George Akerlof Quotes

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George Akerlof
Born George Arthur Akerlof
(1940-06-17) June 17, 1940 (age 76)
New Haven, Connecticut
Nationality United States
Spouse(s) Janet Yellen
Institution Georgetown University
University of California, Berkeley
School or
New Keynesian economics
Alma mater Lawrenceville School
Yale University (B.A.)
MIT (Ph.D.)
Robert Solow[1]
Adriana Kugler
Michael Ash
Influences John Maynard Keynes
Influenced Robert Shiller
Contributions Information asymmetry
Efficiency wages
Awards Nobel Memorial Prize in Economic Sciences (2001)
Information at IDEAS / RePEc

My brother Carl became a physicist; I became an economist.
My Swedish grandmother was the daughter of a dairy farmer who lived near Hedemora. My Swedish grandfather worked as a clerk for the Swedish railways in the Stockholm station.
George Akerlof
I would never have been a good reporter because I am not accurate regarding facts.
George Akerlof
Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.
George Akerlof
In the late 1960s, the New Classical economists saw the same weaknesses in the microfoundations of macroeconomics that have motivated me. They hated its lack of rigor. And they sacked it.
George Akerlof
The idea is that in any situation, people have a notion as to who they are and how they should behave. And if you don't behave according to your identity, you pay a cost.
George Akerlof
I've always been a macroeconomist. That's what I teach. And I guess that's what I've been concerned with ever since I've been very young.
George Akerlof
When you give chief executives too much compensation in stock options, they concentrate too much on the stock price, and there is a perverse incentive to raise the stock price, particularly when the chief executive wants to exercise his own options.
George Akerlof
The only way we are going to ameliorate pressing social needs is through public intervention.
George Akerlof
In New Classical theory, periods of declining employment – business cycle downturns – may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.
George Akerlof
I think what Bob Shiller and I are doing is we're focusing on macroeconomics and the role of psychology in macroeconomics.
George Akerlof
When men do all the outside work, they contribute on average about 10 percent of housework. But as their share of outside work falls, their share of housework rises to no more than 37 percent.
George Akerlof
My father was a chemist on the Yale faculty, my mother a housewife.
The whole intention of empirical economics is to force theory down to Earth.
George Akerlof
Parents don't take a baby's temperature to decide whether the room is too warm; likewise, for global warming, we need a story that spurs us to do what is necessary.
George Akerlof
Keynesian economics has always been needed.
My mother, whose interest in chemistry was rather minimal, nevertheless went to graduate school in the subject and married my father, for whom it was as important as life itself.
George Akerlof
The failure of credit markets is one of the major reasons for underdevelopment.
George Akerlof