George Akerlof quotes

George Akerlof is an American economist renowned for his groundbreaking work in information economics. His most famous paper, "The Market for Lemons," introduced the concept of asymmetric information and its effects on markets. He has received the Nobel Prize in Economics and has significantly influenced economic theory. Here are 7 of his quotes:

When men do all the outside work, they contribute on average about 10 percent of housework. But as their share of outside work falls, their share of housework rises to no more than 37 percent.

George Akerlof

The failure of credit markets is one of the major reasons for underdevelopment.

George Akerlof

Prior to the early 1960s, economic theorists rarely constructed models customized to capture unique institutions or specific market characteristics.

George Akerlof

The only way we are going to ameliorate pressing social needs is through public intervention.

George Akerlof

I would never have been a good reporter because I am not accurate regarding facts.

George Akerlof

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.

George Akerlof