Summary of George A. Akerlof & Rachel E. E. Kranton's Identity Economics

Please note: This is a companion version & not the original book. Book Preview:

#1 Identity economics is the study of how people’s notions of who they are, and how they are supposed to behave, affect how economies work. It is used to explain why certain norms exist, and how they affect the economy.

#2 The name of the game on Wall Street is making money, but the company’s financial success stems from an ideal that is remarkably similar to that of the U. S. Air Force: Service before Self. Employees believe that they are to serve the firm above all else.

#3 Until now, economists have lacked the language and analytical tools to study such norms and motivations. This book provides both a vocabulary and a unifying analytical framework to study such motives.

#4 Economics, for better or for worse, pervades how policy makers, the public, and the press think. Modern economics is a social science designed to create a good society.

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