An Economic Theorist's Book of Tales
Cambridge 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.
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The market for lemons quality uncertainty and the market mechanism
The economics of caste and of the rat race and other woeful tales
The economics of tagging as applied to the optimal income tax welfare programs and manpower planning
A theory of social custom of which unemployment may be one consequence
Jobs as dam sites
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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 denote depends difficult jobs discrimination disobey easy jobs economic theory economists effort equal equilibrium example explain firm firm's fraction gift exchange given hazardous industry honest human capital incentive income redistribution individual Janet Yellen labor market LJS/L long-run loss of reputation marginal product Market for Lemons market-clearing maximize negative income tax neoclassical norms number of jobs occur optimal outcaste output paper parameter persons pj/pm predictions primary sector programs Proposition redistribution result safety equipment safety legislation secondary sector sharecropping shows skilled labour skilled workers social custom speed standard statistical discrimination supply of labor tagging tastes tion trade u(qD u(qE unemployed unskilled workers utility function values Walrasian model welfare worker of type zero wage
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