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senior fellow, Brookings Institution, Washington, D.C., Joan Kenney Professor of Economics (on leave), Stanford University, Palo Alto, Calif., former chief economist, The World Bank, Washington, D.C. Joseph Stiglitz became chief economist at the World Bank in 1997 after serving on President Clinton’s Council of Economic Advisers for four years, but recently left the bank over policy disagreements. As an academic, he helped create a new branch of economics, "The Economics of Information," and pioneered concepts such as the theory of adverse selection and moral hazard. Born and raised in Gary, Indiana, Stiglitz earned his undergraduate degree from Amherst and his Ph.D. from MIT. He was a Fulbright Scholar and Tapp Junior Research Fellow at Cambridge. He was appointed professor of economics at Yale in 1969, moving to Princeton in 1979 before joining the Stanford faculty in 1988. A leading scholar of the economics of the Public Sector, he helped revive interest in the late 1970s and early ’80s in the economics of technological change and other factors that contribute to long-run increases in productivity and living standards. In 1993 he joined the Clinton administration’s economic team, becoming chair of the White House Council of Economic Advisers in 1995 and leading the administration’s "reinventing government" efforts, which included proposals for pension simplification, HUD reorganization, and reform of telecommunications, banking, and environmental regulations. He stepped down as senior vice president for development economics and chief economist of the World Bank in November 1999 after publicly criticizing the International Monetary Fund for its interest-rate increases and austerity demands during the Asian financial crisis of 1997-1999. |
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