The second aspect, the one which Stiglitz did not mention, was political economy considerations. It is typical of him to say without ambiguity how bad economic policy has been, how many wrong measure have been taken, how income inequalities and irresponsible deregulation has been permitted,and even how bad advising many macroeconomists have provided. But he seldom provides any reason for that, and for sure no political economy angle, which I sorely miss from his analyses. I understand that Stiglitz does not need these explanation to help him to convey his message but in my view, any explanation that neglects those aspects is incomplete and ultimately unsatisfactory.
For instance, you can find a nice political economy-esque explanation for the explosion of debt in this post by documentary filmmaker Adam Curtis.