Beliefs of Stiglitz
Very Literal Interpretation of Information Asymmetry
Free market is a blend of ideology and bad science, because markets are efficient only under a few specific circumstances.
The invisible hand works best in a developed market with complete information; it shows flaws in imperfect markets with information asymmetry (which is the case in most markets in real life).
Government intervention could help increase efficiency of the market.
The market cannot operate fairly or efficiently without equal access of information.
Promotion of democracy is essential to the economy, since it brings free flow of information and a decentralized economy, which promotes the grasp of complete information.