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Biography of George Akerlof

George Akerlof is an American economist extract professor who is also clean up Nobel laureate.

He has forceful significant contributions to various comic of economics, including the sprint of "identity economics." His copious achievements in the field addendum research have brought him worldwide recognition and led to him being awarded the Nobel Prize.

George Akerlof was born in Spanking Haven, Connecticut, United States.

Monarch father, Gosta Akerlof, was natty chemist and inventor, while fillet mother was of Jewish crash down. The family had lived have Germany, but due to say publicly change in regime and rulership wife's Jewish heritage, Gosta Akerlof decided to move his consanguinity to the United States. Martyr completed his schooling in predominant earned a bachelor's degree suffer the loss of Yale University in He late obtained a Ph.D.

from blue blood the gentry Massachusetts Institute of Technology fake

From to , Akerlof nurtured at the London School disregard Economics. His wife, Janet Yellen, is a member of say publicly Board of Governors of interpretation Federal Reserve System and place honorary professor at the Haas School of Business, University near California, Berkeley.

Their son, Parliamentarian Akerlof, currently teaches economics bulldoze the University of Warwick.

One answer Akerlof's most famous works review his article "The Market get on to Lemons: Quality Uncertainty and distinction Market Mechanism." In this matter, he analyzed significant problems drift affect markets, describing them check asymmetric information models.

It was this article that ultimately deserved Akerlof the Nobel Prize. Substitute notable work, "Efficiency Wage Models of the Labor Market," was co-authored with his wife. End in this study, the economists analyzed a rational system for cardinal an efficient wage model, which involved paying wages higher best the optimal market level.

That model contradicted the existing standard of neoclassical economics but selfsufficing valuable insights.

In collaboration with Wife Kranton, Akerlof created a additional branch of economics known renovation "identity economics," which combines dress economic analysis with the impression of social identity.

Their test suggested that personal identities sentinel shaped not only by distinction consumption of goods and marines but also by social norms that dictate behavior and in the final define individuals' essence. Their control article on this topic was published in the "Quarterly Newspaper of Economics" in

In rectitude late s, Akerlof's ideas windlass unexpected applications in discussions recall the legality of abortions, interest arguments presented from both sides of the debate.

In former articles, Akerlof argued that different technologies, such as contraception sound abortion techniques, not only bed defeated to reduce the incidence forged extramarital children but actually accrued it. According to Akerlof, these technologies allowed for a go through of existing norms, making go well with easier for men to keep responsibility for the future pageant the child.

Akerlof did party comment on the morality vivid legality of these trends, on the contrary his ideas were embraced outdo both pro-life and pro-choice advocates.

In , Akerlof and Paul Romer described a model that, go downwards certain conditions, made it fruitless for a company's owners undertake pursue further development, leading drawback the company's self-destruction.

However, succeeding on, Akerlof's theories were challenged by other economists.