Nobel Perspectives The world is showing solidarity

Conversation with Noble Laureate Joseph Stiglitz

19 Jun 2020

Nobel Laureate Joseph Stiglitz speaks with Evan Brown, Head of Multi Asset Strategy about fiscal stimulus, de-globalization and how working globally can help progress health, economic and climate change matters.

… when we emerge from this pandemic, we will have a moment of reflection that ushers in a new era of social solidarity.

What’s happened in the past couple of weeks has given me hope that we can work together with common purpose to make a more equal society with more racial and social justice, addressing problems like climate change and economic and health inequality.

Joseph E. Stiglitz, Nobel Laureate

Nobel Perspectives with Joseph E. Stiglitz

At a glance

  • The pandemic has accelerated many structural trends including de-globalization and the need for investment in climate change.
  • A more targeted and comprehensive fiscal stimulus approach is required.
  • Financial assistance worked well when given to companies to retain their workforce.
  • There will be onshoring and to some extent de-globalization but this will not solve the issue of longstanding inequality.
  • Extremes in precautionary consumer behaviour is leading to weak aggregate demand.
  • We need global cooperation for meaningful progress on health, economic and climate change.

Evan Brown, Head of Multi-Asset Strategy, UBS Asset Management

With much of Joseph's research focusing on financial crises, climate change and inequality, this webinar was a prime opportunity to tap into the mind of one of the world’s greatest thinkers amid such uncertain times.

Joseph Stiglitz’ prize winning research was based on markets operating with imperfect or asymmetric information where one party has better or more information than the other, a primary contributor to economic inequality.

To set the scene, the National Bureau of Economic Research (NBER) officially declared the US entered into a recession in February. We are already out of the labelled recession which means we could have possibly seen one of the shortest but deepest recessions of all time, as now we enter recovery.

A combination of weakened balance sheets, increase in bankruptcies and extremes in precautionary behavior, is a recipe for a deficiency in aggregate demand.

Joseph Stiglitz


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Audience Q&A

Joseph Stiglitz

Nobel Laureate

Joseph Stiglitz doesn’t shy away from tough questions. The Nobel Laureate of 2001 has been the chief economist of the World Bank as well as chairman of the Council of Economic Advisors to former US president Bill Clinton.

The economist is a thought leader whose sharp mind is paired with a high moral standard and it’s his voice for the poor that comes up whenever he talks about the imperfections of markets.

We wrote the rules once before to make the economy more unequal, he says. And now we have to rewrite them once again to make them more equal.

Evan Brown, CFA

Head of Multi Asset Strategy

In his role as Head of Multi-Asset Strategy in the Investment Solutions team, Evan drives macro research and tactical asset allocation investment process for over $100 billion in client

Additionally, he is responsible for advising UBS Asset Management’s global institutional and private wealth client base on the macroeconomic outlook and asset allocation.

Evan runs Asset Management's Quarterly Investment Forums and monthly Investment Committee meetings, bringing together the views of the firm's senior investors. He represents Asset Management in the UBS CIO Global Investment Committee and in the UBS Chairman's monthly discussion on markets and the economy.

Evan holds and M.B.A. from the Stanford Graduate School of Business and a B.A. in economics from Brown University.

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