GROSSMAN, S. J. (+) J. E. STIGLITZ.

The Impossibility of Informationally Efficient Markets.

Nashville, American Economic Association, 1980. Lex8vo. In the original printed wrappers. In "The American Economic Review, June 1980". Pp. (4), 269-554, (14)]. Entire issue offered. A very fine and clean copy. Grossman and Stiglitz's paper: Pp. 393-408.

First printing of Grossman and Stiglitz's influential paper in which they showed that informationally efficient prices lead to a paradox: "if the market aggregated their information perfectly, individuals' demand would not be based on their own information, but then, would it be possible for markets to aggregate information perfectly".

Joseph Eugene Stiglitz an American economist and a professor at Columbia University, recipient of the Nobel Memorial Prize in Economic Sciences in 2001), former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management ofglobalization, free-market economists, whom he calls "free market fundamentalists", and some international institutions like theInternational Monetary Fund and the World Bank. Stiglitz is one of the most frequently cited economists in the world. Stiglitz has to a large extent been influenced Keynes and has himself influenced famous and influential economist such as Paul Krugman, Jason Furman and Stephany Griffith-Jones.

Order-nr.: 46503