American - Economist | June 17, 1940 -
My brother Carl became a physicist; I became an economist.
George Akerlof
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In the late 1960s, the New Classical economists saw the same weaknesses in the microfoundations of macroeconomics that have motivated me. They hated its lack of rigor. And they sacked it.
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Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.
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In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level.
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I would never have been a good reporter because I am not accurate regarding facts.
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Parents don't take a baby's temperature to decide whether the room is too warm; likewise, for global warming, we need a story that spurs us to do what is necessary.
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