PRÍNOS JOSEPHA E. STIGLITZA, NOSITEĽA NOBELOVEJ CENY ZA EKONÓMIU K ROZVOJU EKONOMICKEJ VEDY

• Authors: Martincová Marta

Title variants

EN

Contribution of Joseph E. Stiglitz, Nobel prize laureate in economics, to development of economic science

• Languages of publication: EN

Abstracts

EN

Joseph Stiglitz stressed the fact that in the classical or neoclassical market models the key component is the assumption that the market is perfect. Buyer and seller have the same power and chance to get satisfactory price. The real market, though, is not perfect. On the one side there are subjects with privileges whereas on the other there are participants which are aggrieved. According to Stiglitz this unequal access to the information as well as the different positions of the market participants are characteristic for the real market. His important contribution is the explanation of the fact why the prices and wages can remain on non-steady levels in the long run - they are rigid. He layed out some alternative theoretical explanations of this phenomenon. He suggests to define a macroeconomic theory based on the theories of the imperfect competition and the imperfect information.

Keywords

EN

IMPERFECT INFORMATION; INFORMATION ASYMMETRY; MARKET; PRICE RIGIDITY; WAGE RIGIDITY

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Journal: Ekonomický časopis (Journal of Economics)
• Year: 2005
• Volume: 53
• Issue: 7
• Pages: 695-709
• Document type: ARTICLE

Contributors

author

Martincová Marta

• M. Martincova, Ústav slovenskej a svetovej ekonomiky SAV, Sancová 56, 811 05 Bratislava 1, Slovak Republic

Identifiers

CEJSH db identifier

06SKAAAA00992285