WIDER Annual Lecture 2 - More Instruments and Broader Goals
Moving toward the Post-Washington Consensus
WIDER Annual Lecture 2 - More Instruments and Broader Goals: Moving toward the Post-Washington Consensus
Professor Joseph E. Stiglitz discussed the new thinking in development economics that goes beyond the Washington consensus about macroeconomic fundamentals and examine how the government can act as a complement to markets.
Professor Joseph E. Stiglitz is currently serving an appointment to the World Bank as Senior Vice President, Development Economics and Chief Economist. Previously, Dr Stiglitz served as Chairman of the U.S. Council of Economic Advisers since June 1995, and was a member of the council and an active member of President Clinton's economic team since 1993. Dr Stiglitz is on leave from Stanford University, where he is the Joan Kenney Professor of Economics. Previously Dr Stiglitz was a professor of economics at Princeton, Yale, and All Souls College, Oxford. As an academic, Dr Stiglitz helped create a new branch of economics - 'The Economics of Information' - which has received widespread application throughout economics.
In the late 1970s and early 1980s, Dr Stiglitz helped revive interest in the economics of technical change and other factors that contribute to long-run increases in productivity and living standards. Dr Stiglitz is also a leading scholar of the economics of the Public Sector. In 1979, the American Economic Association awarded Dr Stiglitz its biennial John Bates Clark Award, given to the economist under 40 who has made the most significant contributions to economics. The work of Dr Stiglitz has also been recognized through his election as a fellow to the National Academy of Sciences, the American Academy of Arts and Sciences, and the Econometric Society.
Professor Stiglitz provides a thorough critique of the 'Washington consensus', a set of beliefs that has become highly influential. His cogent analysis shows that while certain elements of the Washington consensus - for example, low inflation and low...