Home > George Akerlof
George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of California, Berkeley. He won the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 2001 (shared with Michael Spence and Joseph E. Stiglitz). In " The Market for Lemons: Quality Uncertainty and the Market Mechanism", published in Quarterly Journal of Economics in 1970 he coined the term "Lemon" for a used car with hidden defects.
In Efficiency Wage Models of the Labor Market, Akerlof and coauthor Janet Yellen propose rationales for the efficiency wage hypothesis in which employers pay above the market-clearingIn economics, market clearing refers to either # a simplifying assumption made by the new classical school that markets always go to where the quantity supplied equals the quantity demanded; or # the process of getting there via price adjustment. The core wage, in contradiction to the conclusions of neoclassical economicsNeoclassical economics is grouping of a number of schools of thought in economics. There is not complete agreement on what is meant by neoclassical economics—in particular, vision, problem domains, and particular concerns vary among neoclassical economist.
Akerlof received his
Bachelor's degreeA bachelor's degree is usually an undergraduate academic degree awarded for a course that generally lasts three or four years. Note that some postgraduate degrees are entitled Bachelor of. the University of Oxford Bachelor of Civil Law. Honours degrees In from Yale UniversityYale University is a private university in New Haven, Connecticut. Founded in 1701, Yale is the third oldest American collegiate institution (or fourth, if St. John's College, Annapolis is included) and one of the most prestigious in the world. The Univer in 1962Events January January 1 Western Samoa becomes independent from New Zealand January 3 Pope John XXIII excommunicates Fidel Castro January 4 New York City introduces a train that operates without a crew on-board January 8 Leonardo da Vinci's Mona Lisa is e, and his Ph.D. from MITMotto Mens et Manus ("mind and hand") Established 1861 School type Private President Charles Vest (successor Susan Hockfield to take office in December 2004) Location Cambridge, Mass. USA Enrollment 4,112 undergraduate, 6,228 graduate Faculty 974 Campus U in 1966Events January January 1 In a coup, Colonel Jean-Bedel Bokassa ousts president David Dacko and takes over the Central African Republic. January 2 Strike of public transportation workers in New York City ends January 13 January 3 First Acid Test at the Fil. His maternal great-grandfather was born in Oakland, CaliforniaOakland founded in 1852, is a city on the east side (aka East Bay) of San Francisco Bay in Northern California in the United States. To its north is Berkeley, home to the famous university campus ( University of California, Berkeley). To its west is San F and was an alumnus of UC Berkeley (Class of 1873). His maternal grandfather was also a Berkeley alumnus. His wife Janet Yellen is a professor of economics at UC Berkeley and served on President Bill Clinton's Council of Economic Advisors.
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