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Economics of information and the theory of economic development

J.E. Stiglitz

Abstract


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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