• Table of Contents
    • Abstract
    • Keywords
    • Article
      • The ‘Market for “lemons”’ paper
      • Other work
        • Caste and identities
        • Near-rational economic behaviour
        • Sociologically based efficiency wage theory
        • Psychologically based models
      • Conclusion
    • See Also
    • Bibliography
    • How to cite this article

Akerlof, George Arthur (born 1940)

Brian G. M. Main
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

George Akerlof is forever associated with his landmark 1970 paper, ‘The market for “lemons”’, which transformed the way economists approach markets where there is a difference between the transacting agents in the information they possess. This concept of asymmetric information, with its major impact on many fields of economics, was singled out when, in 2001, he was awarded the Nobel Memorial Prize in Economics (along with Michael Spence and Joseph Stiglitz). A more comprehensive assessment of his contribution to economics would be as providing a better behavioural underpinning for macroeconomics as a major figure in the New Keynesian movement.
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Keywords

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Article

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How to cite this article

Main, Brian G. M. "Akerlof, George Arthur (born 1940)." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 15 December 2017 <http://pde-aux1.pde.pm.semcs.net/article?id=pde2008_A000208> doi:10.1057/9780230226203.0028

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