Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics. George Akerlof 1960scapturecharacteristic Change image and share on social
In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level. George Akerlof aggregatebusinesscause share on social
The only way we are going to ameliorate pressing social needs is through public intervention. George Akerlof ameliorateinterventionpress Change image and share on social
I would never have been a good reporter because I am not accurate regarding facts. George Akerlof accuratefactgood Change image and share on social
Keynesian economics has always been needed. George Akerlof economicskeynesianneed Change image and share on social
My mother, whose interest in chemistry was rather minimal, nevertheless went to graduate school in the subject and married my father, for whom it was as important as life itself. George Akerlof chemistryfathergraduate Change image and share on social
Parents don't take a baby's temperature to decide whether the room is too warm; likewise, for global warming, we need a story that spurs us to do what is necessary. George Akerlof babydecideglobal Change image and share on social
In the late 1960s, the New Classical economists saw the same weaknesses in the microfoundations of macroeconomics that have motivated me. They hated its lack of rigor. And they sacked it. George Akerlof 1960sclassicaleconomist Change image and share on social
My brother Carl became a physicist; I became an economist. George Akerlof brothercarleconomist Change image and share on social
When you give chief executives too much compensation in stock options, they concentrate too much on the stock price, and there is a perverse incentive to raise the stock price, particularly when the chief executive wants to exercise his own options. George Akerlof chiefcompensationconcentrate share on social
