Towards a General Theory of Deep Downturns

1. Front Matter

   Pages i-vi

   PDF

2. Introduction

   • Joseph E. Stiglitz

   Pages 1-4

3. Three Fundamental Questions

   • Joseph E. Stiglitz

   Pages 5-12

4. Three Strands of Theory

   • Joseph E. Stiglitz

   Pages 13-46

5. The Capitalist Economy as a Credit Economy

   • Joseph E. Stiglitz

   Pages 47-60

6. Concluding Remarks: The Crisis in Economics

   • Joseph E. Stiglitz

   Pages 61-63

7. Back Matter

   Pages 64-71

   PDF

Joseph Stiglitz examines the theory behind the economic downturns that have plagued our world in recent times. This fascinating three-part lecture acknowledges the failure of economic models to successfully predict the 2008 crisis and explores alternative models which, if adopted, could potentially restore a stable and prosperous economy.

• Economic crises
• capitalist economy
• deep downturns
• financial systems
• macroeconomics
• monetary policy
• the Great Depression
• the failure of economic models.
• depression

• Columbia University, USA

  Joseph E. Stiglitz

Joseph E. Stiglitz is University Professor at Columbia University, USA, and the winner of the 2001 Nobel Prize for Economics. He served as Chairman of the U.S. Council of Economic Advisers in the mid-1990s and as Chief Economist and Senior Vice President of the World Bank during the East Asia Crisis. In the aftermath of the 2008 crisis, he chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System.

Policies and ethics