For Hayek, a market was a personal voyage of discovery. Malthus once told Ricardo to be wary of becoming too attached to abstract ways of thinking. Keynes believed in “animal spirits.” Schumpeter sensed a brutal dynamic of “creative destruction” at the heart of capitalism.
George Akerlof is a professor at the University of California, Berkeley. He won the 2001 Nobel Prize in Economics (shared with Michael Spence and Joseph E. Stiglitz) for his paper “The Market for Lemons: Quality Uncertainty and the Market Mechanism.” Akerlof has worked to incorporate human psychology into economic models since 1970.
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