Professor Joseph Stiglitz ForMemRS
Joseph Stiglitz is an economist whose work has examined the consequences of information asymmetries — where one participant in a transaction has more or better information than the other. Joseph demonstrated the importance of such a condition to understanding a variety of observed market phenomena, including credit rationing and unemployment. His efforts in this field were recognised in 2001 when he received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Joseph is also the author of a number of award-winning popular books on economics, including Freefall: America, Free Markets, and the Sinking of the World Economy (2010), Making Globalization Work (2006) and The Price of Inequality (2012).
In addition to the Nobel Memorial Prize in Economic Sciences, Joseph has received many accolades in recognition of his work, including the John Bates Clark Medal of the American Economic Association in 1979 and the Gerald Loeb Award for Distinguished Business and Financial Journalism in 2010. In 2012, he was named an Officer of the French National Order of the Legion of Honour.
Nobel Memorial Prize in Economic Sciences
Jointly with George A. Akerlof and A. Michael Spence for their analyses of markets with asymmetric information.