The Contributions Of The Economics Of Information To Twentieth Century Economics

Joseph E. Stiglitz

The Quarterly Journal of Economics, 2000, vol. 115, issue 4, pages 1441-1478

Abstract: In the field of economics, perhaps the most important break with the past - one that leaves open huge areas for future work - lies in the economics of information. It is now recognized that information is imperfect, obtaining information can be costly, there are important asymmetries of information, and the extent of information asymmetries is affected by actions of firms and individuals. This recognition deeply affects the understanding of wisdom inherited from the past, such as the fundamental welfare theorem and some of the basic characterization of a market economy, and provides explanations of economic and social phenomena that otherwise would be hard to understand. © 2000 the President and Fellows of Harvard College and the Massachusetts Institute of Technology

Date: 2000
References: Add references at CitEc
Citations View citations in EconPapers (59) Track citations by RSS feed

Downloads: (external link)
http://www.catchword.com/cgi-bin/cgi?ini=bc&body=l ... 01101)115:4L.1441;1- (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:tpr:qjecon:v:115:y:2000:i:4:p:1441-1478

Ordering information: This journal article can be ordered from
http://mitpress.mit. ... me.tcl?issn=00335533

Access Statistics for this article

The Quarterly Journal of Economics is edited by Robert J. Barro, Edward L. Glaeser and Lawrence F. Katz

More articles in The Quarterly Journal of Economics from MIT Press
Series data maintained by Karie Kirkpatrick ().