George Akerlof Famous Quotes
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The whole intention of empirical economics is to force theory down to Earth.
My father was a chemist on the Yale faculty, my mother a housewife.
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.
Keynesian economics has always been needed.
Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.
I think what Bob Shiller and I are doing is we're focusing on macroeconomics and the role of psychology in macroeconomics.
When men do all the outside work, they contribute on average about 10 percent of housework. But as their share of outside work falls, their share of housework rises to no more than 37 percent.
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.
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.
