(Ebook) Explorations in pragmatic economics selected papers of George A Akerlof 1st Edition by George A Akerlof ISBN 0199253900 9780199253913

(Ebook) Explorations in pragmatic economics selected papers of George A Akerlof 1st Edition by George A Akerlof ISBN 0199253900 9780199253913

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ISBN 10: 0199253900 
ISBN 13: 9780199253913
Author: George A Akerlof

For twenty years since the publication of his seminal paper 'The Market for "Lemons"', George A. Akerlof's work has changed the way we see economics, and the economics of information in particular. In abandoning the perfect-competition benchmarks of classical economics, the pragmatic modern economics championed by Akerlof has provided deep insights into markets, identity, discrimination, motivation, and work, and into behavioural economics in general. This collection of Akerlof's most important papers provide both an introduction to Akerlof's work and a grounding in modern economics. Divided into two broad areas, micro- and macroeconomics, they cover the economics of information; the theory of unemployment; macroeconomic equilibria; the demand for money; psychology and economics; and the nature of discrimination and other social issues. The collection closes with Akerlof's 2001 Nobel Lecture, in which he argues that it is imperative that macroeconomics be considered inherently behavioural. Akerlof's substantial introduction to this volume tells the story of these papers, connecting them and showing how his later work has built upon his early contributions, in many cases improving their arguments, their subtlety, and their usefulness today.

(Ebook) Explorations in pragmatic economics selected papers of George A Akerlof 1st Table of contents:

Part I. Microeconomics
1. The Market for Lemons: Quality Uncertainty and the Market Mechanism
I. Introduction
II. The Model with Automobiles as an Example
III. Examples and Applications
IV. Counteracting Institutions
V. Conclusion
2. The Economics of Caste and of the Rat Race and Other Woeful Tales
I. Introduction
II. Sharecropping
III. Work Conditions: The Rat Race
IV. Statistical Discrimination
V. Caste and Group Organizations
VI. Conclusion
3. Discriminatory, Status-based Wages among Tradition-oriented, Stochastically Trading Coconut Produ
I. The Model Explained
II. The Formal Model
III. The Nondiscriminatory Equilibrium
IV. A Discriminatory Equilibrium
V. Conclusion
4. Economics and Identity
I. Introduction
II. Utility Function and Evidence of Identity-Related Behavior
III. Economics and Identity: A Prototype Model
IV. Identity, Gender, and Economics in the Workplace
V. Identity and the Economics of Exclusion and Poverty
VI. Identity and the Economics of the Household
VII. Conclusion
5. The Economics of Tagging as Applied to the Optimal Income Tax, Welfare Programs, and Manpower Pla
I. Introduction
II. A Simple Example and Explanation of Mirrlees-Fair
III. A Simple Example of Optimal Taxes and Subsidies with Tagging
IV. Generalized Problem
V. Cost–Benefit Evaluation of Manpower Programs and Tagging
VI. Summary and Conclusions
6. An Analysis of Out-of-Wedlock Childbearing in the United States
I. Introduction
II. Basic Trends
III. A Rudimentary Model of Female Immiseration
IV. Sexual Participation, Abortion, and Shotgun Marriage
V. Discussion of Models and Experience in the United States
VI. Conclusions
7. Men without Children
I. Model of Marriage
II. Married vs. Single
III. Tests of the Effects of Marriage on Human Capital
IV. Change in Fixed Effects Coincidental with Timing of Marriage
V. Conclusion
8. The Economic Consequences of Cognitive Dissonance
I. An Overview
II. Psychological Evidence for the Basic Premises
III. A Model
IV. Potential Applications
V. Conclusion
9. The Economics of Illusion
I. Public Choice Models of Illusion
II. Warriors and Victims
III. Conclusion
10. Procrastination and Obedience
I. Salience and Decisions
II. Procrastination
III. Procrastination: Substance Abuse, Savings, and Organizational Failures
IV. Indoctrination and Obedience
V. Cults
VI. Crime and Drugs
VII. Politics and Economics
VIII. Bureaucracies
IX. Conclusion
11. Looting: The Economic Underworld of Bankruptcy for Profit
An Abstract Model of Looting
Examples of Looting
The Looting of Savings and Loans during the 1980s
Conclusion
Part II. Macroeconomics
12. Relative Wages and the Rate of Inflation
13. The Microeconomic Foundations of a Flow of Funds Theory of the Demand for Money
I. Introduction
II. The Model of Payments Flows and Properties of Money Demand
III. Examples of Payments Shifts Which Cause Large and Small Shifts in Money Demanded
IV. Example of Shifts in Payments Flows between Units of Different Scale
V. Implications
VI. Conclusion
14. Irving Fisher on his Head: The Consequences of Constant Threshold-Target Monitoring of Money Hol
I. Introduction
II. Relation between Payments Flows and Money Demand with Threshold-Target Monitoring
III. Comments on the Model
IV. Agreement with Empirical Evidence
V. Summary and Conclusion
15. Jobs as Dam Sites
I. Introduction
II. Common Features in Models of Non-Utilization and Analogy Between Jobs and Dam Sites
III. Specific Technology and Jobs
IV. A Partial Equilibrium Example
V. A General Equilibrium Example
VI. Summary and Conclusion
16. Labor Contracts as Partial Gift Exchange
I. Introduction
II. The Non-neoclassical Behavior of the Cash Posters or of the Eastern Utilities Co.
III. Sociological Explanation of Cash Posters’–Eastern Utilities’ Behavior
IV. Reference Groups
V. The Fair Wage
VI. A Model
VII. Two Examples
VIII. Conclusion
17. The Fair Wage–Effort Hypothesis and Unemployment
I. Introduction
II. Motivation for the Fair Wage–Effort Hypothesis
III. A Rudimentary Model of Unemployment with the Fair Wage–Effort Hypothesis
IV. A Relative Deprivation Model of the Fair Wage
VI. Conclusion
18. A Near-Rational Model of the Business Cycle, with Wage and Price Inertia
I. Introduction
II. A Model of Cyclical Unemployment
III. Conclusion
19. The Macroeconomics of Low Inflation
Simulation Model
Appendix A
20. Behavioral Macroeconomics and Macroeconomic Behavior
I. Asymmetric Information
II. Involuntary Unemployment
III. Effectiveness of Monetary Policy
IV. The Phillips Curve and the NAIRU
V. Undersaving
VI. Asset Markets
VII. Poverty and Identity
VIII. Conclusion
Index

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