Joseph E. Stiglitz

Hoff, Karla

Abstract

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Joseph E. Stiglitz

Karla Hoff

World Bank - Development Economics Group (DEC)

January 1, 2008

World Bank Policy Research Working Paper No. 4478

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.

Number of Pages in PDF File: 27

Keywords: Labor Policies, Economic Theory & Research, Debt Markets, Financial Intermediation

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Date posted: January 18, 2008

Suggested Citation

Hoff, Karla, Joseph E. Stiglitz (January 1, 2008). World Bank Policy Research Working Paper Series, Vol. , pp. -, 2008. Available at SSRN: http://ssrn.com/abstract=1084711

Contact Information

Karla Hoff (Contact Author)

World Bank - Development Economics Group (DEC) ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

HOME PAGE: http://econ.worldbank.org/staff/khoff