The man who forever changed how the world understands economics through pioneering two branches of economic theory ó economics of information and development economics will address the topic "Adapting to Globaliztion" at Indiana University Northwest, Thursday, May 13 at 3 p.m. in the Savannah Center Auditorium.
Nobel Laureate and Horace Mann High School graduate, Joseph Stiglitz, Ph.D., is the 2004 Honorary Doctor of Laws degree recipient. He will receive this honor later that evening during the university's commencement exercises at the Genesis Center in Gary at 6 p.m.
Economics of information is a branch of economics that examines the information that particular individuals might possess when entering into any transaction. While traditional economic models assumed that all parties maintained ideal and complete knowledge in a transaction, Stiglitz recognized that real market economies feature myriad imperfections that can have immense economic consequences. Many of his subsequent papers on the subject examine such "asymmetries of information," or conditions in which some parties know more than others.
"I cannot help but believe that his years in Gary helped shape his approach to economics and his interest in economic policy. He saw firsthand the implications of heavy industry domination of a local economy and the effects, both positive and negative, that suburbanization could have on a community.
These opportunities, I think it is clear, have informed his interest in expanded educational opportunities within the United States and also as a development strategy worldwide and in the importance of environmental protection," said Don Coffin, Ph.D., professor of economics at IU Northwest.
Stiglitz was born in Gary in 1943 and attended the cityís public schools through graduation as class valedictorian from Horace Mann High School. He received his bachelorís degree from Amherst College in Massachusetts in 1964 then earned a Ph.D. from the Massachusetts Institute of Technology in 1967. While in graduate school he also studied at Cambridge University, earning a Fulbright scholarship and being named a Tapp Junior Research Fellow. He then became an assistant professor of economics at Yale University, where he earned tenure at the age of 27.
A Nobel Laureate and member of the National Academy of Science, Stiglitz has served as chair of the Presidentís Council of Economic Advisors; chief economist and senior vice president of the World Bank; and professor of economics at Yale, Oxford, Princeton, Stanford and Columbia Universities.
A public reception will precede Stiglitzís presentation at 2 p.m. in the Savannah Center Lobby. All are welcome to attend. Also, copies of his latest book "Globalization and Its Discontents" will be on sale at the IU Northwest book store. For more information, please call the Office of Special Events at (219) 981-5609.