His father was a Swedish immigrant. Contributions to economics[ edit ] "The Market for Lemons" and asymmetric information[ edit ] Akerlof is perhaps best known for his article, " The Market for Lemons : Quality Uncertainty and the Market Mechanism", published in Quarterly Journal of Economics in , in which he identified certain severe problems that afflict markets characterized by asymmetric information , the paper for which he was awarded the Nobel Memorial Prize. Identity economics[ edit ] In his latest work, Akerlof and collaborator Rachel Kranton of Duke University introduce social identity into formal economic analysis, creating the field of identity economics. Drawing on social psychology and many fields outside of economics, Akerlof and Kranton argue that individuals do not have preferences only over different goods and services. They also adhere to social norms for how different people should behave. These ideas first appeared in their article " Economics and Identity ", published in Quarterly Journal of Economics in
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By: George A. Akerlof,Robert J. Cancel anytime. People who bought this also bought Akerlof, Robert J. Shiller Narrated by: Bronson Pinchot Length: 7 hrs and 11 mins Unabridged 4 out of 5 stars Performance 4 out of 5 stars Story 4 out of 5 stars 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 Prize-winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing that markets harm as well as help us. As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception.
Whether true or false, stories like these - transmitted by word of mouth, by the news media, and increasingly by social media - drive the economy by driving our decisions about how and where to invest, how much to spend and save, and more. But despite the obvious importance of such stories, most economists have paid little attention to them. Narrative Economics sets out to change that.
Shiller Length: 5 hrs and 53 mins Abridged 4 out of 5 stars Performance 4 out of 5 stars Story 4 out of 5 stars In this bold and potentially urgent volume, Robert J. Shiller, a respected expert on market volatility, offers an unconventional interpretation of recent U. He tells us how we - as a society and individually - can respond. Hear an exclusive interview with Robert J. Shiller - FREE!
Animal Spirits by George Akerlof and Robert Shiller
Print The Essence Economics has long too often been based on models that lack bases for real-world application. It is even sometimes said that its normative claims make it more of a religion than a social science. Why the disconnect? It is in part due to the rigid models used to predict human behavior.
Animal Spirits : How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
Shelves: behavioural-economics , social-theory , economics Part of the reason why I found this book quite so interesting was because Ive read lots of books about behavioural economics over the years, but they are much more interested in psychology than they are in economics. For instance, a book that I am constantly recommending and even buying for people is Predictably Irrational and it proudly refers to itself as being one set in behavioural economics, but really, you sort of have to squint to see the connection to economics most of the time. This is also, effectively, a re-introduction to Keynesian economics, a view of economics that went out of favour with Milton Freedman and Ronald Reagan — the consequences of which we are living with today. The idea that unemployment is working people taking a kind of holiday is equally laughable, even if it does mean that believing such allows right-wing types can feel justified in cutting unemployment benefits from people so as to give them an incentive to find a job. Animal spirits relate to some of the predictably irrational if irrational they really are ways humans set about engaging with the economy. This feeds into one of the other animal spirit ideas — that is, that we need to trust the system, that there will be no corruption undermining the system while we are making investments in that system.