Summary of Joseph E. Stiglitz's People, Power, and Profits

Please note: This is a companion version & not the original book.

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#1 The United States has a very small elite that controls an increasing share of the economy, and a large and increasing bottom that has almost no resources. The three richest Americans are worth more than the bottom half of the US population combined.

#2 The sources of America’s wealth are the productivity, creativity, and vitality of its people, the advances of science and technology, and the rule of law. These have been the basis of the country’s increases in standards of living over the past two centuries.

#3 We must understand the power of the ideas and interests that have taken us so far off course for the past four decades. We can’t simply describe the economic and political trajectory that our society has taken; we must understand why it has failed us.

#4 The true wealth of a nation is measured by its capacity to deliver high standards of living for all its citizens. This is done through sustained productivity increases, based partly on investments in plants and equipment, but most importantly, in knowledge.

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