George Akerlof
George Arthur Akerlof is an American economist who is a university professor at the McCourt School of Public Policy at Georgetown University. He won the 2001 Nobel Memorial Prize in Economic Sciences. He and collaborator Rachel Kranton of Duke University introduce social identity into formal economic analysis, creating the field of identity economics.
About George Akerlof in brief
George Arthur Akerlof is an American economist who is a university professor at the McCourt School of Public Policy at Georgetown University. He won the 2001 Nobel Memorial Prize in Economic Sciences. He is perhaps best known for his article, \”The Market for Lemons: Quality Uncertainty and the Market Mechanism\”, published in Quarterly Journal of Economics in 1970. He and collaborator Rachel Kranton of Duke University introduce social identity into formal economic analysis, creating the field of identity economics. In 1993 he and Paul Romer brought forth The Economic Underworld of Bankruptcy for Profit describing how under certain conditions, owners of corporations will decide it is more profitable for them personally to ‘loot’ the company and ‘extract value’ from it instead of trying to make it grow and prosper.
For example: Bankrupthip for profit will occur if poor accounting, lax regulation, or low penalties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations. In his 2007 presidential address to the American Economic Association he proposed natural norms that decision makers have for how they behave. Such norms can explain discrepancies between theory and observed facts about the macroeconomy.
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