Nobel Prize-winning economist George Akerlof has been married to fellow economist Janet Yellen for more than 40 years. Yellen made history as the first woman to serve as chair of the Federal Reserve during the Obama administration and was later confirmed as Treasury secretary in President Biden’s administration.
Who is George Akerlof?
George Akerlof is a renowned economist just like his wife. He won the Nobel Prize in Economic Sciences in 2001. He shared this prestigious award with A. Michael Spence and Joseph E. Stiglitz. Akerlof’s groundbreaking research focused on “asymmetric information” and its effect on markets and prices.
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Akerlof’s most famous work is his 1970 paper, “The Market for Lemons.” This paper used the example of car sales to explain how a lack of information affects the quality of transactions. In this context, a “lemon” means an unreliable car that the seller tries to sell without disclosing its flaws.
How did Akerlof’s career begin?
Akerlof’s academic journey began at Yale University. His father was a chemist at Yale, and his older brother also studied at the institution. George initially thought of a career in history, but switched to economics after struggling in mathematics. He credited a family friend, a Princeton mathematician, for helping him overcome his difficulties in algebra.
After receiving a bachelor’s degree in economics from Yale in 1962, Akerlof earned a PhD from MIT in 1966. He then joined the University of California, Berkeley as an assistant professor and became a full professor in 1978. He eventually earned the title of Senior Distinguished Professor Emeritus of Economics at Berkeley.
What are Akerlof’s major contributions?
Akerlof’s research spans a variety of disciplines, including psychology, anthropology, and sociology. He has taught at Georgetown’s McCourt School of Public Policy and has often collaborated on research projects with his wife, Janet Yellen. One notable collaboration was inspired by the search for a babysitter, resulting in a 1990 paper on how low pay contributes to unemployment and job performance.
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Akerlof’s 1998 paper, “Men Without Children,” explored how marriage and fatherhood influenced men’s behavior. He theorized that marriage encourages men to “settle down” and invest in human capital to support their families. The paper also discussed how low marriage rates contribute to social issues such as crime, drug addiction, and unemployment.
How did Akerlof and Yellen meet?
George Akerlof and Janet Yellen met at the Federal Reserve in 1977. Yellen was working as a research economist for the Federal Reserve Board of Governors after being denied tenure at Harvard University. Akerlof was temporarily assigned to the Federal Reserve’s research division. They first met in the Fed’s cafeteria, and their romance quickly blossomed.
In June 1978, less than a year later, the couple married. Akerlof accepted a position at the London School of Economics and wanted Yellen to join him. They moved to England in September 1978 but returned to California in August 1980, where both resumed their academic careers at UC Berkeley.
Who is his son Robert Akerlof?
George Akerlof and Janet Yellen have one son, Robert Akerlof, born in June 1981. Following in his parents’ footsteps, Robert pursued a career in economics. He received his PhD from Harvard University and did postdoctoral research at MIT. He is now an associate professor of economics at the University of Warwick in England.
Robert Akerlof’s research focuses on social interaction. His academic journey and career achievements reflect the strong intellectual heritage of his parents.
What is Akerlof’s family background?
George Akerlof was born on June 17, 1940, in New Haven, Connecticut, to Gösta and Rosalie Akerlof. His father, Gösta, was a Swedish immigrant who earned a postdoctoral degree in chemistry at the University of Pennsylvania. During World War II, Gösta worked on the Manhattan Project. The family later moved to Pittsburgh, where Gösta worked at the Mellon Institute.
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Akerlof’s mother, Rosalie, was of German-Jewish descent. She studied chemistry at Yale, where she met Gösta at a departmental picnic in 1930. Rosalie’s family had a long academic tradition; her great-grandfather graduated from UC Berkeley and became a medical professor at Stanford.
What influenced Akerlof’s educational choices?
Akerlof’s academic choices were influenced by his family’s strong academic background. His father and brother’s ties to Yale played a significant role in his decision to attend the university. His initial interest in history shifted to economics after he faced challenges in mathematics, which he overcame with the help of a family friend.
This shift set the stage for Akerlof’s illustrious career in economics. His contributions to the field were widely recognized and celebrated, culminating in a Nobel Prize.
How have Akerlof and Yellen affected the economy?
George Akerlof and Janet Yellen have together made significant contributions to economics. Their joint research has provided valuable insights on a variety of economic issues. Akerlof’s work on asymmetric information and Yellen’s leadership roles at the Federal Reserve and Treasury Department highlight their profound impact on the field.
His academic and professional accomplishments continue to inspire new generations of economists. His son Robert is a testament to his lasting legacy in the field of economics.
conclusion
George Akerlof and Janet Yellen have not only made significant contributions to economics but also shared a remarkable personal journey. Their love story, professional accomplishments, and family legacy paint a picture of a couple deeply committed to their field and each other. As they continue to influence economic thought, their story serves as an inspiration to many.
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