On Making Economics Realistic

The Editors

Challenge, 2002, vol. 45, issue 6, 6-20

Abstract: George Akerlof has been a pioneer in developing theories that explain important deviations from classical economics. In 2001, he, along with Joseph Stiglitz and Michael Spence, won the Nobel Memorial Prize in economic science. His acceptance speech was a forceful denunciation of many standard claims of economics today. In fact, Akerlof believes a truer view of how the economy works reflects the spirit of Keynes. He is concerned that the nation will try to reduce inflation too far.

Date: 2002
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DOI: 10.1080/05775132.2002.11034178

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