Martin Guzman is an economist based at the Columbia University Graduate School of Business and an associate professor of economics at the University of Buenos Aires. He is a leading economist in the field of public debt crisis resolution and is one of Joseph Stiglitz’s closest collaborators in the fields of macroeconomic theory and economic development.

Joe Stiglitz has touched almost every part of economic theory and economic practice, and every part he has touched is livelier for his influence. The great variety and high quality of the essays in this book are a fitting response to his fertility and energy.

• Preface, by Joseph E. StiglitzIntroduction, by Martin GuzmanPart I. Inequality1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality, by Jason Furman and Peter Orszag2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome, by Ravi Kanbur3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class, by Arjun Jayadev, Rahul Lahoti, and Sanjay ReddyPart II. Microeconomics4. Companies Are Seldom as Good or as Bad as They Seem at the Time, by Gary Smith5. What’s So Special About Two-Sided Markets?, by Benjamin E. Hermalin and Michael L. Katz6. Missing Money and Missing Markets in the Electricity Industry, by David NewberyPart III. Macroeconomics7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point?, by Anton Korinek8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories, by Giovanni Dosi and Maria Enrica Virgillito9. Deleterious Effects of Sustained Deficit Spending, by Edmund Phelps10. The Rediscovery of Financial Market Imperfections, by John C. Williams11. Ambiguity and International Risk Sharing, by Brian Hill and Tomasz MichalskiPart IV. Networks12. Use and Abuse of Network Effects, by Hal Varian13. Financial Contagion Revisited, by Franklin Allen and Douglas Gale14. The Economics of Information and Financial Networks, by Stefano BattistonPart V. Development15. Joseph Stiglitz and China’s Transition Success, by Justin Yifu Lin16. The Sources of Chinese Economic Growth Since 1978, by Lawrence J. Lau17. Knowledge as a Global Common and the Crisis of the Learning Economy, by Ugo PaganoPart VI. Law and Economics18. Conservatism and Switcher’s Curse, by Aaron Edlin19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law, by Antara HaldarPart VII. Public Policies20. Joe Stiglitz and Representative and Equitable Global Governance, by José Antonio Ocampo21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan, by Linda J. Bilmes22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans, by Bruce Chapman23. The Public Economics of Long-Term Care, by Pierre Pestieau and Gregory Ponthiere24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics, by Célestin MongaList of ContributorsIndex

Martin Guzman is an economist based at the Columbia University Graduate School of Business and an associate professor of economics at the University of Buenos Aires. He is a leading economist in the field of public debt crisis resolution and is one of Joseph Stiglitz’s closest collaborators in the fields of macroeconomic theory and economic development.

Joe Stiglitz has touched almost every part of economic theory and economic practice, and every part he has touched is livelier for his influence. The great variety and high quality of the essays in this book are a fitting response to his fertility and energy.

• Preface, by Joseph E. StiglitzIntroduction, by Martin GuzmanPart I. Inequality1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality, by Jason Furman and Peter Orszag2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome, by Ravi Kanbur3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class, by Arjun Jayadev, Rahul Lahoti, and Sanjay ReddyPart II. Microeconomics4. Companies Are Seldom as Good or as Bad as They Seem at the Time, by Gary Smith5. What’s So Special About Two-Sided Markets?, by Benjamin E. Hermalin and Michael L. Katz6. Missing Money and Missing Markets in the Electricity Industry, by David NewberyPart III. Macroeconomics7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point?, by Anton Korinek8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories, by Giovanni Dosi and Maria Enrica Virgillito9. Deleterious Effects of Sustained Deficit Spending, by Edmund Phelps10. The Rediscovery of Financial Market Imperfections, by John C. Williams11. Ambiguity and International Risk Sharing, by Brian Hill and Tomasz MichalskiPart IV. Networks12. Use and Abuse of Network Effects, by Hal Varian13. Financial Contagion Revisited, by Franklin Allen and Douglas Gale14. The Economics of Information and Financial Networks, by Stefano BattistonPart V. Development15. Joseph Stiglitz and China’s Transition Success, by Justin Yifu Lin16. The Sources of Chinese Economic Growth Since 1978, by Lawrence J. Lau17. Knowledge as a Global Common and the Crisis of the Learning Economy, by Ugo PaganoPart VI. Law and Economics18. Conservatism and Switcher’s Curse, by Aaron Edlin19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law, by Antara HaldarPart VII. Public Policies20. Joe Stiglitz and Representative and Equitable Global Governance, by José Antonio Ocampo21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan, by Linda J. Bilmes22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans, by Bruce Chapman23. The Public Economics of Long-Term Care, by Pierre Pestieau and Gregory Ponthiere24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics, by Célestin MongaList of ContributorsIndex

Martin Guzman is an economist based at the Columbia University Graduate School of Business and an associate professor of economics at the University of Buenos Aires. He is a leading economist in the field of public debt crisis resolution and is one of Joseph Stiglitz’s closest collaborators in the fields of macroeconomic theory and economic development.

Joe Stiglitz has touched almost every part of economic theory and economic practice, and every part he has touched is livelier for his influence. The great variety and high quality of the essays in this book are a fitting response to his fertility and energy.

• Preface, by Joseph E. StiglitzIntroduction, by Martin GuzmanPart I. Inequality1. A Firm-Level Perspective on the Role of Rents in the Rise in Inequality, by Jason Furman and Peter Orszag2. Parents, Children, and Luck: Equality of Opportunity and Equality of Outcome, by Ravi Kanbur3. The Middle Muddle: Conceptualizing and Measuring the Global Middle Class, by Arjun Jayadev, Rahul Lahoti, and Sanjay ReddyPart II. Microeconomics4. Companies Are Seldom as Good or as Bad as They Seem at the Time, by Gary Smith5. What’s So Special About Two-Sided Markets?, by Benjamin E. Hermalin and Michael L. Katz6. Missing Money and Missing Markets in the Electricity Industry, by David NewberyPart III. Macroeconomics7. Thoughts on DSGE Macroeconomics: Matching the Moment, But Missing the Point?, by Anton Korinek8. The “Schumpeterian” and the “Keynesian” Stiglitz: Learning, Coordination Hurdles, and Growth Trajectories, by Giovanni Dosi and Maria Enrica Virgillito9. Deleterious Effects of Sustained Deficit Spending, by Edmund Phelps10. The Rediscovery of Financial Market Imperfections, by John C. Williams11. Ambiguity and International Risk Sharing, by Brian Hill and Tomasz MichalskiPart IV. Networks12. Use and Abuse of Network Effects, by Hal Varian13. Financial Contagion Revisited, by Franklin Allen and Douglas Gale14. The Economics of Information and Financial Networks, by Stefano BattistonPart V. Development15. Joseph Stiglitz and China’s Transition Success, by Justin Yifu Lin16. The Sources of Chinese Economic Growth Since 1978, by Lawrence J. Lau17. Knowledge as a Global Common and the Crisis of the Learning Economy, by Ugo PaganoPart VI. Law and Economics18. Conservatism and Switcher’s Curse, by Aaron Edlin19. The “Inner Logic” of Institutional Evolution: Toward a Theory of the Relationship Between Formal and “Informal” Law, by Antara HaldarPart VII. Public Policies20. Joe Stiglitz and Representative and Equitable Global Governance, by José Antonio Ocampo21. The Fiscal Opacity Cycle: How America Hid the Costs of the Wars in Iraq and Afghanistan, by Linda J. Bilmes22. It Works in Practice, But Would It Work in Theory? Joseph Stiglitz’s Contribution to Our Understanding of Income Contingent Loans, by Bruce Chapman23. The Public Economics of Long-Term Care, by Pierre Pestieau and Gregory Ponthiere24. Jomo E. Stiglitz: Kenya’s First Nobel Laureate in Economics, by Célestin MongaList of ContributorsIndex