He is Professor of Economics at Columbia University in New York. He was a member of the US Council of Economic Advisers from 1993 to 1995, during President Clinton’s period in office, and Chairman of the CEA from 1995 to 1997. Subsequently he became Chief Economist and Senior Vice-President of the World Bank from 1997 to 2000. In 2001 he won the Nobel Prize for Economics, together with George A. Akerlof and A. Michael Spence, for his contribution to the theory of asymmetric information. A student of the Italian economist Franco Modigliani, during his career he has mainly concerned himself with microeconomics, dealing with issues such as the failure of socialism, globalisation and policy relating to the euro. His publications in Italy include: Popolo, potere e profitti. Un capitalismo progressista in un'epoca di malcontento, (Einaudi 2020), Invertire la rotta. Disuguaglianza e crescita economica (Laterza 2018); Il prezzo della disuguaglianza. Come la società divisa di oggi minaccia il nostro futuro (Einaudi 2018), L' euro. Come una moneta comune minaccia il futuro dell'Europa (Einaudi 2018).