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Path dependence, its critics and the quest for 'historical economics'

In: Market Failure or Success

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  • George A. Akerlof

Abstract

Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David. The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested.

Suggested Citation

  • George A. Akerlof, 2002. "Path dependence, its critics and the quest for 'historical economics'," Chapters, in: Tyler Cowen & Eric Crampton (ed.), Market Failure or Success, chapter 5, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:2759_5
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    Keywords

    Economics and Finance;

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