Joseph stiglitz and Thomas Piketty and their contributions economy Essay

Joseph stiglitz and Thomas Piketty and their contributions economy - Essay Example Joseph Eugene Stiglitz has been credited with the fact that he helped the globe and the society as a whole to formulate another new branch of economics called the â€Å"the economics of knowledge.† He also helped in the notion and concept of helping globalization to work to the benefit and wellbeing of the whole human race (Stiglitz 171: 2007). Thomas Piketty is also an accomplished scholar and research in his own right and stature. He is a French national who has written extensively and exhaustively in the areas of income and wealth inequality in the human society. Currently, Thomas Piketty is a professor at the Paris School of economics other than teaching at the university. He is also an author of best-sellers which majorly touch about economics and wealth distribution in the human society. This paper will thus delve into the specific contributions of these great economic minds whose contributions relatively are unmatched. To begin with, the outright contribution of Joseph stiglitz was to help establish the economics of information. This is the situation whereby the asymmetries of information within the different governmental agencies could have varied effects and impact. This theorem of information asymmetry has been used by the policy makers and analysts to model econometric principles and issues. On a general scale, the contributions and input of Joseph stiglitz have helped the society as a whole to develop in areas of welfare economics, corporate finance, industrial organisation and societies, trade, wealth and income distribution. It is important to note and mention that the input of Joseph stiglitz were skewed and directed towards monetary theory in the macro-economic considerations. In order for the society as a while to enumerate the fair formula of income and wealth distribution, it would be imperative for the society to invest in research and development. He also helped articulate the issue on how bilateral trade