February 10, 2006
Director of Media Relations
AMHERST, Mass.—Joseph E. Stiglitz, recipient of the 2001 Nobel Memorial Prize in Economics, will lecture on “The Economic Costs of the Iraq War: An Appraisal Three Years After the Beginning of the Conflict” at 8 p.m. on Thursday, March 2, in the Cole Assembly Room (Red Room) at Amherst College. The event is open to the public at no charge.
A recent study by Stiglitz, a professor of economics at Columbia University, and Linda Bilmes, a budget expert from Harvard, concluded that the cost of the current Iraq war could be $2 trillion. Stiglitz and Bilmes have included costs that official estimates do not, such as long-term medical expenses for injured military personnel.
A 1964 graduate of Amherst, Stiglitz is University Professor at Columbia University. From 1997 until 2000, he was chief economist and senior vice president of development economics at the World Bank. The chair of the Council of Economic Advisers in the Clinton administration, Stiglitz has taught at Stanford, Princeton, Yale and All Souls College, Oxford.
Stiglitz helped create a new branch of economics, the economics of information, exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only of theorists, but of policy analysts. He has made major contributions to macro-economics and monetary theory, to development economics and trade theory, to public and corporate finance, to the theories of industrial organization and rural organization, and to the theories of welfare economics and of income and wealth distribution. In the 1980s, he helped revive interest in the economics of research and development.
His work has helped explain the circumstances in which markets do not work well, and how selective government intervention can improve their performance.
Recognized around the world as a leading economic educator, he has written textbooks that have been translated into more than a dozen languages. He founded one of the leading economics journals, The Journal of Economic Perspectives, and is the author of many books. His book Globalization and Its Discontents (W.W. Norton, June 2001) has been translated into 30 languages and is an international bestseller. His forthcoming book, Making Globalization Work, will be published by W.W. Norton in September 2006.