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Joseph E. Stiglitz, Volume 1
 
Author:Hoff, Karla; Collection Title:Policy Research working paper ; no. WPS 4478
Country:World; Date Stored:2008/01/15
Document Date:2008/01/01Document Type:Policy Research Working Paper
SubTopics:Economic Theory & Research; Debt Markets; ; Labor Policies; Financial IntermediationLanguage:English
Region:The World RegionReport Number:WPS4478
Volume No:1  

Summary: Joseph 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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