Inequality | Joseph Stiglitz

Inequality (the gap between rich and poor, income inequality) is the difference between individuals and groups in society or countries in the distribution of wealth or income. Economic inequality issues involve equity, equality of outcomes, equality of opportunity, and life expectancy.

Joseph Stiglitz, FBA Royal Fellow (born February 9, 1943), is an American economist and a professor at Columbia University. He received the 2001 Nobel Prize in Economics and the John Bates Clark Prize in 1979. He is a former vice president and chief economist of the World Bank and a pole member and chairman of the Council of Economic Advisers.

Joseph Stiglitz is known for his critical views on managing globalization, free market economies (which he calls "free market movements"), and several international organizations such as the Monetary Fund International and World Bank. He is one of the best economists in the world, according to the RePEc project.

Stiglitz is the 4th most influential economist in the world today based on academic citations. In 2011, Time magazine listed him as one of the 100 most influential people in the world. Stiglitz focuses on income distribution, risky asset management, corporate governance, and international trade. He is also the author of 10 books, the latest of which is titled The Price of Inequality (2012), which was included on the New York Times bestseller list.

In "The Price of Inequality," he pointed to the reality of inequality that is taking place in the United States and developed countries. Stiglitz not only explains how and why inequality in America is detrimental to the economy but also exposes its implications for democracy and the nation's justice system and analyzes how monetary policies, fiscal policies, and globalization have contributed to increasing inequality.

Stiglitz served as Vice President and Chief Economist of the World Bank and as a member and later chairman of President William Clinton's Council of Economic Advisers. While advocating economic globalization, he still warned about its negative effects (see "Globalization and its Downsides").

Chapters:
00:58 - The Price of Inequality
03:33 - The Great Recession
05:50 - Everybody Benefits
08:47 - Opportunity

I hope you enjoyed this video. Don't forget to like the video and follow our channel on Gan Jing World for more videos!