Professors and Nobel Laureates Joseph Stiglitz and Kenneth Arrow discuss finance at the Third Annual Arrow Lecture, held at Columbia University in November of 2010.
About Kenneth J. Arrow:
Professor Arrow is Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus at Stanford University. He earned his M.A. and Ph.D. in economics from Columbia University, where his dissertation explored his famous "impossibility theorem" and became the foundation for his seminal book, Social Choice and Individual Values. Professor Arrow was awarded the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972 for their pioneering contributions to general economic equilibrium theory and welfare theory. He remains the youngest person to have received the Nobel Prize in Economics, and many of Professor Arrow's students have gone on to win the Nobel Prize themselves. Professor Arrow has made major contributions to equilibrium theory, endogenous growth theory and information economics, and is considered one of the most influential practicing economists.
About Joseph Stiglitz:
Joseph E. Stiglitz is University Professor at Columbia University. He has been a Professor of Economics at Stanford, Princeton, Yale and All Souls College, Oxford. Stiglitz was awarded the Nobel Prize for Economics in 2001 for his analyses of markets with asymmetric information and his role in creating a new branch of economics, “the economics of information.” His work has helped explain the circumstances in which markets to do not work well, and how selective government intervention can improve their performance. Stiglitz has held numerous posts advising governments. He has been Chairman of US President Clinton’s Council of Economic Advisers, Chief Economist and Senior Vice President of the World Bank, Chairman of President Clinton’s Council of Economic Advisors, and, in 2008, was appointed by French President Nicolas Sarkozy to chair a Commission on the Measurement of Economic Performance and Economic Progress. In July 2000, he founded the Initiative for Policy Dialogue at Columbia University to stimulate a heterodox policy dialogue on major issues in international development. His book Globalization and Its Discontents has been translated into languages and has sold more than one million copies worldwide. His most recent book, Freefall: America, Free Markets, and the Sinking of the World Economy, was published in 2010.