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George Arthur Akerlof (innate June 17, 1940) is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won a Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2001 (shared using Michael Spence and Joseph E. Stiglitz). Akerlof is maybe better known for his article, "The Market for Lemons: Quality Uncertainty and the Market Mechanism", published around Quarterly Journal of Economic science inside 1970, in which he identified a severe problems that can afflict markets characterized by asymmetrical information. Within Efficiency Wage System of the Labor Market, Akerlof & joint author Janet Yellen propose rationales for the efficiency wage hypothesis in which employers pay above a market-clearing wage, in contradiction to the conclusions of neoclassical economics. Akerlof received his Bachelor's degree from Yale University in 1962, and his Ph.D. from either MIT in 1966 and has taught at London School of Economics. His enatic swell-grandfather was natural inside Oakland, California and was an alumnus of UC Berkeley (Class of 1873). His enatic granddaddy was too the Berkeley grad. His married woman Janet Yellen is president of the Federal Reserve Bank of San Francisco & was a prof of political economy at UC Berkeley and served in President Bill Clinton's Council of Economic Advisors.
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Home Page at UC Berkeley Provides teaching information and recent research. Press Release - University of California at Berkeley Announcement of the awarding of the 2001 Nobel Prize. Akerlof, George Article from the Wikipedia open encyclopedia project. Official Nobel Prize Site 2001 Economics Nobel Laureates with autobiographies and Nobel lectures. |
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