BROWSE

George A. Akerlof

Definition

George Arthur Akerlof is an American economist who is a University Professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley. He won the 2001 Nobel Memorial Prize in Economic Sciences.

What is 'George A. Akerlof'

A winner of the 2001 Nobel Prize in Economics, along with Michael Spence and Joseph Stiglitz, for his theory of information asymmetry as expressed in his famous 1970 paper, "The Market for Lemons," which discusses imperfect information in the market for used cars. He is also well known for his efficiency wage hypothesis, which suggests that wages are determined by the efficiency goals of employers in addition to supply and demand forces.

Explaining 'George A. Akerlof'

Akerlof is an economics professor at the University of California at Berkeley; he also taught briefly at the London School of Economics. He was born in Connecticut in 1940 and earned his PhD from the Massachusetts Institute of Technology. Akerlof's research focuses on macroeconomics, monetary theory and behavioral economics.


Further Reading


Looting: the economic underworld of bankruptcy for profit
www.jstor.org [PDF]
Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel …

Identity and the Economics of OrganizationsIdentity and the Economics of Organizations
www.aeaweb.org [PDF]
Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel …

The market for “lemons”: Quality uncertainty and the market mechanismThe market for “lemons”: Quality uncertainty and the market mechanism
www.sciencedirect.com [PDF]
Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel …

Behavioral macroeconomics and macroeconomic behaviorBehavioral macroeconomics and macroeconomic behavior
pubs.aeaweb.org [PDF]
Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel …

The missing motivation in macroeconomicsThe missing motivation in macroeconomics
pubs.aeaweb.org [PDF]
Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel …

Sins of Omission and the Practice of EconomicsSins of Omission and the Practice of Economics
www.aeaweb.org [PDF]
Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel …

Identity, supervision, and work groupsIdentity, supervision, and work groups
pubs.aeaweb.org [PDF]
Why the free-market system encourages so much trickery even as it creates so much good Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel …



Q&A About George A. Akerlof


What did he win his Nobel Prize for?

He won his Nobel prize for studying what happens when sellers know more than buyers.

Why did he win it in 2001?

Because he studied what happens when sellers know more than buyers and showed that when many bad products are sold without the buyers knowing, selling good products will be difficult.

What was his 197 paper about?

The Market for Lemons.

How many children does he have ?

One daughter

In what field does he focus his research on?

Macroeconomics, monetary theory, behavioral economics

Where does he work now as a professor emeritus at UC Berkeley's Economics department?

At UC Berkeley's Economics department as a professor emeritus

Where did he earn his PhD?

Massachusetts Institute of Technology (MIT)

What does efficiency wage hypothesis suggest?

Efficiency wage hypothesis suggests that wages are determined by the efficiency goals of employers in addition to supply and demand forces.

Where did he teach briefly at the London School of Economics ?

London School of Economics

Who is the author of this article?

The author is an economist with Jewish descent and a university professor at Georgetown University. He won the Nobel Prize for studying what happens when sellers know more than buyers. He showed that when many bad products are sold without the buyers knowing, selling good products will be difficult.

Who were the other two winners with him in that year's Nobel Prize?

Michael Spence and Joseph Stiglitz.

When did he win his Nobel Prize?

In 2001

What is the name of the Nobel Prize winner?

George A. Akerlof

How old was he when he won it in 2001?

He was 62 years old at the time of winning it in 2001