TY - BOOK ID - 133967890 TI - Joseph E. Stiglitz PY - 2008 PB - Washington, D.C., The World Bank, DB - UniCat KW - Adverse Selection KW - Debt Markets KW - Development Economics KW - Economic Theory KW - Economic Theory and Research KW - Economics KW - Efficient Outcomes KW - Finance and Financial Sector Development KW - Financial Intermediation KW - Imperfect Information KW - Incentive Problems KW - Innovation KW - Labor Policies KW - Macroeconomics and Economic Growth KW - Market Economy KW - Markets and Market Access KW - Perfect Information KW - Social Protections and Labor UR - https://www.unicat.be/uniCat?func=search&query=sysid:133967890 AB - 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. ER -