implications of the New Information Paradigm for labor, capital, and product markets. This New Paradigm, for which Stiglitz was awarded the Nobel Memorial Prize in Economics in 2001, has fundamentally changed the way we think about every aspect of economics, raising new questions on corporate
governance, and leading us to reconsider old questions on corporate finance, the relationship between finance and the economy, and the theory of economic incentives.
While this volume focuses on the application of basic principles, it also extends the theory in important ways, showing the fruitfulness of Stiglitz's research strategy. In doing so, the papers set the ground for questioning some prevailing doctrines: key market phenomena cannot be explained by markets with rational expectations, even when information is imperfect. It demonstrates that how societies organize the obtainment, processing, and transmitting of information is as important as how
they organize the production and distribution of goods. Indeed, the two issues are inseparable. The papers thus lay the foundations of a New Institutional Economics, not only describing how institutions (like sharecropping or banks) work and affect resource allocations, but why they arise and take on
particular forms.
Produkteigenschaften
- Artikelnummer: 9780199533718
- Medium: Buch
- ISBN: 978-0-19-953371-8
- Verlag: OXFORD UNIV PR
- Erscheinungstermin: 28.02.2013
- Sprache(n): Englisch
- Auflage: 1. Auflage 2013
- Serie: Selected Works of Joseph E. Stiglitz
- Produktform: Gebunden
- Gewicht: 1694 g
- Seiten: 920
- Format (B x H x T): 178 x 252 x 55 mm
- Ausgabetyp: Kein, Unbekannt