Economics for an Imperfect World: Essays in Honor of Joseph E. Stiglitz

Overview

Throughout Joseph Stiglitz's long and distinguished career in economics,
the focus has been on the real world, with all of its imperfections. His 2001 Nobel
Prize recognized his pioneering research in imperfect information; his work in other areas, including macroeconomics, public economics, and development economics, has been just as influential. This volume, a collection of...

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Overview

Throughout Joseph Stiglitz's long and distinguished career in economics,
the focus has been on the real world, with all of its imperfections. His 2001 Nobel
Prize recognized his pioneering research in imperfect information; his work in other areas, including macroeconomics, public economics, and development economics, has been just as influential. This volume, a collection of essays written to mark
Stiglitz's sixtieth birthday, reflects the wide-ranging influence of "Stiglitzian"
economics. The many distinguished contributors are his teachers, students, and coauthors; their participation testifies to the personal and professional impact of
Joseph Stiglitz's contributions to contemporary economic thought.

The MIT Press

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What People Are Saying

From the Publisher

"Its size and scope make this remarkable volume a fitting tribute to Joe
Stiglitz's remarkable career. Its astounding quality and breadth, and amazing list of authors, make it a feast for economic theorists."--Alan S. Blinder, Gordon S.
Rentschler Memorial Professor of Economics, Princeton University

The MIT Press

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Product Details

  • ISBN-13: 9780262012058
  • Publisher: MIT Press
  • Publication date: 11/1/2003
  • Pages: 616
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.50 (d)

Meet the Author

Richard Arnott is Distinguished Professor of Economics at the University of
California, Riverside.

Bruce Greenwald is Robert Heilbrunn Professor of Finance and Asset Management in the Finance and Economics Division of Columbia Business School.

Ravi Kanbur is T. H. Lee Professor of World Affairs and Professor of Economics at
Cornell University.

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Table of Contents

Introduction 1
1 Joseph E. Stiglitz and Economics for an Imperfect World 3
2 A Small Pearl for Doctor Stiglitz's Sixtieth Birthday: When Risk Averters Positively Relish "Excess Volatility" 11
3 On the Role of Good Faith in Insurance Contracting 17
4 Markets under Stress: The Case of Extreme Event Insurance 35
5 Per-Mile Premiums for Auto Insurance 53
6 Capital Adequacy Regulation: In Search of a Rationale 83
7 Learning Revisited 111
8 Regulating Nonlinear Environmental Systems under Knightian Uncertainty 127
9 Conflicting Preferences and Voluntary Restrictions on Choices 145
10 Punctuality: A Cultural Trait as Equilibrium 163
11 A Few Righteous Men: Imperfect Information, Quit-for-Tat, and Critical Mass in the Dynamics of Cooperation 183
12 Market Structure, Organizational Structure, and R&D Diversity 195
13 Patent Oppositions 221
14 The Economics of Vertical Restraints 247
15 Stumbling Toward a Macroeconomics of the Medium Run 271
16 Waiting for Work 283
17 Welfare Economics in Imperfect Economies 299
18 Optimality or Sustainability 331
19 Labor Market Flexibility and the Welfare State 349
20 The Fiscal Politics of Big Governments: Do Coalitions Matter? 367
21 Indirect Taxation and Redistribution: The Scope of the Atkinson-Stiglitz Theorem 387
22 Optimum Income Taxation When Earnings Are Imperfectly Correlated with Productivity 405
23 Can Government Collect Resources without Hurting Investors? Taxation of Returns from Assets 419
24 Reforming the Taxation of Human Capital: A Modest Proposal for Promoting Economic Growth 439
25 Birth, Recoveries, Vaccinations, and Externalities 469
26 The Road Less Traveled: Oligopoly and Competition Policy in General Equilibrium 485
27 Trade, Geography, and Monopolistic Competition: Theory and an Application to Spatial Inequalities in Developing Countries 501
28 Public Policy for Growth and Poverty Reduction 519
29 Risk, Reform, and Privatization 535
30 Can Privatization Come Too Soon? Politics after the Big Bang in Post-Communist Societies 549
App. 31 Information and the Change in the Paradigm in Economics 569
App. 32 Joseph E. Stiglitz Bibliography 641
Index 683
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