The second in a series of six volumes containing a selection of Joseph Stiglitz's most important and widely cited work. Volume I set out the basic concepts underlying the economics of information. Volume II extends these concepts and applies them to a number of different settings in labour, capital, and product markets

This is the first volume in a new, definitive, six-volume edition of the works of Joseph Stiglitz, one of today's most distinguished and controversial economists. Stiglitz was awarded the Nobel Prize in Economics in 2001 for his work on asymmetric information and is widely acknowledged as one of the pioneers in the field of modern information economics and more generally for his contributions to microeconomics.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 volumesets 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 labour, capital, and product markets.

Leading economists address the ongoing challenges to economics in theory and practice in a time of political and economic crises. More than a decade of financial crises, sovereign debt problems, political conflict, and rising xenophobia and protectionism has left the global economy unsettled and the ability of economics as a discipline to account for episodes of volatility uncertain. In this book, leading economists consider the state of their discipline in a world of ongoing economic and political crises. The book begins with three sweeping essays by Nobel laureates Kenneth Arrow (in one of his last published works), Amartya Sen, and Joseph Stiglitz that offer a summary of the theoretical foundations of modern economics—the twin pillars of general equilibrium theory and welfare economics. Contributors then turn to macroeconomic stabilization and growth and, finally, new areas of research that depart from traditional theory, methodology, and concerns: climate change, behavioral economics, and evolutionary game theory. The 2019 Nobel Prize laureates, Abhijit Banerjee, Esther Duflo, and Michael Kremer, contribute a paper on the use of randomized control trials indevelopment economics. Contributors Philippe Aghion, Ingela Alger, Kenneth Arrow, Abhijit Banerjee, Kaushik Basu, Lawrence Blume, Guillermo Calvo, Francesco Caselli, Asli Demirgüç-Kunt, Shantayanan Devarajan, Esther Duflo, Samuel Fankhauser, James Foster, Varun Gauri, Xavier Gine, Gäel Giraud, Gita Gopinath, Robert Hockett, Karla Hoff, Ravi Kanbur, Aart Kraay, Michael Kremer, David McKenzie, Célestin Monga, Maurice Obstfeld, Hamid Rashid, Martin Ravallion, Amartya Sen, Luis Servén, Hyun Song Shin, Nicholas Stern, Joseph Stiglitz, Cass Sunstein, Michael Toman, Jörgen Weibull

In many countries, the political backlash against neoliberalism has mainly been a retreat from democracy, with a decline in independence of the judiciary and the monetary authorities, increased control of the media, and manipulation of elections for purposes of authoritarian control. The economic dynamics and the impact of neoliberalism, i.e. deregulation and liberalized markets, is just one cause of this authoritarian shift. The contributors to this volume examine the impact of neoliberal economic policies in relation to cultural and political factors and how these have promoted the recent authoritarian turn, as well as probing the economic policies and performance of the illiberal regimes.

“A superb new understanding of the dynamic economy as a learning society, one that goes well beyond the usual treatment of education, training, and R&D.”—Robert Kuttner, author of The Stakes: 2020 and the Survival of American Democracy Since its publication Creating a Learning Society has served as an effective tool for those who advocate government policies to advance science and technology. It shows persuasively how enormous increases in our standard of living have been the result of learning how to learn, and it explains how advanced and developing countries alike can model a new learning economy on this example. Creating a Learning Society: Reader’s Edition uses accessible language to focus on the work’s central message and policy prescriptions. As the book makes clear, creating a learning society requires good governmental policy in trade, industry, intellectual property, and other important areas. The text’s central thesis—that every policy affects learning—is critical for governments unaware of the innovative ways they can propel their economies forward. “Profound and dazzling. In their new book, Joseph E. Stiglitz and Bruce C. Greenwald study the human wish to learn and our ability to learn and so uncover the processes that relate the institutions we devise and the accompanying processes that drive the production, dissemination, and use of knowledge . . . This is social science at its best.”—Partha Dasgupta, University of Cambridge “An impressive tour de force, from the theory of the firm all the way to long-term development, guided by the focus on knowledge and learning . . . This is an ambitious book with far-reaching policy implications.”—Giovanni Dosi, director, Institute of Economics, Scuola Superiore Sant’Anna “[A] sweeping work of macroeconomic theory.”—Harvard Business Review

It was a part of the wisdom of mainstream economics that in the early stages of development inequality would rise but as growth persisted, it would, eventually, decline. Early evidence seemed to suggest that this pattern would be borne out. But, as time passed and growth persisted, inequality continued to grow, casting doubt on the received wisdom. The aim of this two-volume book is to analyze the current state of global and regional inequality, dissect the phenomenal increase in inequality that we have seen occur in recent times, and better understand the complex relationship between inequality and development. The political instability and conflict that we see around the world, arguably, has connection to economic deprivation of large segments of society and the perception of marginalization. This two-volume work acquires a special significance in the light of these developments.

With contributions from international scholars, this second volume by Joseph Stiglitz and Martin Guzman comprises of theoretical, empirical, and policy-based chapters which carefully utilize theory and data analysis. Part I focuses on the issues of global inequality, poverty measurement and security. Part II turns to the issue of income contingent loans (ICL), where the repayment in any year depends on the annual income of the individual. These loans have proven to be an especially effective way of financing higher education, but there has been experimentation of the use of these loans in several other areas.

The Elgar Companion to Information Economics dexterously navigates this interdisciplinary field of research which celebrates the crucial contribution of information to decision making, market dynamics, and economic well-being. Offering a wealth of conceptual analysis, this erudite Companion embarks on an intellectual journey exploring the fundamentals of information economics. This title contains one or more Open Access chapters.

With contributions from past and present collaborators, this book celebrates the contributions of Kaushik Basu to development economics. It reflects on the issues of rent control, child labour, labour laws, harrassment, shared prosperity, and gender empowerment in the broader context of interactions between markets, governments, and institutions.

Autobiographical accounts by Nobel laureates reflect the richness and diversity of contemporary economic thought and offer insights into the creative process. Lives of the Laureates offers readers an informal history of modern economic thought as told through autobiographical essays by twenty-three Nobel Prize laureates in Economics. The essays not only provide unique insights into major economic ideas of our time but also shed light on the processes of intellectual discovery and creativity. The accounts are accessible and engaging, achieving clarity without sacrificing inherently difficult content. This sixth edition adds four recent Nobelists to its pages: Eric Maskin, who illustrates his explanation of mechanism design with an example involving a mother, a cake, and two children; Joseph Stiglitz, who recounts his field's ideological wars linked to policy disputes; Paul Krugman, who describes the insights he gained from studying the model of the Capitol Hill Babysitting Coop (and the recession it suffered when more people wanted to accumulate babysitting coupons than redeem them); and Peter Diamond, who maps his development from student to teacher to policy analyst. Lives of the Laureates grows out of a continuing lecture series at Trinity University in San Antonio, which invites Nobelists from American universities to describe their evolution as economists in personal as well as technical terms. These lectures demonstrate the richness and diversity of contemporary economic thought. The reader will find that paths cross in unexpected ways—that disparate thinkers were often influenced by the same teachers—and that luck as well as hard work plays a role in the process of scientific discovery. The Laureates Lawrence R. Klein • Kenneth J. Arrow • Paul A. Samuelson • Milton Friedman • George J. Stigler • James Tobin • Franco Modigliani • James M. Buchanan • Robert M. Solow • William F. Sharpe • Douglass C. North • Myron S. Scholes • Gary S. Becker • Robert E. Lucas, Jr. • James J. Heckman • Vernon L. Smith • Edward C. Prescott • Thomas C. Schelling • Edmund S. Phelps • Eric S. Maskin • Joseph E. Stiglitz • Paul Krugman • Peter A. Diamond