An Economic Theorist's Book of TalesCambridge University Press, 26 oct 1984 - 196 páginas These essays explore what happens when a skilful economist makes unconventional assumptions. Economic theory has traditionally relied upon a tacit and 'classical' set of assumptions that have gradually acquired a life of their own in defining how economists write and how they justify economic models. Similarly, these assumptions have acquired an autonomous character: they guide the way economists think about the world. In consequence, consideration of alternative assumptions has become taboo. These essays are substantively and stylistically novel because they break these taboos and bring new assumptions into economic theory. The papers apply this adventurous approach to a wide range of issues - from insurance markets and trade in underdeveloped countries to unemployment and discrimination. Some of the essays derive the implications for economic markets of costly asymmetric information. Others explore the findings of other social sciences such as anthropology, psychology and sociology. |
Índice
Introduction | 1 |
The market for lemons quality uncertainty and the market mechanism | 7 |
The economics of caste and of the rat race and other woeful tales | 23 |
The economics of tagging as applied to the optimal income tax welfare programs and manpower planning | 45 |
A theory of social custom of which unemployment may be one consequence | 69 |
Jobs as dam sites | 101 |
The economic consequences of cognitive dissonance | 123 |
Labor contracts as partial gift exchange | 145 |
Loyalty filters | 175 |
193 | |
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according adverse selection agent assembly line assumption believe cars cash posters caste code code of behavior cognitive dissonance cognitive dissonance theory constraint contracts cost deadweight loss demand denote depends difficult jobs discrimination disobey easy jobs economic theory effort emin equal equilibrium example firm firm's fraction gift exchange given hazardous industry human capital incentive income redistribution individual Janet Yellen labor market LED/L LES/L marginal product Market for Lemons market-clearing maximize negative income tax neoclassical norms number of jobs occur optimal outcaste output paper parameter Pareto optimality persons primary sector programs Proposition redistribution result safety equipment safety legislation secondary sector sharecropping skilled labour skilled workers social custom speed standard supply of labor tagging tastes tion trade type of worker u(qD u(qE u(qɛ u(qp unemployed unskilled workers utility function values Wcrit welfare Werit worker of type zero wage