Explorations in Pragmatic Economics

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.

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...for any economist, be it a micro, macro, behavioral, or misbehavioral one.

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



Klappentext
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.

Zusammenfassung
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 modern economics 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 demand for 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.

Inhalt
Introduction
Part 1: Microeconomics
1: George A. Akerlof: The Market for "Lemons": Quality Uncertainty and the Market Mechanism
2: George A. Akerlof: The Economics of Caste and of the Rate Race and Other Woeful Tales
3: George A. Akerlof: Discriminatory, Status-based Wages among Tradition-oriented, Stochastically Trading Coconut Producers
4: George A. Akerlof and Rachel E. Kranton: Economics and Identity
5: George A. Akerlof: The Economics of "Tagging" as Applied to the Optimal Income Tax, Welfare Programs, and Manpower Planning
6: George A. Akerlof, Janet L. Yellen, and Michael L. Katz: An Analysis of Out-of-Wedlock Childbearing in the United States
7: George A. Akerlof: Men Without Children
8: George A. Akerlof and William T. Dickens: The Economic Consequences of Cognitive Dissonance
9: George A. Akerlof: The Economics of Illusion
10: George A. Akerlof: Procrastination and Obedience
11: George A. Akerlof and Paul M. Romer: Looting: The Economic Underworld of Bankruptcy for Profit
Part 2: Macroeconomics
12: George A. Akerlof: Relative Wages and the Rate of Inflation
13: George A. Akerlof: The Microeconomic Foundations of a Flow of Funds Theory of the Demand for Money
14: George A. Akerlof: Irving Fisher on his Head: The Consequences of Constant Threshhold-Target Monitoring of Money Holdings
15: George A. Akerlof: Jobs as Dam Sites
16: George A. Akerlof: Labor Contracts as Partial Gift Exchange
17: George A. Akerlof and Janet L. Yellen: The Fair Wage-Effort Hypothesis anmd Unemployment
18: George A. Akerlof and Janet L. Yellen: A Near-Rational Model of the Business Cycle, with Wage and Price Inertia
19: George A. Akerlof, William T. Dickens, George L. Perry: The Macroeconomics of Low Inflation
20: George A. Akerlof: Behavioral Macroeconomics and Macroeconomic Behavior

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