Information and the Change in the Paradigm in Economics, Part 1

@article{Stiglitz2003InformationAT,
  title={Information and the Change in the Paradigm in Economics, Part 1},
  author={Joseph E. Stiglitz},
  journal={The American Economist},
  year={2003},
  volume={47},
  pages={26 - 6}
}
  • J. Stiglitz
  • Published 2003
  • Political Science, Economics
  • The American Economist
The research for which George Akerlof, Mike Spence, and I are being recognized is part of a larger research program which, today, embraces hundred, perhaps thousands, of researchers around the world. In this lecture, I want to set the particular work which was sited within this broader agenda, and that agenda within the broader perspective of the history of economic thought. I hope to show that Information Economics represents a fundamental change in the prevailing paradigm within economics… Expand
How to Change Economics 101
Abstract In the view of Samuel Bowles and Wendy Carlin, macroeconomics 101 requires serious changes. They advocate instead the use of the new CORE textbook, The Economy, to which they contributed.Expand
The characteristics of a monetary economy: a Keynes¿Schumpeter approach.
Mainstream monetary theory considers money only as an instrument meant to facilitate trading without having any effect on income or on the evolution of the economic system. The aim of this paper isExpand
Financial Economics from Fisher Information
In this chapter we will cover three general applications of Fisher information in the analysis of financial economics. The first two applications (Sections 2.1 and 2.2) demonstrate how constraintsExpand
Asymmetric information and economics
We present an expression of the economic concept of asymmetric information with which it is possible to derive the dynamical laws of an economy. To illustrate the utility of this approach we show howExpand
The Effect of Asymmetric Information in the Money Market on Investment, Employment, and Production in Iran
Nowadays, banks are considered as one of the major components of the financial system of a country and any deficits and malfunction in the banking system will negatively affect the performance of theExpand
Asymmetric information and macroeconomic dynamics
We show how macroeconomic dynamics can be derived from asymmetric information. As an illustration of the utility of this approach we derive the equilibrium density, non-equilibrium densities and theExpand
Telecommunications Services Market in the Light of the Agency Theory and the Transaction Cost Theory under New Institutional Economics : Case for Poland
Q e main objective of the paper is to evaluate the telecommunications services market in Poland, focusing on its regulation in the context of the Agency Q eory and the Transaction Cost Q eory underExpand
Intangible resources and cross-border acquisition decisions: The impact of reputation and the moderating effect of experiential knowledge
Abstract Drawing from the resource-based view, signaling theory, and internationalization literatures, we argue that a key intangible resource – reputation – influences the decision to engage inExpand
Striking a Balance: Credit Penetration and NPA Management - Role of Information Sharing*
4. Before the advent of credit information models, traditional neo-classical economics assumed that markets were ‘informationally effi cient’. This implied that one cannot consistently achieveExpand
Decision-facilitating information in hidden-action setups: an agent-based approach
TLDR
This paper relaxes key assumptions regarding the availability of information included in the hidden-action model in order to study whether and, if so, how fast the optimal sharing rule is achieved and how this is affected by the various types of information employed in the principal-agent relation. Expand
...
1
2
3
4
5
...

References

SHOWING 1-10 OF 288 REFERENCES
The Contributions of the Economics of Information to Twentieth Century Economics
In the field of economics, perhaps the most important break with the past—one that leaves open huge areas for future work—lies in the economics of information. It is now recognized that informationExpand
The analytics of uncertainty and information
There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This subject is now taught not only in departments of economics but also inExpand
Information and Economic Analysis: A Perspective
Ten years ago, I delivered a paper before this group with the title, 'Information and Economic Analysis.' I chose the title deliberately: I did not call the subject on which I was speaking theExpand
The Invisible Hand and Modern Welfare Economics
This paper reviews and puts into perspective recent work reassessing the first and second Fundamental Theorems of Welfare Economics. It assesses the implications of the Greenwald-Stiglitz theoremExpand
New perspectives on public finance: recent achievements and future challenges
Abstract The advances in the economics of the public sector during the past quarter century have been as pronounced as in any field within economics. Public finance has become a rigorous branch ofExpand
Price Rigidities and Market Structure
Conventional wisdom has it that a large part of the explanation of Keynesian unemployment is the observed rigidities of wages and prices. What has been lacking, however, is a satisfactory theory (orExpand
A Theory of Incentives in Procurement and Regulation
More then just a textbook, A Theory of Incentives in Procurement and Regulation will guide economists' research on regulation for years to come. It makes a difficult and large literature of the newExpand
Information, Finance, and Markets: The Architecture of Allocative Mechanisms
While bankers and businessmen have long recognized the importance of finance. financial constraints, and financial institutions, they have played a secondary role in neoclassical economic theory.Expand
Technological Change, Sunk Costs, and Competition
THERE IS A PERSISTENT divergence between the widespread views of the virtues of capitalism and the models we use tojustify those beliefs. While it is the dynamic properties of capitalism, theExpand
Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information
Economic theorists traditionally banish discussions of information to footnotes. Serious consideration of costs of communication, imperfect knowledge, and the like would, it is believed, complicateExpand
...
1
2
3
4
5
...