I always wondered why things happened in the 60s and early 70s, why didnt it happen earlier or why did it happen at this time?
Thats called staggered wages and staggered prices.
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But this is probably not very unusual.And that was again something that was ignored by the people who believed in shock therapy who didnt understand the subtleties of a market economy.I think working on the asymmetric information said that another aspect of markets was quality.And then argued from the way we thought those specific examples work to how markets should look.So we took a look at examples of such things as insurance markets and education markets, and credit markets, and market for used cars.Theres another line of research that Ive been very heavily engaged in which grows out of my work at the World Bank, and that is issues of development, issues of strategies for economies and transition from communism to a market economy.
You worry the financial system is destroying information and the flow of credit.
You have to begin with the legal structure, dont privatise too rapidly before you do that One more example, the work on asymmetry of information brought home the importance of corporate governance.
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Akerlof: I think one interesting aspect of this is when this work was initially done it wasnt considered to be economics.
But when I went to Amherst College I studied physics and math.And maybe we could start with George?Akerlof: So I think in addition, I felt that the one thing that you could do to make people better off and able to lead self-fulfilling lives was if people have more money then theyll have fewer constraints on their lives, and so they can.The winners are Professor George Akerlof from the University of California Berkeley; Michael Spence, Stanford lol win streak University; and Professor Joseph Stiglitz from Columbia University.Economics: Information economics and the Market Mechanism by George Akerlof (1970).