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We need to distinguish between incentives at the organizational level and at the individual level, though some of the problems in designing incentive structures are common to both. We need to ask how, for the kinds of activities the public sector engages in, the organization is rewarded for "success" or punished for lack of it, and how individuals are similarly rewarded and punished.

— Joseph Stiglitz Whither Socialism? (1994)

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More quotes by Joseph Stiglitz

Intellectual property does not really belong in a trade agreement.

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The fall of Wall Street is for market fundamentalism what the fall of the Berlin Wall was for communism.

The reason that the invisible hand often seems invisible is that it is often not there.

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Competition is limited by the scale of the market, and as the scale of the market has changed, so has the effectiveness of competition.

Whither Socialism? (1994)

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Quote text and notes from Wikiquote: Joseph Stiglitz (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.