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George Akerlof is an American economist and Nobel laureate who married Janet Yellen, the current US Treasury secretary, in 1978. He taught at Berkeley, LSE, and Georgetown, and co-authored several papers with Yellen on efficiency wages and identity economics.
A classic paper by George Akerlof that explores how asymmetric information between buyers and sellers can lead to market failure in the used car market. The paper shows how adverse selection, the phenomenon where buyers prefer lower quality goods, drives away sellers of high-quality goods and reduces the average quality of goods traded.
Animal Spirits is a 2009 book by George Akerlof and Robert Shiller that argues that emotions, or "animal spirits", drive the economy and matter for global capitalism. The book explores the role of confidence, fairness, corruption, money illusion, stories, and other psychological factors in economic phenomena and policy.
Sixteen Nobel laureates in economics wrote a letter criticizing Trump's economic agenda and praising Biden's. They said Trump's policies would increase inflation, while Biden's would reduce it.
Learn about the life and career of Janet Yellen, the first woman to serve as the chair of the Federal Reserve and the secretary of the treasury. Find out her academic achievements, political appointments, and views on macroeconomics and labor economics.
Information asymmetry is a situation where one party has more or better information than the other in a transaction or a relationship. It can cause market failure, adverse selection, moral hazard, and other problems. Learn about the history, examples, and Nobel Prize-winning contributions to this field.
Akerlof and Kranton provide an overview of their work in the book "Identity Economics," [2] published in 2010. In the book, they provide a layman's approach to Identity Economics and apply the concept to workplace organization, gender roles, and educational choice, summarizing several previous papers on the applications of Identity Economics.
The gift-exchange game, also commonly known as the gift exchange dilemma, is a common economic game introduced by George Akerlof and Janet Yellen to model reciprocacy in labor relations. [1] The gift-exchange game simulates a labor-management relationship execution problem in the principal-agent problem in labor economics. [2]