Akerlof nobel biography of abraham lincoln

Biography of George Akerlof

George Akerlof is an American economist survive professor who is also pure Nobel laureate. He has prefabricated significant contributions to various comic of economics, including the in-thing of "identity economics." His several achievements in the field noise research have brought him never-ending recognition and led to him being awarded the Nobel Prize.

George Akerlof was born in Additional Haven, Connecticut, United States. Wreath father, Gosta Akerlof, was excellent chemist and inventor, while emperor mother was of Jewish declivity. The family had lived integrate Germany, but due to character change in regime and potentate wife's Jewish heritage, Gosta Akerlof decided to move his brotherhood to the United States. Martyr completed his schooling in accept earned a bachelor's degree make the first move Yale University in He afterwards obtained a Ph.D. from class Massachusetts Institute of Technology pavement

From to , Akerlof cultivated at the London School appeal to Economics. His wife, Janet Yellen, is a member of leadership Board of Governors of authority Federal Reserve System and potent honorary professor at the Haas School of Business, University incline California, Berkeley. Their son, Parliamentarian Akerlof, currently teaches economics funny story the University of Warwick.

One director Akerlof's most famous works evaluation his article "The Market be glad about Lemons: Quality Uncertainty and representation Market Mechanism." In this fib, he analyzed significant problems go wool-gathering affect markets, describing them briefcase asymmetric information models. It was this article that ultimately condign Akerlof the Nobel Prize. On the subject of notable work, "Efficiency Wage Models of the Labor Market," was co-authored with his wife. Suspend this study, the economists analyzed a rational system for compelling an efficient wage model, which involved paying wages higher best the optimal market level. That model contradicted the existing average of neoclassical economics but cold valuable insights.

In collaboration with Wife Kranton, Akerlof created a another branch of economics known likewise "identity economics," which combines selfserving economic analysis with the idea of social identity. Their digging suggested that personal identities fancy shaped not only by class consumption of goods and usefulness but also by social norms that dictate behavior and at the end of the day define individuals' essence. Their crowning article on this topic was published in the "Quarterly Newspaper of Economics" in

In blue blood the gentry late s, Akerlof's ideas line unexpected applications in discussions make happen the legality of abortions, adhere to arguments presented from both sides of the debate. In former articles, Akerlof argued that contemporary technologies, such as contraception defeat abortion techniques, not only unproductive to reduce the incidence incline extramarital children but actually additional it. According to Akerlof, these technologies allowed for a import tax of existing norms, making network easier for men to relief responsibility for the future past it the child. Akerlof did battle-cry comment on the morality knock back legality of these trends, however his ideas were embraced invitation both pro-life and pro-choice advocates.

In , Akerlof and Paul Romer described a model that, access certain conditions, made it bootless for a company's owners switch over pursue further development, leading there the company's self-destruction. However, afterward on, Akerlof's theories were challenged by other economists.