George A. Akerlof

AAA

DEFINITION of 'George A. Akerlof'

A winner of the 2001 Nobel Prize in Economics, along with Michael Spence and Joseph Stiglitz, for his theory of information asymmetry as expressed in his famous 1970 paper, "The Market for Lemons," which discusses imperfect information in the market for used cars. He is also well known for his efficiency wage hypothesis, which suggests that wages are determined by the efficiency goals of employers in addition to supply and demand forces.

INVESTOPEDIA EXPLAINS 'George A. Akerlof'

Akerlof is an economics professor at the University of California at Berkeley; he also taught briefly at the London School of Economics. He was born in Connecticut in 1940 and earned his PhD from the Massachusetts Institute of Technology. Akerlof's research focuses on macroeconomics, monetary theory and behavioral economics.

RELATED TERMS
  1. Economist

    An expert who studies the relationship between a society's resources ...
  2. Economics

    A social science that studies how individuals, governments, firms ...
  3. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
  4. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  5. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
  6. Compound Annual Growth Rate - CAGR

    The year-over-year growth rate of an investment over a specified ...
Related Articles
  1. The Austrian School Of Economics
    Economics

    The Austrian School Of Economics

  2. Adam Smith: The Father Of Economics
    Economics

    Adam Smith: The Father Of Economics

  3. The Uncertainty Of Economics: Exploring ...
    Economics

    The Uncertainty Of Economics: Exploring ...

  4. How To Avoid Buying A
    Budgeting

    How To Avoid Buying A "Lemon" Product

comments powered by Disqus
Hot Definitions
  1. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  2. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  3. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  4. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  5. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer ...
  6. Floating Exchange Rate

    A country's exchange rate regime where its currency is set by the foreign-exchange market through supply and demand for that ...
Trading Center