Joseph E. Stiglitz
AbstractJoseph 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.
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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 4478.
Date of creation: 01 Jan 2008
Date of revision:
Labor Policies; Economic Theory&Research; Debt Markets; Financial Intermediation;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-01-26 (All new papers)
- NEP-HIS-2008-01-26 (Business, Economic & Financial History)
- NEP-HPE-2008-01-26 (History & Philosophy of Economics)
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Policy Research Working Paper Series
3316, The World Bank.
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