"So, his expertise in alternative measures of economic growth is unparalleled and our committee is delighted that he will inform our understanding of this subject."
Prof Stiglitz, from Columbia University in New York, won the Nobel Prize for economics in 2001. He served on US president Bill Clinton's economic team before joining the World Bank as chief economist and senior vice president.
Prof Stiglitz said: "I am delighted to advise, for the first time, a committee of the Scottish Parliament.
"My work with the international Commission on the Measurement of Economic Performance and Social Progress has underlined the concerns over the adequacy of gross domestic product as a measure of well-being, and I hope that my knowledge and expertise in this area will convince the committee to consider this issue in more detail."
Prof Stiglitz will give evidence to the MSPs on February 27 via video link.