15 January 2014

He Said It: Stiglitz

"At their best, markets have played a central role in the stunning increases in productivity and standards of living in the past two hundred years--increases that far exceeded those of the previous two millennia.

"But government has also played a major role in these advances, a fact that free-market advocates typically fail to acknowledge. On the other hand, markets can also concentrate wealth, pass environmental costs on to society, and abuse workers and consumers. For all these reasons, it is plain that markets must be tamed and tempered to make sure they work to the benefit of most citizens. And that has to be done repeatedly, to ensure that they continue to do so."

--Nobel Laureate Joseph Stiglitz, "The Price of Inequality" (June 11, 2012)

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