[ Seventeen recipients of the Nobel Memorial Prize in Economic
Sciences have signed an open letter in support of President Biden’s
Build Back Better package currently being considered in Congress.]
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SEVENTEEN WINNERS OF THE NOBEL PRIZE IN ECONOMICS SIGN LETTER IN
SUPPORT OF THE PRESIDENT’S BUILD BACK BETTER PACKAGE  
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Joseph Stiglitz
September 20, 2021
Economic Policy Institute
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_ Seventeen recipients of the Nobel Memorial Prize in Economic
Sciences have signed an open letter in support of President Biden’s
Build Back Better package currently being considered in Congress. _

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_Seventeen recipients of the Nobel Memorial Prize in Economic Sciences
have signed an open letter in support of President Biden’s Build
Back Better package
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being considered in Congress. __Below is a statement from Nobel
Laureate economist Joseph Stiglitz: _

The President’s economic agenda, the “Build Back Better” package
being debated in Congress, would provide vital public investments in
the nation’s physical and human infrastructure, as well as in our
tattered safety net. These investments are long overdue—they were
needed before the COVID-19 pandemic, and their necessity has been
highlighted by the virus and the economic shock that came with it.

Some, however, have invoked fears of inflation as a reason to not
undertake these investments. This view is short-sighted. These are
importantly _supply _side measures, increasing the ability of more
Americans to participate productively in the economy, helping to
improve our low employment-working age population ratio. Significantly
reducing the fraction of children growing up in poverty and giving
these children access to pre-K and college education will reap large
dividends in years to come. We need safe school buildings and bridges,
and affordable child and elder care, whether inflation is 2% or 5%.
With the investments being financed by tax increases, the inflationary
impacts will be at most negligible—over the medium term outweighed
by the supply side benefits; and their progressivity will help address
one of the country’s critical problems, the growing economic
divide. 

The Build Back Better package will provide much needed support to a
still-recovering economy, but it will accomplish much more than that.
By meeting long-standing social needs, boosting long-term economic
performance, and taking serious steps toward addressing the climate
crisis we can already see unfolding, it would transform the U.S.
economy to be more efficient, equitable, sustainable, and prosperous
for the long run, without presenting an inflationary threat.

I am pleased that 16 other winners of the Nobel Memorial Prize in
economics join me in endorsing the contours of this transformative
economic agenda. 

_Read the open letter
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by 17 recipients of the Nobel Memorial Prize in Economic Sciences. _

OPEN LETTER FROM NOBEL LAUREATES IN SUPPORT OF ECONOMIC RECOVERY
AGENDA

September 20, 2021
Economic Policy Institute
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The American economy appears set for a robust recovery in part due to
active government interventions over the past year and a half,
including President Biden’s American Rescue Plan. But, reversing
years of disinvestment in public goods and addressing the country’s
long-term needs—including building toward sustainable and inclusive
growth and facilitating our clean energy transition—will require
more.

Success in the 21st century will require building upon the bi-partisan
infrastructure deal that has passed the Senate, which prioritizes
investments in our nation’s “hard” infrastructure. The
President’s Build Back Better agenda employs a broader conception of
infrastructure by making critical investments in human capital, the
care economy, research and development, public education, and more,
which will reduce families’ costs.

While we all have different views on the particulars of various
economic policies, we believe that key components of this broader
agenda are critical—including tax reforms that make our tax system
more equitable and that enable our system to raise the additional
funds required to facilitate necessary public investments and achieve
our collective goals. Because this agenda invests in long-term
economic capacity and will enhance the ability of more Americans to
participate productively in the economy, it will ease longer-term
inflationary pressures.

_Signed__ by 17 recipients of the Nobel Memorial Prize in Economic
Sciences:_

* George A. Akerlof, Professor, Georgetown University
* Sir Angus Deaton, Professor, Princeton University
* Peter Diamond, Professor, Massachusetts Institute of Technology
* Robert Engle, Professor Emeritus and Co-Director of the Volatility
and Risk Institute, New York University
* Oliver Hart, Professor, Harvard University
* Daniel Kahneman, Professor, Princeton University
* Eric S. Maskin, Professor, Harvard University
* Daniel McFadden, Professor, University of California, Berkley
* Paul Milgrom, Professor, Stanford University
* Roger Myerson, Professor, University of Chicago
* Edmund S. Phelps, Professor and Director of the Center on
Capitalism and Society, Columbia University
* Paul Romer, Professor, New York University
* William Sharpe, Professor Emeritus, Stanford University
* Robert Shiller, Professor, Yale University
* Christopher Sims, Professor, Princeton University
* Robert Solow, Professor Emeritus, Massachusetts Institute of
Technology
* Joseph Stiglitz, Professor, Columbia University

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