 Joseph Stiglitz was awarded the Nobel Prize in Economics in October 2001 by the Royal Swedish Academy of Sciences. Stiglitz, former chief economist at the World Bank, has appointments at Columbia 's School of International and Public Affairs (SIPA), the Economics Department of the Graduate School of Arts and Sciences and the Graduate School of Business. Officially named the Bank of Sweden Prize in Economic Sciences, Stiglitz won the award with George Akerlof of the University of California , Berkeley and A. Michael Spence of Stanford University . The Academy selected the trio for "their analyses of markets with asymmetric information." Internationally recognized as one of the leading economists of his generation, as an academic, Dr. Stiglitz helped create a new branch of economics - "The Economics of Information" - which has received widespread application throughout economics. As a member of the advisory team to the United States Government, he has played a large role in advising administrations on policy matters including the Telecommunications Act of `96, Healthcare Reform, Welfare Reform and the economic implications of National Security Measures. In 1979, the American Economic Association awarded Mr. Stiglitz its biennial John Bates Clark Award, given to the economist under 40 who has made the most significant contributions to economics. His work has also been recognized through his election as a fellow to the National Academy of Sciences, the American Academy of Arts and Sciences, and the Econometric Society. His career began at Yale, where he became a tenured professor at the age of 27. Stiglitz has also been a faculty member at Princeton, Oxford and Stanford universities. Stiglitz has also become influential in the making and evaluation of economic policy in the last decade. He served on President Clinton's Council of Economic Advisers - first as a member and later as chairman with cabinet rank. He was later named chief economist of the World Bank. Since January 2000, Stiglitz has been a visiting professor at Columbia 's Graduate School of Business and Department of Economics in the Graduate School of Arts and Sciences. He plans to locate his new Initiative for Policy Dialogue at SIPA. The Initiative for Policy Dialogue, which is funded with substantial foundation support, aims to provide an alternative to the International Monetary Fund and World Bank for countries in need of sound economic policy advice.
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