Joseph Stiglitz
On June 20, 2025 the Pontifical Academy of Social Sciences (PASS) and Columbia University’s Initiative
- 06/20/2025
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IPD AI Insights
Government Failure vs. Market Failure
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In this paper, the author outlines the principles underlying the modern theory of regulation. Section I presents the rationale for regulation—why regulation is required. Section II discusses the forms that regulation can and should take. Section III applies these principles to three subjects of current concern: sovereign wealth funds, financial market regulation, and environmental regulations directed at greenhouse gases.
The full launch event is available to watch here: Morning Session and Afternoon Session
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