There have always been two theories about inequality. One is that it reflects just deserts. The other is that there are large elements of exploitation and inequality of opportunities. The evidence is overwhelmingly that the increase in inequality is associated with those negative factors. If it were all social contribution, then when the top did better, they would be contributing to everybody's well-being. That trickle-down hasn't happened. We've seen median income, people in the middle, actually worse off than they were 25 years ago.
Joseph StiglitzI went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.
Joseph StiglitzThe military is focusing only on the short run costs. If they don't provide appropriate body armor, they save some money today, but the healthcare cost is going to be the future for some other president down the line. I view that as both fiscally and morally irresponsible.
Joseph StiglitzAnybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.
Joseph StiglitzThe protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. But increasingly, and especially in the US, it seems that the political system is more akin to "one dollar one vote" than to "one person one vote". Rather than correcting the market failures, the political system was reinforcing them.
Joseph StiglitzThe problem is a lot of what is called economics is not economics. It is more ideology or religion.
Joseph StiglitzWhat Trump has announced - that he is going to not obey rules by which we govern our relations with other countries. He's going to reject the treaties that we have had in the past. He is going to go from what is called a multilateral system, where we all work together, to trying to deal country by country and basically throw out what has been achieved over a 60-year period.
Joseph Stiglitz