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

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  • Joseph E. Stiglitz

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.

Suggested Citation

  • Joseph E. Stiglitz, 2003. "Information and the Change in the Paradigm in Economics, Part 1," The American Economist, Sage Publications, vol. 47(2), pages 6-26, October.
    • Handle: RePEc:sae:amerec:v:47:y:2003:i:2:p:6-26
    DOI: 10.1177/056943450304700202
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    Cited by:

    1. Stephan Leitner & Friederike Wall, 2021. "Decision-facilitating information in hidden-action setups: an agent-based approach," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 16(2), pages 323-358, April.
    2. Frieden, B. Roy & Hawkins, Raymond J., 2010. "Asymmetric information and economics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(2), pages 287-295.
    3. Raymond J. Hawkins & B. Roy Frieden, 2012. "Asymmetric Information and Quantization in Financial Economics," International Journal of Mathematics and Mathematical Sciences, Hindawi, vol. 2012, pages 1-11, December.
    4. Philip Mirowski, 2011. "The Spontaneous Methodology of Orthodoxy, and Other Economists’ Afflictions in the Great Recession," Chapters, in: John B. Davis & D. Wade Hands (ed.), The Elgar Companion to Recent Economic Methodology, chapter 20, Edward Elgar Publishing.
    5. Joshua Odutola Omokehinde & Matthew Adeolu Abata & Olukayode Russell & Stephen Oseko Migiro & Christopher Somoye, 2017. "Asymmetric Information and Volatility of Stock Returns in Nigeria," Journal of Economics and Behavioral Studies, AMH International, vol. 9(3), pages 220-231.
    6. Alain Herscovici, 2023. "The Historicity of Economic Sciences: The Main Epistemological Ruptures," Post-Print hal-04189632, HAL.
    7. Alexandra Horobet & Irina Mnohoghitnei & Emanuela Marinela Luminita Zlatea & Lucian Belascu, 2022. "The Interplay between Digitalization, Education and Financial Development: A European Case Study," JRFM, MDPI, vol. 15(3), pages 1-23, March.
    8. Patrick Reinwald & Stephan Leitner & Friederike Wall, 2021. "Limited intelligence and performance-based compensation: An agent-based model of the hidden action problem," Papers 2107.03764, arXiv.org.
    9. Hawkins, Raymond J. & Aoki, Masanao & Roy Frieden, B., 2010. "Asymmetric information and macroeconomic dynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(17), pages 3565-3571.
    10. Jorge Mejia & Chris Parker, 2021. "When Transparency Fails: Bias and Financial Incentives in Ridesharing Platforms," Management Science, INFORMS, vol. 67(1), pages 166-184, January.

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