structural:expansion, linguistic:voice_change, information:filtering, information:highlighting, stylistic:style_transfer
Information economics

In 1970 George Akerlof (1940–) published the paper The Market for Lemons, founding the theory of Information Economics, receiving the 2001 Nobel Economics Prize.

Joseph E. Stiglitz (1943–) also received the Nobel Economics Prize in 2001 for his work in Information Economics. He has served as chairman of President Clinton's Council of Economic Advisers, and as chief economist for the World Bank. Stiglitz has taught at many universities, including Columbia, Stanford, Oxford, Manchester, Yale, and MIT. In recent years he has become an outspoken critic of global economic institutions. In Making Globalization Work (2007) he offers an account of his perspectives on issues of international economics:

"The fundamental problem with the neoclassical model and the corresponding model under market socialism is that they fail to take into account a variety of problems that arise from the absence of perfect information and the costs of acquiring information, as well as the absence or imperfections in certain key risk and capital markets. The absence or imperfection can, in turn, to a large extent be explained by problems of information."

Stiglitz talks about his book Making Globalization Work here.