Joseph E. Stiglitz

No 4478, Policy Research Working Paper Series from The World Bank

Abstract: 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.

Keywords: Labor Policies; Economic Theory&Research; Debt Markets; Financial Intermediation (search for similar items in EconPapers)
Date: 2008-01-01
New Economics Papers: this item is included in nep-his and nep-hpe
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Citations: View citations in EconPapers (33)

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