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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
Choose an application
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
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