George Akerlof

The whole intention of empirical economics is to force theory down to Earth. ”

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

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

I think what Bob Shiller and I are doing is we're focusing on macroeconomics and the role of psychology in macroeconomics. ”

My mother, whose interest in chemistry was rather minimal, nevertheless went to graduate school in the subject and married my father, for whom it was as important as life itself. ”

In New Classical theory, periods of declining employment - business cycle downturns - may be caused by an unexpected decline in aggregate demand, which leaves workers mistakenly holding out for nominal wages that exceed the new market-clearing level. ”

When you give chief executives too much compensation in stock options, they concentrate too much on the stock price, and there is a perverse incentive to raise the stock price, particularly when the chief executive wants to exercise his own options. ”

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. ”

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

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. ”