Economics of Information and the Theory of Economic Development

Joseph E. Stiglitz

NBER Working Paper No. 1566 (Also Reprint No. r0756)
Issued in February 1985
NBER Program(s):   ITI   LS   IFM

This paper shows how recent developments in the Economics of Information can provide insights into economic relations in less developed countries, and how they can provide explanations for institutions which, in neoclassical theory, appear anomalous and/or inefficient. Sharecropping and other tenancy relationships in the rural sector and wage determination and urban unemployment are both investigated within this perspective.

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Document Object Identifier (DOI): 10.3386/w1566

Published: Stiglitz, Joseph E. "Economics of Information and the Theory of Economic Development," Revista de Econometria, Vol. 5, No. 1, April 1985, pp. 5-32.