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1、TheContributionsoftheEconomicsofInformationtoTwentiethCenturyEconomicsAuthor(s):JosephE.StiglitzReviewedwork(s):Source:TheQuarterlyJournalofEconomics,Vol.115,No.4(Nov.,2000),pp.1441-1478Publishedby:OxfordUniversityPressStableURL:http://www.jstor.org/stable/
2、2586930.Accessed:08/01/201202:00YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,a
3、ndbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.OxfordUniversityPressiscollaboratingwithJSTORtodigi
4、tize,preserveandextendaccesstoTheQuarterlyJournalofEconomics.http://www.jstor.orgTHECONTRIBUTIONSOFTHEECONOMICSOFINFORMATIONTOTWENTIETHCENTURYECONOMICS*JOSEPHE.STIGLITZInthefieldofeconomics,perhapsthemostimportantbreakwiththepast-onethatleavesopenhugeareasf
5、orfuturework-liesintheeconomicsofinformation.Itisnowrecognizedthatinformationisimperfect,obtaininginforma-tioncanbecostly,thereareimportantasymmetriesofinformation,andtheextentofinformationasymmetriesisaffectedbyactionsoffirmsandindividuals.Thisrecognitiond
6、eeplyaffectstheunderstandingofwisdominheritedfromthepast,suchasthefundamentalwelfaretheoremandsomeofthebasiccharacterizationofamarketeconomy,andprovidesexplanationsofeconomicandsocialphenomenathatotherwisewouldbehardtounderstand.I.INTRODUCTIONThecenturycomi
7、ngtoaclosehasseenvastchangesineconomicsinbothideasandmethodology.Uponreflection,itisremarkable,however,howmanyoftheseedsofadvancesinthiscenturyweresowedintheprevious.Iwouldarguethatperhapsthemostimportantbreakwiththepast-onethatleavesopenhugeareasforfuturew
8、ork-liesintheeconomicsofinformation.Therecognitionthatinformationisimperfect,thatobtaininginformationcanbecostly,thatthereareimportantasymmetriesofinformation,andthattheextentofinformationasymmetriesis
