By George A. Akerlof
Akerlof illustrates how his 'modern', Nobel Prize-winning technique of utilizing 'tailor-made' financial versions to unravel difficulties differs from the traditional, benchmark, all-encompassing general-equilibrium-perfect competition-based technique.
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Additional info for Explorations in pragmatic economics: selected papers of George A. Akerlof
April, 1968), pp. 185–99. Price, Richard, Clockers. New York: Houghton Mifﬂin, 1992. Rachlin, Howard, The Science of Self-Control. Cambridge, MA: Harvard University Press, 2000. Sherif, Muzafer, and O. J. Harvey, B. Jack White, William E. Hood, and Carolyn W. Sherif, Intergroup Conﬂict and Cooperation: The Robbers Cave Experiment. Norman, OK: University of Oklahoma Book Exchange, 1961. Strotz, Robert H. ‘Myopia and Inconsistency in Dynamic Utility Maximization,’ Review of Economic Studies, Vol.
For instance, the need for quality control of exports and State Trading Corporations can be taken as one indicator. ’8 Indian housewives must carefully glean the rice of the local bazaar to sort out stones of the same color and shape which have been intentionally added to the rice. Any comparison of the heterogeneity of quality in the street market and the canned qualities of the American supermarket suggests that quality variation is a greater problem in the East than in the West. In one traditional pattern of development the merchants of the pre-industrial generation turn into the ﬁrst entrepreneurs of the next.
1. , 1981), pp. 37–49. —— , ‘Labor Contracts as Partial Gift Exchange,’ The Quarterly Journal of Economics, Vol. 97, No. 4. , 1982), pp. 543–569. —— and Janet L. Yellen, ‘The Fair-Wage Effort Hypothesis and Unemployment,’ The Quarterly Journal of Economics, Vol. 105, No. 2. (May, 1990), pp. 255–283. —— and Janet L. Yellen, ‘A Near-Rational Model of the Business Cycle, with Wage and Price Inertia,’ The Quarterly Journal of Economics, Vol. 100, Supplement. (1985), pp. 823–838. —— , William T. Dickens and George L.