Table of Contents

Handbook on the History of Economic Analysis Volume I

Handbook on the History of Economic Analysis Volume I

Great Economists Since Petty and Boisguilbert

Edited by Gilbert Faccarello and Heinz D. Kurz

Volume I contains original biographical profiles of many of the most important and influential economists from the seventeenth century to the present day. These inform the reader about their lives, works and impact on the further development of the discipline. The emphasis is on their lasting contributions to our understanding of the complex system known as the economy. The entries also shed light on the means and ways in which the functioning of this system can be improved and its dysfunction reduced. Each Handbook can be read individually and acts as a self-contained volume in its own right. It can be purchased separately or as part of a three-volume set.

Chapter 124: Joseph Eugene Stiglitz (b. 1943)

Max Gödl

Subjects: economics and finance, history of economic thought


Joseph Eugene Stiglitz was born in 1943 to Charlotte and Nathaniel Stiglitz and grew up in the small Manufacturing Belt town of Gary, Indiana. Legend has it that Paul Samuelson, who was also born there, once recommended Stiglitz in a letter as “the best economist from Gary”. According to his own account, the problems of unemployment, poverty and racial discrimination that plagued his hometown provoked an interest for Joseph Stiglitz in social sciences. Born into a politically active family he also developed a liking for political debates at an early age. After finishing a public school in Gary, where he trained as a printer and an electrician, he decided in 1960 to join his older brother at Amherst College. At Amherst, Stiglitz took courses in physics, mathematics, history, and philosophy, served as the president of the Student Council, and was an enthusiastic participant in college debates. His attraction to economics arose primarily from the fact that it allowed him to apply his outstanding skills in mathematics to important questions of economic and social policy. When he informed his teachers about his decision to major in economics, they arranged for him to skip the senior year so he could go on to graduate school immediately. Without a degree, he left Amherst for the Massachusetts Institute of Technology (MIT) in 1963. At that time, MIT was at the pinnacle of prominence with its staff including Paul  Samuelson, Robert Solow, Franco Modigliani and Kenneth Arrow. Among his fellow students were George Akerlof, and...

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