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Internet and the Impact of Information Asymmetry Reduction on Markets

100%

Hejduk H.

Ekonomika i Organizacja Przedsiębiorstwa

2008

issue 4(699)

61-83

Information asymmetry often lead to wrong allocation of resources. Nowadays, the Internet allows to gather fast needed knowledge for average Smith. The net has transformed from weird database, to fully functional source of information, making possible to avoid problems with her use.

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

44%

Martincová M.

Ekonomický časopis (Journal of Economics)

2005

vol. 53

issue 7

695-709

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.

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1 Ekonomický časopis (Journal of Economics)

1 Ekonomika i Organizacja Przedsiębiorstwa

1 Hejduk H.

1 Martincová M.

1 2008

1 2005

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Internet and the Impact of Information Asymmetry Reduction on Markets

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