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Joseph Stiglitz and Economics for an Imperfect World

The collection of authors in this volume reflects the impact that Joe has had on the profession of economics. They include four Nobel Prize winners, the President of an Ivy League University, the head of an Oxford College, the present Chief Economist of the World Bank, and other recognized leaders in economics from the leading universities around the world. The areas covered in this volume also reflect the “Stiglitzian” influences on much of economics today. The impact of his work is of course most strongly seen in the area of Imperfect Information, for which he won the Nobel Prize. But his influence extends to many other areas, including Macroeconomics, Public Economics and Development Economics, counting in the latter the problems of Transition from centrally planned to market economies. Throughout, Joe’s focus has been on the world as it actually is, with all of its imperfections--whether of information, competition, or government--rather than the world often depicted in the basic economics textbooks. Hence the title of this volume—Stiglitz’s economics is truly Economics for an Imperfect World.