Formosa Travel on Or certain sellers might gain a reputation for selling high-quality products, a brand name. The good traded need not be cars, it could be insurance, or products in developing countries, or new hires, or myriad other goods, which Akerlof only began to explore. For macroeconomics the most important market is the LABOR market, and here Akerlof has devoted much of his theoretical and empirical work. Classical economic theory wonders why wages don’t fall enough in recessions to eliminate unemployment. In various papers Akerlof (with others, notably Janet Yellen) has imported from other social sciences reasons why firms might choose to pay higher wages: from psychology, equity theory highlights considerations of fairness; from anthropology, gift exchange notes the importance of reciprocity; and from sociology come notions of the importance of group norms. Additionally, in work with Dickens and Perry, he has shown that near-rational decision rules may explain the money illusion of wage setting. These are just a few of the many ways in which Akerlof has posited that people’s behaviors differ from that of the standard rational actor model. Formosa Travel 2016.
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