Explorations in Pragmatic Economics

Paperback | October 14, 2005

byGeorge A. Akerlof

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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, and the economics of information in particular. In abandoning the perfect-competition benchmarks of classical economics, the pragmatic moderneconomics championed by Akerlof has provided deep insights into markets, identity, discrimination, motivation, and work, and into behavioural economics in general.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 demandfor money; psychology and economics; and the nature of discrimination and other social issues. The collection closes with Akerlof's 2001 Nobel Lecture, in which he argues that it is imperative that macroeconomics be considered inherently behavioural.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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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, and the economics of information in particular. In abandoning the perfect-competition benchmarks of classical economics, the pragmatic moderneconomics championed by Akerlof has provided d...

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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Format:PaperbackDimensions:524 pages, 9.21 × 6.14 × 1.14 inPublished:October 14, 2005Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199253919

ISBN - 13:9780199253913

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Table of Contents

IntroductionPart 1: Microeconomics1. George A. Akerlof: The Market for "Lemons": Quality Uncertainty and the Market Mechanism2. George A. Akerlof: The Economics of Caste and of the Rate Race and Other Woeful Tales3. George A. Akerlof: Discriminatory, Status-based Wages among Tradition-oriented, Stochastically Trading Coconut Producers4. George A. Akerlof and Rachel E. Kranton: Economics and Identity5. George A. Akerlof: The Economics of "Tagging" as Applied to the Optimal Income Tax, Welfare Programs, and Manpower Planning6. George A. Akerlof, Janet L. Yellen, and Michael L. Katz: An Analysis of Out-of-Wedlock Childbearing in the United States7. George A. Akerlof: Men Without Children8. George A. Akerlof and William T. Dickens: The Economic Consequences of Cognitive Dissonance9. George A. Akerlof: The Economics of Illusion10. George A. Akerlof: Procrastination and Obedience11. George A. Akerlof and Paul M. Romer: Looting: The Economic Underworld of Bankruptcy for ProfitPart 2: Macroeconomics12. George A. Akerlof: Relative Wages and the Rate of Inflation13. George A. Akerlof: The Microeconomic Foundations of a Flow of Funds Theory of the Demand for Money14. George A. Akerlof: Irving Fisher on his Head: The Consequences of Constant Threshhold-Target Monitoring of Money Holdings15. George A. Akerlof: Jobs as Dam Sites16. George A. Akerlof: Labor Contracts as Partial Gift Exchange17. George A. Akerlof and Janet L. Yellen: The Fair Wage-Effort Hypothesis anmd Unemployment18. George A. Akerlof and Janet L. Yellen: A Near-Rational Model of the Business Cycle, with Wage and Price Inertia19. George A. Akerlof, William T. Dickens, George L. Perry: The Macroeconomics of Low Inflation20. George A. Akerlof: Behavioral Macroeconomics and Macroeconomic Behavior

Editorial Reviews

"Explorations in Pragmatic Economics provides that long awaited compilation of favorite hits by Akerlof and his coauthors....The book compiles some of the most innovative articles written in the past few decades. It is a must read (or at least, a must skim) for any economist, be it a micro, macro, behavioral, or misbehavioral one."-- ournal of Economic Literature