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Joseph . Stig I itz [ ColumbiaJ Ca rl . Wa I s h [ , Santa Cruz]
: - :
[ft] 2009
1
- , . .
. ,
.
. 1929, .
. , ,
35
1
, , , , . .
, . 1929
. Dow ( Dow Jones, ) 3 81 1929,
41 1932. . 1933, . , , , . , 1930 - - [Great Depression].
. The Wealth ofthe Natons [ ] Adam Smith 1776,
The General Theory of Employment, Interest, and Money [ , ] John Maynard Keynes 1936. Keynes, .
, ,
, Keynes. Keynes, u ( ) .
1930 -
36 Joseph . Stiglitz I Carl . Walsh
,
.
I - . , t 1946
... , , :
.
, .
, , . 1 1920 , , .
, ' , ,
(. 1.1 ). , 1990
, k . 2001 ,
1 It s Wonderful Life [ ].
James Stewart.
3 7
1.1
, 1900-2003
1
,_
30
25% ! . 1960,
6%, 10% (1983) 3,5% (1969). 7,5% 1992, 1990 4% 2000. m 6% 2003. : Economic Report ofthe President (2004), -42.
1990 . [ dot-com]. . , - 2001. , ,
.
2004. , . 1.2
, .
, 1920
, .
38 Joseph . Stiglitz Carl . Walsh
OIKONOMIKH
. , 1936, ' , 1929. 193 7
1930 .
' .
. 1944, 1,2% .
' 1930. - -
180
-
11 160
:::: 140
:::
z
"" >< ::: :2'
120
.
1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938
1.2
.
1930. 100 1929. : , World Producton and Prces , , 1936,
, . 142 World Producton and Prces, , 1938, , . 44.
3 9
1
, . , , . 1940
, .
, , .
, , .
.
. . - - .
. , 1946.
, .2
2 Stiglitz Clinton 1995 1996.
40 Joseph . Stiglitz Carl . Walsh
MAKPOOIKONOM IKH OIKONOMIKH t
, , .
, . : , % , 160 . 1930 , , ( ) .
.
1960.
1960, John F. Kennedy Richard Nixon
2000 George W. Bush Al Gore. Nixon 1959. 1958-1963, 6% 2,8%.
Kennedy John Maynard Keynes
4%, . .
.
( ( ( 41
1
.
. 1964, . ,
[War on Poerty] Lyndon Johnson. , 4%, 3,5% 1969. ,
1% 1963, 1969 6,2%. ,
~ . [trade off]: , , , 1950
1960.
1970, . ' , 1970 j. , 5,4%,
Kennedy- 1960, . 13
1970. .
42 Joseph . Stiglitz I Carl . Walsh
OIKONOM IKH
. 1970, [] .
. . , , , ,
a . ~ .
1970, 6%, 7% . [stagflation].
. 1971 Nixon . 13. ,
.
1970, . 1979 .
43
1
1979 Pau1 Volcker, [Federal Reserve System, Fed] -, - Jimmy Carter, . Volker,
. 14
: , . Volker
. , . 1982 10%, . Ronald Reagan .
1984. . 6 ,
. ,
7,2% . , Reagan .
1980 . - 1980
1990 . .
Reagan
. 1980
44 Joseph . Stiglitz Carl . Walsh
290 1992. ,
, . 700 1980 3, 7 1997 - 3.700.000.000.000 13.500 , , . -
George . W. Bush Bill Clinton
1992.
. . , , ,
1990 , ,
. .
1980 1990 , ()
(). . .
,
m>r.F.r r. r. .
; 45
1
( )
1992, Bill Clinton , ! ['t's the economy, stupid!"] . ,
1990. 1990 1991. , .
George . W. Bush. 1990, , Clinton 1996.
, . 1970 .
. . .
, - a - . 1990
. 1990 . 1998, 1969 2000
46 Joseph . Stiglitz Carl . Walsh
MAKPOOIKONOMIKH OIKONOMIKH
200 . yy .
.
. 1990 , .
. , . ,
' . 2000, 1990 . yy . George W. Bush 2001, , 4,2% 2000, 2001 5,8% . 2001. Bush 2000, .
.
21 , a
. 2001 ,
. - -
t 4 7
1
2003.
. Bush,
.
2004 412 . . 1990,
. 2003 a [deflation] -
. a 1930
. a 1990. , Alan Greenspan, 2001
, 2003 .
2004 , a . ,
. 2005, , . -
48 Joseph . Stiglitz Carl . Walsh
MAKPOOIKONOMIKH OIKONOMIKH
Bush
, .
.
21.
a 21 .
a 1930.
. 2000 . a
7.
. 1946, ... , .
1978 Humphrey-Hawkins , Hubert Humphrey ( )
Augustus Hawkins ( ). Humphrey-Hawkins , , ,
49
1
, , ,
,
. - ,
. v
. , . t
.
.,... , ,
.,. .,.
OIKONOMIKH
1970 1990;
; 1980; ,
: , , , .
1. [trade-off]-
, . 2. , ~ [ince-
ntives]. 3 players Zen iPods, 3 player Zen .
, .
3. 3 [exchange] , .
4. , [information].
5. , - , , - [distribution]
.
.
3 exchange [...].
c; c; c; 51
1
.
, , . ,
.
- , , . -
, ,
. , . .
. ,
. , . ,
- .
[ scarcity].
, . , .
. , . ,
52 Joseph . Stiglitz Carl . Walsh
. , ,
. - . , .
.
: ffree lunch]. , . , .
KINHTPA
, . ,
. ; , ;
, . ,
. ,
. ,
, . .
53
( (
KINHTPA TIMH AOL ,
AOL, . , ,
. 1997 AOL
. .
; , -
, . AOL , .
, .
. , AOL
.
,
. ,
. , . ,
. .
. ,
( ) . , . ,
54 Joseph . Stiglitz Carl . Walsh
. 3 player ,
. , .
, , .
. ,
. , . ,
. J ,
. , . , . , , .
, .
- , , - , , , . .
55
1
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. , ' , .
. . . , , ,
, ,
. . -
, - .
, . ,
, , .
, .
, .
, . , , . , ,
56 Joseph . Stiglitz Carl . Walsh
. ,
. , eBay (www.ebay. com), . -
, Heritage Coins (www. heritagecoins.com) .
.
,
( www. treas. gov I auctions/ customs ).
. [market economy] .
, , .
. ,
. , , .
, , : ; ; ; ;
. .
. , .
57
1
,
. , , .
thtwotld'sontlntmrktti.Ht
, , . ,
, , . ,
. , , [mxed economy] - , ,
, , ,
. , -
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&> ~
Don't Miss ... \G;-
~
- , , - eBay.com. -
[prvate sector] ( )
[pblc sector] ( , ) - .
. , . ,
58 Joseph . Stiglitz Carl . Walsh
. 1
. , ,
, . , , . , ,
. , , . _ ( ) ( ).
, . - - .
. ,
. , ,
. , , . , , - rJvatzaton].
, , .
59
1
3 players iMacs .
.
, .
. ,
, ! y , .
. . . [ Consumer Reports],
. , . , , . , . ,
. , , ,
. , ( ).
,
. , ,
60 Joseph . Stiglitz Carl . Walsh
MAKPOOIKONOMIKH
, . , .
. , . , .
[Securities and Exchange Commission, SEC] ,
, . , .
. , , , Enron, 2001. Enron
. Enron , .
. , [Food and Drug Administration, FDA] , .
2005 Merck Vioxx
. . ,
61
1
.
, .
. . , eBay
.
.
. . , . . , ,
. , .
.
, .
. ,
62 Joseph . Stiglitz Carl . Walsh
OIKONOMIKH
.4
, . , , . - -
. , .
. _ ,
. 2 3 ,
. , 2 3 , . ,
.
, . , , . , (
[ eqtty concerns]) . , .
4 Alan Greenspan, Jackson-Hole Federal Resee Bank , 25 2000.
c; c; vc; 63
1
.,.. v
1. : , '
...
...
1.3
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... ~ ~ , -
.
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. , . , , .
, .
. , ,
c; c; 65
1
. . ,
,
. , . , , , .
. - , ,
( , l )- .
, , Wall Street . , ,
(, ,
), .
- . ,
[capital goods]. , ,
.
66 Joseph . Stiglitz Carl . Walsh
MAKPOO IKONOM IKH
.,.. v
1. :
1
, , .
, .
, ; ; ;
, , .
. ,
.
.,..
:
. .
. : , .
Ellen , Ellen . .
, , .
: , .
, . ,
. . , . ,
. , .
, - -
. ( , ), ( 10%, 12%) (
).
( ( ( 69
1
EPMHNEIA
[ arable]. , ,
. .
, : ; [ correlations].
, . , .
, ; ; ~ , , ,
. . . 100
80 20 , . , .
. , . ;
.
AliOTHTA
.
.
70 Joseph . Stiglitz Carl . Walsh
MAKPOOIKONOMIKH OIKONOMIKH
[ causation] . , , - .
1970,
. . , ,
; , .
, - 1973 , , .
i ;
. ; ; ; ,
. : , , ,
. ,
[positive economics]. , [normative economics].
)(( c; 71
1
.
: , ,
.
- .
, , : ; . , ,
- , , . .
.
: , .
, , .
, . .
. , , .
72 Joseph . Stiglitz I Carl . Walsh
, . , : (1) (2) (3) .
.
. ; ; ;
,
. . .
- , , . .
7 3
1
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. 2. , m
. , , ,
, . 3. ,
? .
. 4. .
. 5. b.
.
6. .
.
7. - . ,
. .
8. . , -
7 4 Joseph . Stiglitz I Carl . Walsh
, .
9. .
, . .
10. , . , -
. 11. .
.
12. . .
OPOI
a
7 5
1
1. Kennedy; 1964;
2. ; ; 3.
; 4. ; 5. ;
; 6. ,
; 7. , ;
; 8.
; 9.
. 10.
.
;
1. . ;
2. ; ; (
, [Bu'reau ofLabor Statistics] www.bls.gov).
76 Joseph . Stiglitz I Carl . Walsh
3. 1980 1990; 1990; ;
4. : ) ) ) )
5. , : ) )
) ) ) .
6. , : ) ) )
) ) ) .
7. i :
. ;
~ ; 8. 80
60. ; ,
( ( ( 77
1
; ;
9. 2004,
. ,
.
; .
78 Joseph . Stiglitz Carl . Walsh