Following the end of the Allied occupation of Japan, real increases in GNP averaged 9.6 percent from 1952 to 1971. From 1972 to 1991, growth remained strong but less dramatic, averaging 4 percent per year. The rest of the 1990s and early 2000s have been a different story. From 1991 to 2003, real economic growth […]| Econlib
George Akerlof, along with Michael Spence and Joseph Stiglitz, received the 2001 Nobel Prize “for their analyses of markets with asymmetric information.” Although much of economics is built on the assumption of perfect information, various economists in the past had considered the effects of imperfect information. Two giants in this area were ludwig von […]| Econlib
