Explorations in Pragmatic Economics

Overview

For twenty years since the publication of his seminal paper "The Market for 'Lemons'", George A. Akerlof's work has changed the way we see economics. This collection of Akerlof's most important papers provide both an introduction to Akerlof's work and a grounding in modern economics. Divided into two broad areas, micro- and macroeconomics, they cover the economics of information; the theory of unemployment; macroeconomic equilibria; the demand for money; psychology and economics; and the nature of discrimination ...

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Overview

For twenty years since the publication of his seminal paper "The Market for 'Lemons'", George A. Akerlof's work has changed the way we see economics. This collection of Akerlof's most important papers provide both an introduction to Akerlof's work and a grounding in modern economics. Divided into two broad areas, micro- and macroeconomics, they cover the economics of information; the theory of unemployment; macroeconomic equilibria; the demand for money; psychology and economics; and the nature of discrimination and other social issues. Akerlof's substantial introduction to this volume tells the story of these papers, connecting them and showing how his later work has built upon his early contributions, in many cases improving their arguments, their subtlety, and their usefulness today.

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Product Details

  • ISBN-13: 9780199253913
  • Publisher: Oxford University Press, USA
  • Publication date: 1/1/2005
  • Pages: 528
  • Product dimensions: 9.00 (w) x 6.20 (h) x 1.20 (d)

Meet the Author

George A. Akerlof is Koshland Professor of Economics at the University of California, Berkeley, and the 2001 Nobel Laureate in Economics.

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Table of Contents

Introduction : explorations in pragmatic economics 1
1 The market for Lemons : quality uncertainty and the market mechanism 27
2 The economics of caste and of the rat race and other woeful tales 39
3 Discriminatory, status-based wages among tradition-oriented, stochastically trading coconut producers 56
4 Economics and identity 67
5 The economics of tagging as applied to the optimal income tax, welfare programs, and manpower planning 100
6 An analysis of out-of-wedlock childbearing in the United States 119
7 Men without children 156
8 The economic consequences of cognitive dissonance 178
9 The economics of illusion 199
10 Procrastination and obedience 209
11 Looting : the economic underworld of bankruptcy for profit 232
12 Relative wages and the rate of inflation 283
13 The microeconomic foundations of a flow of funds theory of the demand for money 303
14 Irving Fisher on his head : the consequences of constant threshold-target monitoring of money holdings 328
15 Jobs as dam sites 345
16 Labor contracts as partial gift exchange 362
17 The fair wage-effort hypothesis and unemployment 386
18 A near-rational model of the business cycle, with wage and price inertia 410
19 The macroeconomics of low inflation 438
20 Behavioral macroeconomics and macroeconomic behavior 472
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