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The Price of Inequality


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Speaker(s): Professor Joseph E Stiglitz
Chair: Professor Stephen P. Jenkins

Recorded on 29 June 2012 in Old Theatre, Old Building.

In his new book, The Price of Inequality, which he will discuss in this lecture Joseph Stiglitz considers the causes of inequality, why is it growing so rapidly and what are its economic impacts? He explains that markets are neither efficient nor stable and will tend to accumulate money in the hands of the few rather than engender competition and considers our political system that frequently shapes markets in ways that advantage the richest over the rest. He shows how moving money from the middle and bottom of society to the top, far from stimulating entrepreneurship actually produces slower growth and lower GDP with even more instability. Redistributing wealth from the very rich would produce far greater gains overall in our economies than the rich would lose.

Joseph Stiglitz was Chief Economist at the World Bank until January 2000. He is currently University Professor of the Columbia Business School and Chair of the Management Board and Director of Graduate Summer Programs, Brooks World Poverty Institute, University of Manchester. He won the Nobel Prize for Economics in 2001 and is the best-selling author of Globalization and Its Discontents, The Roaring Nineties, Making Globalization Work and Freefall, all published by Penguin.

Professor Stiglitz will also be in discussion with Professor Amartya Sen on Thursday 28 June at 6.30pm. Details of this event: A Lecture by Joseph E Stiglitz.

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