Economics of Information and the Theory of Economic Development

33 Pages Posted: 12 Apr 2004

See all articles by Joseph E. Stiglitz

Joseph E. Stiglitz

Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)

Date Written: February 1985

Abstract

This paper shows how recent developments in the Economics of Information can provide insights into economic relations in less developed countries, and how they can provide explanations for institutions which, in neoclassical theory, appear anomalous and/or inefficient. Sharecropping and other tenancy relationships in the rural sector and wage determination and urban unemployment are both investigated within this perspective.

Suggested Citation

Stiglitz, Joseph E., Economics of Information and the Theory of Economic Development (February 1985). NBER Working Paper No. w1566. Available at SSRN: https://ssrn.com/abstract=336315

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