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Akerlof
George Arthur Akerlof (born June 17, 1940) is an American economist and 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. Akerlof was awarded the 2001 Nobel Memorial Prize in Economic Sciences, jointly with Michael Spence and Joseph Stiglitz, "for their analyses of markets with asymmetric information." He is the husband of former United States Secretary of the Treasury Janet Yellen. Early life and education Akerlof was born in New Haven, Connecticut, on June 17, 1940, into a Jewish family. His mother was Rosalie Clara Grubber (née Hirschfelder), a housewife of German Jewish descent, and his father was Gösta Carl Åkerlöf, a chemist and inventor, who was a Swedish immigrant. "The Princeton Country Day School ended at grade nine. At that point most of my classmates dispersed among different New England prep schools. Both for financial reasons and also bec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Asymmetry
In contract theory, mechanism design, and economics, an information asymmetry is a situation where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard,Dembe, Allard E. and Boden, Leslie I. (2000). "Moral Hazard: A Question of Morality?" New Solutions 2000 10(3). 257–79 and monopolies of knowledge. A common way to visualise information asymmetry is with a scale, with one side being the seller and the other the buyer. When the seller has more or better information, the transaction will more likely occur in the seller's favour ("the balance of power has shifted to the seller"). An example of this could be when a used car is sold, the seller is likely to have a much better understanding of the car's condition and hence its market value than the buy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Janet Yellen
Janet Louise Yellen (born August 13, 1946) is an American economist who served as the 78th United States secretary of the treasury from 2021 to 2025. She also served as chair of the Federal Reserve from 2014 to 2018. She was the first woman to hold either position, and has also led the White House Council of Economic Advisers. Yellen is the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Economics at the University of California, Berkeley. Born and raised in Bay Ridge, Brooklyn, Yellen graduated from Brown University in 1967 and earned a Doctor of Philosophy, Ph.D. in economics from Yale University in 1971. She taught as an assistant professor at Harvard University from 1971 to 1976, was a staff economist for the Federal Reserve Board from 1977 to 1978, and was a faculty member at the London School of Economics from 1978 to 1980. Yellen is professor emeritus at the Haas School of Business at the University of California, Berkeley, where she has been ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficiency Wages
In labor economics, an efficiency wage is a wage paid in excess of the market-clearing wage to increase the labor productivity of workers.Mankiw, Gregory N. & Taylor, Mark P. (2008), ''Macroeconomics'' (European edition), pp. 181–182 Specifically, it points to the incentive for managers to pay their employees more than the market-clearing wage to increase their productivity or to reduce the costs associated with employee turnover. Theories of efficiency wages explain the existence of involuntary unemployment in economies outside of recessions, providing for a natural rate of unemployment above zero. Because workers are paid more than the equilibrium wage, workers may experience periods of unemployment in which workers compete for a limited supply of well-paying jobs. Overview of theory There are several reasons why managers may pay efficiency wages: * ''Avoiding shirking'': If it is difficult to measure the quantity or quality of a worker's effortand systems of piece rates or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Solow
Robert Merton Solow, GCIH (; August 23, 1924 – December 21, 2023) was an American economist who received the 1987 Nobel Memorial Prize in Economic Sciences, and whose work on the theory of economic growth culminated in the exogenous growth model named after him. He was Institute Professor Emeritus of Economics at the Massachusetts Institute of Technology, where he was a professor from 1949 on. He was awarded the John Bates Clark Medal in 1961, the Nobel Memorial Prize in Economic Sciences in 1987, and the Presidential Medal of Freedom in 2014. Four of his PhD students, George Akerlof, Joseph Stiglitz, Peter Diamond, and William Nordhaus, later received Nobel Memorial Prizes in Economic Sciences in their own right. Biography Robert Solow was born in Brooklyn, New York, into a Jewish family on August 23, 1924, the oldest of three children. He attended local public school and excelled academically early in life. In September 1940, Solow went to Harvard College with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the schools of economic thought, school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream economics, mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded Keynesian Revolution, a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Spence
Andrew Michael Spence (born November 7, 1943) is a Canadian-American economist and Nobel laureate. Spence is the William R. Berkley Professor in Economics and Business at the Stern School of Business at New York University, and the Philip H. Knight Professor of Management, Emeritus, and Dean, Emeritus, at the Stanford Graduate School of Business. Together with George A. Akerlof and Joseph E. Stiglitz, Spence is a co-recipient of the 2001 Nobel Memorial Prize in Economic Sciences, "for their analyses of markets with asymmetric information." Career Spence is noted for his job-market signaling model, which inspired research into this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Keynesian Economics
New Keynesian economics is a school of macroeconomics that strives to provide microfoundations, microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics. Two main assumptions define the New Keynesian approach to macroeconomics. Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have rational expectations. However, the two schools differ in that New Keynesian analysis usually assumes a variety of market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become "Sticky (economics), sticky", which means they do not adjust instantaneously to changes in economic conditions. Wage and price stickiness, and the other present descriptions of market failures in New Keynesian Model (macroeconomics), models, imply that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Georgetown University
Georgetown University is a private university, private Jesuit research university in Washington, D.C., United States. Founded by Bishop John Carroll (archbishop of Baltimore), John Carroll in 1789, it is the oldest Catholic higher education, Catholic institution of higher education in the United States, the oldest university in Washington, D.C., and the nation's first University charter#Federal, federally chartered university. The university has eleven Undergraduate education, undergraduate and Postgraduate education, graduate schools. Its main campus, located in the Georgetown (Washington, D.C.), Georgetown historic neighborhood, is on a hill above the Potomac River and identifiable by Healy Hall, a National Historic Landmark. It is Carnegie Classification of Institutions of Higher Education, classified among List_of_research_universities_in_the_United_States#Universities_classified_as_"R1:_Doctoral_Universities_–_Very_high_research_activity", "R1: Doctoral Universities – V ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Stiglitz
Joseph Eugene Stiglitz (; born February 9, 1943) is an American New Keynesian economist, a public policy analyst, political activist, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank. He is also a former member and chairman of the U.S. Council of Economic Advisers. He is known for his support for the Georgist public finance theory and for his critical view of the management of globalization, of ''laissez-faire'' economists (whom he calls " free-market fundamentalists"), and of international institutions such as the International Monetary Fund and the World Bank. In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. He has been a member of the Columbia faculty since 2001 and received the university's highest academ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adriana Kugler
Adriana Debora Kugler is an American economist who serves as a member of the Federal Reserve Board of Governors. She previously served as U.S. executive director at the World Bank, nominated by President Joe Biden and confirmed by the U.S. Senate in April 2022. She is a professor of public policy at Georgetown University's McCourt School of Public Policy and is currently on leave from her tenured position at Georgetown. She served as the Chief economist, Chief Economist to United States Secretary of Labor, U.S. Labor Secretary Hilda L. Solis from September 6, 2011, to January 4, 2013.U.S. Department of Labor Early life Kugler is of Jewish and Hispanic descent. Education Adriana Kugler received her Bachelor of Arts degree from McGill University in 1991, graduating with first class joint honors in economics and political science. In 1997, she was awarded her Ph.D. by the University of California at Berkeley, Ph.D.; her advisors were Nobel laureate George Akerlof, Nada Eissa, and D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
