of problems, including the indebtedness of developing countries, international fiscal instability, and worldwide pollution. Stiglitz also argues for the reform of global financial institutions, trade agreements, and intellectual property laws, to make them better able to respond to the growing disparity between the richest and poorest countries. Now more than ever before, globalization has gathered the peoples of the world into one community, bringing with it a need to think and act globally. This trenchant, intellectually powerful book is an invaluable step in that process. This paperback edition contains a brand-new preface.
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The Three Trillion Dollar War
Readers may be surprised to learn just how difficult it was for Nobel Prize-winning economist Stiglitz and Kennedy School of Government professor Bilmes to dig up the actual and projected costs of the Iraq War for this thorough piece of accounting. Using "emergency" funds to pay for most of the war, the authors show that the White House has kept even Congress and the Comptroller General from getting a clear idea on the war's true costs. Other expenses are simply overlooked, one of the largest of which is the $600 billion going toward current and future health care for veterans. These numbers reveal stark truths: improvements in battlefield medicine have prevented many deaths, but seven soldiers are injured for every one that dies (in WWII, this ratio was 1.6 to one). Figuring in macroeconomic costs and interest-the war has been funded with much borrowed money-the cost rises to $4.5 trillion; add Afghanistan, and the bill tops $7 trillion. This shocking expose, capped with 18 proposals for reform, is a must-read for anyone who wants to understand how the war was financed, as well as what it means for troops on the ground and the nation's future.
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