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Stiglitz stated that the particular style of MIT economics suited him well, describing it as "simple and concrete models, directed at answering important and relevant questions. Stiglitz initially arrived at Fitzwilliam College, Cambridge as a Fulbright Scholar inand he later won a Tapp Junior Research Fellowship at Gonville and Caius College, Cambridge which was instrumental in shaping his understanding of Keynes and macroeconomic theory.
Bradford DeLong and Aaron Edlin. At the World Bankhe served as senior vice-president and chief economist —in the Profile of joseph essay when unprecedented protest against international economic organizations started, most prominently with the Seattle WTO meeting of He was fired by the World Bank for expressing dissent with its policies.
T inStiglitz co-authored one of his first papers with Michael Rothschild for the Journal of Economic Theory in Henry George theorem[ edit ] Stiglitz made early contributions to a theory of public finance stating that an optimal supply of local public goods can be funded entirely through capture of the land rents generated by those goods when population distributions are optimal.
Furthermore, Stiglitz shows that a single tax on rents is necessary to provide the optimal supply of local public investment.
Stiglitz also shows how the theorem could be used to find the optimal size of a city or firm. It was for this contribution to the theory of information asymmetry that he shared the Nobel Memorial Prize in Economics  in "for laying the foundations for the theory of markets with asymmetric information " with George A.
Before the advent of models of imperfect and asymmetric information, the traditional neoclassical economics literature had assumed that markets are efficient except for some limited and well defined market failures.
More recent work by Stiglitz and others reversed that presumption, to assert that it is only under exceptional circumstances that markets are efficient. In other words, they addressed "the problem of determining when tax interventions are Pareto-improving.
The approach indicates that such tax interventions almost always exist and that equilibria in situations of imperfect information are rarely constrained Pareto optima. The real debate today is about finding the right balance between the market and government. They can each complement each other.
This balance will differ from time to time and place to place. In an interview inStiglitz explained further: The preceding claim is based on Stiglitz paper, "Externalities in Economies with Imperfect Information and Incomplete Markets ",  which describes a general methodology to deal with externalities and for calculating optimal corrective taxes in a general equilibrium context.
In the opening remarks for his prize acceptance at Aula Magna Stiglitz said: Problems of information are central to understanding not only market economics but also political economy, and in the last section of this lecture, I explore some of the implications of information imperfections for political processes.
Shapiro-Stiglitz efficiency wage model[ edit ] See also: Efficiency wages In the Shapiro-Stiglitz model of efficiency wages, workers are paid at a level that dissuades shirking.
This prevents wages from dropping to market clearing levels. Full employment cannot be achieved because workers would shirk if they were not threatened with the possibility of unemployment. Because of this, the curve for the no-shirking condition labeled NSC goes to infinity at full employment.
Stiglitz also did research on efficiency wagesand helped create what became known as the "Shapiro-Stiglitz model" to explain why there is unemployment even in equilibrium, why wages are not bid down sufficiently by job seekers in the absence of minimum wages so that everyone who wants a job finds one, and to question whether the neoclassical paradigm could explain involuntary unemployment.
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