American Experience
A Brilliant Madness: American Nobel Economists
George A. Akerlof
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  2001  
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"I've always been interested in why people are poor," Akerlof, who grew up in the years following the Depression, once said. "What economics is about is trying to prevent poverty insofar as that is possible." He and his 2001 co-laureates caused a revolution in economics with their study of asymmetrical markets -- where the buyer and seller have different information about the market. He is the author of a study on the role of asymmetric information in the market for "lemon" used cars.


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