George Akerlof

Date of Birth: June 17, 1940

Zodiac Sign: Gemini

Date of Death: [Leave blank if the person is alive]

Biography

George Akerlof is an esteemed American economist known for his groundbreaking work in asymmetric information, which culminated in winning the Nobel Memorial Prize in Economic Sciences in 2001. He was born in New Haven, Connecticut, and pursued his undergraduate studies at Yale University. Akerlof later earned his Ph.D. from the Massachusetts Institute of Technology (MIT). Over his illustrious career, he has held academic positions at renowned institutions, including the University of California, Berkeley. Akerlof’s most influential work is the 1970 paper titled “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism,” which elucidated how markets with asymmetric information could lead to market failure. His contributions have had a profound impact on economic theory and policy, influencing areas such as labor economics, development economics, and behavioral economics. In addition to his academic achievements, Akerlof has been involved in various advisory roles and has published several books, including “Animal Spirits,” co-authored with Robert Shiller. He is married to Janet Yellen, the Chair of the Federal Reserve from 2014 to 2018 and the current U.S. Secretary of the Treasury.

5 Interesting Facts about George Akerlof

1. George Akerlof was awarded the Nobel Memorial Prize in Economic Sciences in 2001, sharing it with Michael Spence and Joseph Stiglitz.

2. His seminal paper, “The Market for ‘Lemons’,” was initially rejected by several journals before being published in the Quarterly Journal of Economics in 1970.

3. Akerlof has held a long-term academic position at the University of California, Berkeley, where he has significantly influenced economic thought and research.

4. He co-authored the book “Animal Spirits” with Robert Shiller, which explores how psychological factors drive economic decisions.

5. Akerlof is married to Janet Yellen, making them one of the most influential couples in the field of economics.

5 Most Interesting Quotes from George Akerlof

1. “Economics should not be a set of dictums but a way of looking at the world.”

2. “Behavioral economics tries to make economics more realistic and more applicable to the world.”

3. “In the simplest terms, a market breaks down when buyers and sellers do not have the same information.”

4. “We need to understand how people’s motivations and perceptions shape their economic behavior.”

5. “Economic theory should be driven by empirical observation and not just abstract modeling.”

Highest Net Worth Achieved

At the peak of his career, George Akerlof’s net worth is estimated to be around $10 million, largely derived from his academic positions, advisory roles, and publications.

Children

George Akerlof and Janet Yellen have one son, Robert Akerlof, who is also an economist and serves as an Associate Professor of Economics at the University of Warwick.