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Joseph E. Stiglitz, 2001 Nobel Laureate in Economics, helped create the theory of markets with asymmetric information and was one of the founders of modern development economics. He played a leading role in an intellectual revolution that changed the characterization of a market economy. In the new paradigm, the price system only imperfectly solves the information problem of scarcity because of the many other information problems that arise in the economy: the selection over hidden characteristics, the provision of incentives for hidden behaviors and for innovation, and the coordination of choices over institutions.

Adverse Selection --- Debt Markets --- Development Economics --- Economic Theory --- Economic Theory and Research --- Economics --- Efficient Outcomes --- Finance and Financial Sector Development --- Financial Intermediation --- Imperfect Information --- Incentive Problems --- Innovation --- Labor Policies --- Macroeconomics and Economic Growth --- Market Economy --- Markets and Market Access --- Perfect Information --- Social Protections and Labor