Word: akerlof
(lookup in dictionary)
(lookup stats)
Dates: during 2010-2019
Sort By: most recent first
(reverse)
...resume drops, interview requests, and Superday invitations forces the typical applicant to cast as broad a net as possible when applying. The challenge employers then face is selecting among those genuinely interested in the position and those merely hedging their bets through precautionary recruiting. In the language of George Akerlof, the Nobel Prize-winning economist who described the used-car market as having buyers and sellers with different amounts of information about the transaction to be made, the recruiting market is ridden with “adverse selection.” In the Harvard case, it is not hidden...
This theory has been brought to the fore by the groundbreaking new book, Identity Economics, by economists George Akerlof and Rachel Kranton. The two begin their investigation of students’ incentives with the traditional economic model in which students weigh the monetary costs and benefits of education. Then, however, they look at the social categories common in a school. There are “insiders” are often the jocks or high achievers who are very involved in school life. There are also “outsiders,” the “burnouts?...
Common remedies for bad schools include more resources and teacher training programs, and both of those can be beneficial solutions. Yet identity economics shows us that a school’s culture can be just as important, if not more so, in contributing to the success of its students. Akerlof and Kranton explain how many schools that have bucked the trend and succeeded where others have not have done so because of a cohesive culture where teachers and students feel united for a common mission or purpose. There are few, if any, “outsiders,” because...