| George Akerlof |
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Akerlof is perhaps best known for his article, ", in which he identified the severe problems that may afflict markets characterized by Asymmetrical Information . In ''Efficiency Wage Models of the Labor Market'', Akerlof and coauthor Janet Yellen propose rationales for the Efficiency Wage Hypothesis in which employers pay above the Market-clearing wage, in contradiction to the conclusions of Neoclassical Economics . Akerlof graduated from the Lawrenceville School and received his Bachelor's Degree from Yale University in 1962 , and his Ph.D. from MIT in 1966 and has taught at London School Of Economics . His maternal great-grandfather was born in Oakland, California and was an alumnus of UC Berkeley (Class of 1873 ). His maternal grandfather was also a Berkeley alumnus. His wife Janet Yellen is president of the Federal Reserve Bank Of San Francisco and a professor of economics at UC Berkeley and served on President Bill Clinton 's Council Of Economic Advisors . Akerlof's picture: http://www.berkeley.edu/news/features/2001/nobel/images/g_akerlof.jpg SEE ALSO EXTERNAL LINKS
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