| George A. Akerlof AKA George Arthur Akerlof Born: 17-Jun-1940
Birthplace: New Haven, CT
Gender: Male
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Economist
Party Affiliation: Democratic Nationality: United States
Executive summary: Asymmetric markets For their work advancing the theory of markets with asymmetric information, economists George A. Akerlof, A. Michael Spence and Joseph Stiglitz shared the Nobel Prize in Economics in 2001. Akerlof's Nobel citation was largely based on his influential paper "The Market for Lemons", which was not about fruit but about used cars, examining the buyer's disadvantage in making a purchase where the seller has much more information about what is being sold. The article was rejected twice as "too trivial to merit publication in a serious academic journal", before it was finally accepted at the Quarterly Journal of Economics in 1970.
His wife, Janet L. Yellen, is also a noted economist, who served on President Bill Clinton's Council of Economic Advisors, and collaborated with Akerlof on the book Efficiency Wage Models of the Labor Market. An expert in macro-economics, monetary policy and poverty, Akerlof has described the George W. Bush administration as "the worst government the US has ever had".
Brother: Carl Akerlof (physicist, b. 1938)
Wife: Kay Leong (m. circa 1973, div. 1977)
Wife: Janet L. Yellen (economist, dated 1977-78, m. 1978)
Son: Robert Akerlof (b. Jun-1981)
High School: Lawrenceville School, Lawrenceville, NJ (1958)
University: BS Economics, Yale University (1962)
University: PhD Economics, Massachusetts Institute of Technology (1966)
Scholar: Economics, Indian Statistical Institute of New Delhi (1967-68)
Teacher: Economics, UC Berkeley (1968-77)
Professor: Economics, London School of Economics (1978-80)
Professor: Economics, UC Berkeley (1980-)
US Council of Economic Advisers 1973-74
Federal Reserve 1977-78
American Academy of Arts and Sciences
American Economic Association
Brookings Institution Grant (1994-99)
Canadian Institute for Advanced Research
Econometric Society
Institute for Policy Reform
John Kerry for President
National Academy of Sciences
National Bureau of Economic Research Research Associate, Director
Russell Sage Foundation Roundtable on Behavioral Economics
Fulbright
Guggenheim Fellowship
Nobel Prize for Economics 2001 (with A. Michael Spence and Joseph Stiglitz)
German Ancestry Maternal
Jewish Ancestry Maternal
Swedish Ancestry Paternal
Risk Factors: Depression
Author of books:
An Economic Theorist's Book of Tales: Essays that Entertain the Consequences of New Assumptions in Economic Theory (1984)
Efficiency Wage Models of the Labor Market (1986, with Janet L. Yellen)
Explorations in Modern Economics (2003)
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