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1、12.HIDDENINFORMATIONANDTHEMARKETFORLEMONSInthelatesummerof1966,significantthingswerehappeninginCalifornia’sBayArea.InHaight-Ashbury,arun-downneighborhoodofcheapapartmentsandvacantbuildingsjusteastofGoldenGateStatePark,avibrantsubculturewasdevelopingaroundmarijuana,LSD,andthepsychedel
2、icmusicofJeffersonAirplaneandtheGratefulDead,twolocalbands;inCandlestickPark,outneartheairport,whichwasthenhometotheSanFranciscoGiantsfootballteam,theBeatlesplayedwhatturnedouttobetheirfinalconcertbeforepayingfans;acrossthewaterinOakland,BobbySealeandHueyP.NewtonwerefoundingtheBlackP
3、antherParty.InnearbyBerkeley,GeorgeAkerlof,atwenty-six-year-oldgraduateofMIT’sprestigiousPh.D.programineconomics,wasstartinghisteachingcareer.Fromearlychildhood,Akerlofhadappeareddestinedforacademia.Hisfather,whoemigratedfromSwedentotheUnitedStatesinthe1920s,wasachemistryprofessor.Hi
4、smother,whomethisfatherwhileshewasingraduateschool,camefromabookishfamilyofGermanJews.Akerlofwasabrightandstudiouskid.Inhighschool,helaterrecalled,“Ibelongedtoasmallgroupofstudents,whointoday’sterminologywouldbecallednerds...Socially,Iwasamisfit.Ifailedtounderstandwhymyclassmatesspen
5、tthetypicalfreeafternoonwatchingAmericanBandstand.”AtMIT,AkerlofstudiedunderPaulSamuelsonandRobertSolow,twooftheleadingfiguresofpostwareconomics.Bytheearly1960s,thesubjecthadbeendividedintoseveralmutuallyantagonisticcamps.Thehightheoristswerebusydebatingtheintricaciesofgeneralequilib
6、riumandgametheory.OutinChicago,Friedmanandhisfollowerswerepursuingtheirownlibertarianpath.AtMITandmostotherAmericanuniversities,apragmatic,ifnotwhollyconsistent,mélangeofMarshallianmicroeconomicsandKeynesianmacroeconomicsheldsway.(Inthetextbooks,itbecameknownasthe“neoclassical-Keynes
7、iansynthesis.”)Akerlofwrotehisthesisonmathematicaltheoriesofeconomicgrowth,buthewasmoreinterestedinthecausesofeconomicfluctuations.ShortlyafterarrivinginBerkeley,hewenttodinnerwithacolleague,whoaskedhimwhathewasworkingon.Akerlofsaidhewasthinkingaboutinformationproblemsintheusedcarmar
8、ketandhowthe
