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Joseph Stiglitz: Road to Ruin? Financial Instability and the Global Economy

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Published on Aug 12, 2010

ANU Crawford School of Economics and Government presents the inaugural Crawford School Oration by Professor Joseph Stiglitz. This video was recorded at The Australian National University on 3 August 2010.

Professor Joseph Stiglitz is the University Professor at Columbia University in New York and Chair of Columbia University's Committee on Global Thought. He is also the co-founder and Executive Director of the Initiative for Policy Dialogue at Columbia.

He was awarded the 2001 Nobel Prize in economics for his analyses of markets with asymmetric information and was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.

He has held many notable positions, including member and chairman of the Council of Economic Advisers during the Clinton administration and Chief Economist and Senior Vice-President of the World Bank. In 2008 he was asked by French President Nicolas Sarkozy to chair the Commission on the Measurement of Economic Performance and Social Progress and in 2009 was appointed by the President of the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System.

Professor Stiglitz is recognised around the world as a leading economic educator, and has made major contributions to many economic theories. He helped to 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 of theorists and policy analysts alike.

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