An Economic Theorist's Book of Tales

by George A. Akerlof

These essays explore what happens when a skilful economist makes unconventional assumptions. Economic theory has traditionally relied upon a tacit and 'classical' set of assumptions that have gradually acquired a life of their own in defining how economists write and how they justify economic models. Similarly, these assumptions have acquired an autonomous character: they guide the way economists think about the world. In consequence, consideration...

• Format: Paperback
• Language: English
• ISBN: 0521269334
• ISBN13: 9780521269339
• Release Date: October 1984
• Publisher: Cambridge University Press
• Length: 208 Pages
• Weight: 0.55 lbs.
• Dimensions: 0.6" x 5.5" x 8.4"

Customer Reviews

Akerlof Entertains While Educating

Beautifully simple models to explain common phenomena economically. Why do the values of used cars depreciate so much relative to new? (and why are there so many that are "lemons"). Does it make sense to use statistical indicators (e.g., be racist or otherwise biased)? When? Lots of simple models in the spirit of Becker. A must read.