The Failure of Macroeconomics in America



On 18 March 2011, the China Association for World Economics hosted “The Presentation
of the 2010 Pushan Award for Excellent Papers on International Economics” at the China
Central University of Finance and Economics. Over 700 scholars and students from home
and abroad attended the ceremony. Professor Joseph Stiglitz, the winner of the Nobel Prize
in Economics, presented the awards and gave a speech on “The Failure of Economics in
America.” The following speech transcript has been approved and edited kindly by Professor
Stiglitz.