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In 2001, the Nobel prize in economics was awarded to George Akerlof, Michael Spence, and Joseph E. Stiglitz "for their analyses of markets with asymmetric information."
Read more about this topic: Information Economics
Famous quotes containing the word information:
“The information links are like nerves that pervade and help to animate the human organism. The sensors and monitors are analogous to the human senses that put us in touch with the world. Data bases correspond to memory; the information processors perform the function of human reasoning and comprehension. Once the postmodern infrastructure is reasonably integrated, it will greatly exceed human intelligence in reach, acuity, capacity, and precision.”
—Albert Borgman, U.S. educator, author. Crossing the Postmodern Divide, ch. 4, University of Chicago Press (1992)
“I have all my life been on my guard against the information conveyed by the sense of hearing—it being one of my earliest observations, the universal inclination of humankind is to be led by the ears, and I am sometimes apt to imagine that they are given to men as they are to pitchers, purposely that they may be carried about by them.”
—Mary Wortley, Lady Montagu (1689–1762)