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Joseph E. Stiglitz

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  • Hoff, Karla

Abstract

Joseph E. Stiglitz, 2001 Nobel Laureate in Economics, helped create the theory of markets with asymmetric information and was one of the founders of modern development economics. He played a leading role in an intellectual revolution that changed the characterization of a market economy. In the new paradigm, the price system only imperfectly solves the information problem of scarcity because of the many other information problems that arise in the economy: the selection over hidden characteristics, the provision of incentives for hidden behaviors and for innovation, and the coordination of choices over institutions.

Suggested Citation

  • Hoff, Karla, 2008. "Joseph E. Stiglitz," Policy Research Working Paper Series 4478, The World Bank.
  • Handle: RePEc:wbk:wbrwps:4478
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    References listed on IDEAS

    as
    1. Daron Acemoglu, 1997. "Training and Innovation in an Imperfect Labour Market," Review of Economic Studies, Oxford University Press, vol. 64(3), pages 445-464.
    2. Karla Hoff & Arijit Sen, 2005. "Homeownership, Community Interactions, and Segregation," American Economic Review, American Economic Association, vol. 95(4), pages 1167-1189, September.
    3. J. A. Mirrlees, 1971. "An Exploration in the Theory of Optimum Income Taxation," Review of Economic Studies, Oxford University Press, vol. 38(2), pages 175-208.
    4. Carl Shapiro, 1983. "Premiums for High Quality Products as Returns to Reputations," The Quarterly Journal of Economics, Oxford University Press, vol. 98(4), pages 659-679.
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    Citations

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    Cited by:

    1. Odd-Helge Fjeldstad & Mick Moore, 2007. "Taxation and State Building: Poor Countries in a Globalised World," CMI Working Papers 11, CMI (Chr. Michelsen Institute), Bergen, Norway.
    2. Thierry Tressel, 1999. "Financial Intermediation and Growth: Long Run Consequences of Capital Market Imperfections," CSEF Working Papers 20, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    3. Denisova, Irina & Eller, Markus & Frye, Timothy & Zhuravskaya, Ekaterina, 2012. "Everyone hates privatization, but why? Survey evidence from 28 post-communist countries," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 44-61.
    4. Messick, Richard E, 1999. "Judicial Reform and Economic Development: A Survey of the Issues," World Bank Research Observer, World Bank Group, vol. 14(1), pages 117-136, February.
    5. Roe Mark J., 2012. "Capital Markets and Financial Politics: Preferences and Institutions," Capitalism and Society, De Gruyter, vol. 7(1), pages 1-40, November.
    6. Karla Hoff & Joseph E. Stiglitz, 2004. "After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies," American Economic Review, American Economic Association, vol. 94(3), pages 753-763, June.
    7. Hollis, Aidan & Sweetman, Arthur, 1998. "Microcredit in Prefamine Ireland," Explorations in Economic History, Elsevier, vol. 35(4), pages 347-380, October.
    8. Denisova, Irina & Eller, Markus & Frye, Timothy & Zhuravskaya, Ekaterina, 2009. "Who Wants To Revise Privatization? The Complementarity of Market Skills and Institutions," American Political Science Review, Cambridge University Press, vol. 103(02), pages 284-304, May.
    9. Schady, Norbert R, 2002. "Picking the Poor: Indicators for Geographic Targeting in Peru," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 48(3), pages 417-433, September.
    10. Birdsall, Nancy & de la Torre, Augusto & Caicedo, Felipe Valencia, 2010. "The Washington consensus : assessing a damaged brand," Policy Research Working Paper Series 5316, The World Bank.
    11. Ravallion, Martin, 2000. "Monitoring Targeting Performance When Decentralized Allocations to the Poor Are Unobserved," World Bank Economic Review, World Bank Group, vol. 14(2), pages 331-345, May.
    12. Sanjaya DeSilva, 2011. "Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines," Economics Working Paper Archive wp_687, Levy Economics Institute.
    13. Michael M. Alba, 2007. "Comment on "Puzzling Tax Structures in Devloping Countries: A Comparison of Two Alternative Explanations"," NBER Chapters,in: Fiscal Policy and Management in East Asia, NBER-EASE, Volume 16, pages 37-41 National Bureau of Economic Research, Inc.
    14. Martin Ravallion, 2003. "Targeted transfers in poor countries : revisiting the trade-offs and policy options," Social Protection and Labor Policy and Technical Notes 27869, The World Bank.
    15. M. Ghaffar Chaudhry, 2001. "Theory of Optimal Taxation and Current Tax Policy in Pakistan’s Agriculture," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 40(4), pages 489-502.
    16. Joseph E. Stiglitz, 2011. "Rethinking Macroeconomics: What Failed, And How To Repair It," Journal of the European Economic Association, European Economic Association, vol. 9(4), pages 591-645, August.
    17. Keefer, Philip, 2004. "A review of the political economy of governance : from property rights to voice," Policy Research Working Paper Series 3315, The World Bank.
    18. Dorothea Schafer & Boriss Siliverstovs & Eva Terberger, 2010. "Banking competition, good or bad? The case of promoting micro and small enterprise finance in Kazakhstan," Applied Economics, Taylor & Francis Journals, vol. 42(6), pages 701-716.
    19. Takane, Tsutomu, 2000. "Incentives Embedded in Institutions: The Case of Share Contracts in Ghanaian Cocoa Production," The Developing Economies, Institute of Developing Economies, Japan External Trade Organization(JETRO), vol. 38(3), pages 374-397, September.
    20. Carnaje, Gideon P., 2007. "Contractual Arrangements in Philippine Fisheries," Discussion Papers DP 2007-22, Philippine Institute for Development Studies.
    21. Hoff, Karla & Stiglitz, Joseph E., 2004. "The transition from communism : a diagrammatic exposition of obstacles to the demand for the rule of law," Policy Research Working Paper Series 3352, The World Bank.
    22. Pedro Bernal & Sebastian Martinez & Pablo Celhay, 2018. "Is Results-Based Aid More Effective than Conventional Aid?: Evidence from the Health Sector in El Salvador," IDB Publications (Working Papers) 8750, Inter-American Development Bank.
    23. Ravallion, Martin, 1998. "Reaching poor areas in a federal system," Policy Research Working Paper Series 1901, The World Bank.
    24. Aidan Hollis & Arthur Sweetman, 1996. "The Evolution of A Microcredit Institution: The Irish Loan Funds, 1720 - 1920," Working Papers ecpap-96-01, University of Toronto, Department of Economics.
    25. Nabeel A. Goheer, 1999. "Poverty in Pakistan: Increasing Incidence, Chronic Gender Preponderance, and the Plausibility of Grameen-type Intermediation," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 38(4), pages 873-894.

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    Keywords

    Labor Policies; Economic Theory&Research; Debt Markets; Financial Intermediation;

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