One of the more troubling aspects of the ferment in macroeconomics that followed the demise of the Keynesian dominance in the late 1960s has been the inability of many of the new ideas to account for unemployment remains unexplained because equilibrium in most economic models occurs with supply equal to demand: if this equality holds in the labor m...

Book DescriptionAkerlof illustrates how his \'modern\', Nobel Prize-winning methodology of using \'tailor-made\' economic models to solve problems differs from the standard, benchmark, all-encompassing general-equilibrium-perfect competition-based methodology....

Book DescriptionAkerlof illustrates how his \'modern\', Nobel Prize-winning methodology of using \'tailor-made\' economic models to solve problems differs from the standard, benchmark, all-encompassing general-equilibrium-perfect competition-based methodology....

The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, \'animal spirits\' are driving financial events worldwide....