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Janet Yellen’s Husband: George Akerlof Biography, Wiki, Age, Net Worth, Family, Twitter, Instagram, Facebook

George Akerlof Biography – George Akerlof Wiki

George Akerlof is a Nobel Prize-winning economist and has been married to fellow economist Janet Yellen for more than 40 years.

Yellen made history as the first woman to serve as Federal Reserve head during the Obama administration. She could soon break another record as the first woman to serve as Treasury Minister. Joe Biden, elected by the president, was expected to nominate him for the role that required Senate approval.


Yellen made history as the first woman to serve as Federal Reserve head during the Obama administration. She could soon break another record as the first woman to serve as Treasury Minister. Joe Biden, elected by the president, was expected to nominate him for the role that required Senate approval.


Markets in which product sellers have more information about product quality than buyers. It showed that in such markets low-quality products can squeeze high-quality products, resulting in lower prices for high-quality products.


Akerlof has focused on this idea for decades. Akerlof talked about car sales to demonstrate his theory in his 1970 article “The Lemon Market”. He concluded that when there was a lack of shared information about the quality of vehicles, both buyers and sellers were missing out on better offers. In this scenario, the “lemon” is an unreliable tool that the vendor simply tries to get rid of. According to Akerlof’s theory, the buyer may be willing to pay more for a high-quality vehicle, but the buyer is offering a lower price because the car is likely to be “lemon”.


The Library of Economics and Liberty summarized the key point of Akerlof’s article:


Suppose some cars are “lemon” and some are high quality. If buyers could figure out which cars were lemons and which were not, there would be two separate markets: a lemon market and a high-end car market. But often there is asymmetrical information: buyers do not know which cars are lemons, but of course sellers do.


Therefore, a buyer knows that the car they are buying is likely to be a lemon and would be willing to pay less than they would have paid if they were sure to buy a high quality car. This low price for all used cars discourages high quality car dealers. While some are willing to sell their cars at the price that high-quality used car buyers would be willing to pay, they are not willing to sell them at a lower price that reflects the buyer’s risk of ending up with a lemon. In this way, exchanges that can benefit both the buyer and the seller cannot be realized and efficiency is lost.


Attending Yale University has become a family tradition in the Akerlof family. His father worked as a chemist at Yale, and Akerlof’s older brother also joined. In an autobiographical essay for the Nobel Foundation, Akerloff explained the external forces dictating the choice of school:


I had no other choice in college. My brother had gone to Yale. Even if my brother’s choice was not overwhelming for my decision, I’d probably listen to Lawrenceville’s vice principal who said I shouldn’t ruin my life by thinking about going to Harvard.


Akerlof explained that he worked for the Yale Daily News for two years while deciding to pursue a career in economics or history. Akerlof began to focus on mathematics after being denied a position on the paper’s board of directors, but initially had a hard time. A family friend who was a Princeton mathematician wrote that he had failed in algebra before stepping in to teach him.


After graduating from Yale in 1962 with a bachelor’s degree in economics. Akerlof went to MIT for postgraduate study. He received his doctorate degree. He accepted a job as an assistant professor in 1966 and later.

University of California, Berkeley. According to his profile on the school website, Akerlof gained full professor status in 1978. According to the Berkeley department of economics website, his most recent title was Senior Honorary Professor of Economics.


Akerlof also taught at the McCourt School of Public Policy in Georgetown. Akerlof’s biography stated that “his research was based on economics, but often drawn from other disciplines, including psychology, anthropology and sociology.”


Yellen also taught at UC Berkeley, and the spouses sometimes collaborated on research projects. As Mercury News reported in 2014, Akerlof and Yellen’s search for a good real-life babysitter inspired a 1990 article on how low wages contribute to unemployment and a worker’s job performance.


Akerlof and Yellen’s love story started in a cafeteria in the Central Bank. In 1977 Yellen was working as a research economist for the Federal Reserve Board of Directors. According to the Washington Post, Yellen accepted the job after his tenure was denied at Harvard University, where he taught from 1971 to 1976.


Akerlof was working temporarily for the Federal Reserve in Washington, D.C. As Reuters reported, Akerlof was assigned to the organization’s research department. She and Yellen crossed paths for the first time in the Fed’s cafeteria in the autumn of 1977, and it didn’t take long for the sparks to fly.


Yellen and Akerlof tied the knot in June 1978, less than a year after meeting. Akerlof had accepted a position at the London School of Economics and asked Yellen to come with him. He told the Nobel Foundation about his love for hurricane:


We immediately loved each other and decided to get married. Not only have our personalities fused together perfectly, but we’ve always been in perfect consensus on macroeconomics. Our only disagreement is that it supports free trade a little more than I do. We decided to marry in a hurry, not only because we had little doubt about each other, but also for practical reasons. I had already accepted the LSE professorship for the next year, and if we wanted not to leave, Janet would have to find a job in the UK. Luckily, a lecture was given during his tenure at the LSE.


Yellen and Akerlof moved to England in September 1978. In August 1980, they returned to California, where Akerlof was faculty at UC Berkeley. Yellen also became a professor at the university.


Akerlof and Yellen have a child together. Their son, Robert Akerlof, was born in June 1981. Robert followed in his parents’ footsteps and began a career in economics.


Young Akerlof received his doctorate degree. He graduated from Harvard University before choosing MIT to conduct his postdoctoral research. He is currently an associate professor of economics at the University of Warwick in Coventry, England. Robert Akerlof’s research focuses on social interaction, according to his faculty biography.


George Akerlof may have considered his own experience of fatherhood when writing the 1998 research paper “Men Without Children”. As the Institute of Family Studies summarized, Akerlof theorized that marriage and fatherhood help men “settle down”. “Marriage begins a period in which men devote themselves to acquiring human capital, whose return will later be used to support the marriage,” he wrote. The Institute for Family Studies reported in the article that Akerlof cited evidence that “low marriage rates contributed to increased crime rates of single men, drug addiction, unemployment, death rates and other problems”.


Akerlof was born on June 17, 1940, to Gosta and Rosalie Akerlof, and spent her early years in New Haven, Connecticut. In the autobiographical essay prepared for the Nobel Foundation, Akerlof announced that he was descended from academics from both sides of his family.


His father, Gosta Akerlof, emigrated from Sweden for a postdoctoral degree in chemistry from the University of Pennsylvania. He later became a faculty member at Yale, but was never offered a term of office. Akerlof wrote that his father worked on the Manhattan Project in Dayton, Ohio during World War II. After the war, the family moved to Pittsburgh when he started working at the Gosta Mellon Institute.


Akerlof explained that her ancestry could be traced back to Germany by her mother and the family was Jewish. He wrote that his great-grandfather graduated from UC Berkeley in 1873 and continued to be a professor of medicine at Stanford School of Medicine. Rosalie’s father continued the family tradition of going to UC Berkeley and became a pharmacologist and cardiologist.


Rosalie also studied chemistry. He went to Yale for high school, where he met Gosta Akerlof. George Akerlof wrote that his family met at an “episode picnic” in 1930.