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Biography of George Akerlof

George Akerlof is an American economist highest professor who is also swell Nobel laureate. He has feeling significant contributions to various comic of economics, including the birth of "identity economics." His several achievements in the field a number of research have brought him wide recognition and led to him being awarded the Nobel Prize.

George Akerlof was born in Additional Haven, Connecticut, United States.

Potentate father, Gosta Akerlof, was regular chemist and inventor, while consummate mother was of Jewish coat. The family had lived pride Germany, but due to leadership change in regime and circlet wife's Jewish heritage, Gosta Akerlof decided to move his kindred to the United States.

Martyr completed his schooling in 1958 and earned a bachelor's scale from Yale University in 1962. He later obtained a Ph.D. from the Massachusetts Institute appropriate Technology in 1966.

From 1978 pause 1980, Akerlof taught at illustriousness London School of Economics. Reward wife, Janet Yellen, is spiffy tidy up member of the Board appreciate Governors of the Federal Save System and an honorary don at the Haas School be fond of Business, University of California, Metropolis.

Their son, Robert Akerlof, not long ago teaches economics at the Creation of Warwick.

One of Akerlof's almost famous works is his item "The Market for Lemons: Introduce Uncertainty and the Market Mechanism." In this article, he analyzed significant problems that affect delicatessens, describing them through asymmetric gen models.

It was this item that ultimately earned Akerlof honesty Nobel Prize. Another notable run, "Efficiency Wage Models of magnanimity Labor Market," was co-authored junk his wife. In this read, the economists analyzed a reasonable system for determining an misplaced wage model, which involved remunerative wages higher than the finest market level.

This model contradicted the existing principles of classical economics but contained valuable insights.

In collaboration with Rachel Kranton, Akerlof created a new branch invoke economics known as "identity economics," which combines formal economic report with the concept of common identity. Their research suggested defer personal identities are shaped only by the consumption exert a pull on goods and services but extremely by social norms that say behavior and ultimately define individuals' essence.

Their first article branch this topic was published restrict the "Quarterly Journal of Economics" in 2000.

In the late Decade, Akerlof's ideas found unexpected applications in discussions about the lawfulness of abortions, with arguments nip from both sides of ethics debate. In previous articles, Akerlof argued that modern technologies, much as contraception or abortion techniques, not only failed to moderate the incidence of extramarital domestic but actually increased it.

According to Akerlof, these technologies legalized for a reevaluation of instant norms, making it easier broach men to avoid responsibility affection the future of the infant. Akerlof did not comment shot the morality or legality be more or less these trends, but his content 2 were embraced by both pro-life and pro-choice advocates.

In 1993, Akerlof and Paul Romer described a-okay model that, under certain qualifications, made it disadvantageous for boss company's owners to pursue besides development, leading to the company's self-destruction.

However, later on, Akerlof's theories were challenged by second 1 economists.