Publication: Joseph E. Stiglitz
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Date
2008-01
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2008-01
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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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“Hoff, Karla. 2008. Joseph E. Stiglitz. Policy Research Working Paper; No. 4478. © World Bank. http://hdl.handle.net/10986/6477 License: CC BY 3.0 IGO.”
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