Information and the Change in the Paradigm in Economics, Part 1

Joseph Stiglitz

The American Economist, 2003, vol. 47, issue 2, 6-26

Abstract: The research for which George Akerlof, Mike Spence, and I are being recognized is part of a larger research program which, today, embraces hundred, perhaps thousands, of researchers around the world. In this lecture, I want to set the particular work which was sited within this broader agenda, and that agenda within the broader perspective of the history of economic thought. I hope to show that Information Economics represents a fundamental change in the prevailing paradigm within economics. Problems of information are central to understanding not only market economics but also political economy , and in the last section of this lecture, I explore some of the implications of information imperfections for political processes.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:sae:amerec:v:47:y:2003:i:2:p:6-26

DOI: 10.1177/056943450304700202

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