Joseph E. Stiglitz
World Bank - Development Economics Group (DEC)
January 1, 2008
World Bank Policy Research Working Paper No. 4478
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.
Number of Pages in PDF File: 27
Keywords: Labor Policies, Economic Theory & Research, Debt Markets, Financial Intermediationworking papers series
Date posted: January 18, 2008
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