ABSTRACT
The award of the Nobel Prize in Economics for Information Economics gives an opportunity to illustrate why this form of economic analysis is a dead end. The theories advanced by the prize winners, Akerlof, Stiglitz and Spence, are ad hoc auxiliary assumptions tacked onto the neoclassical, and neowalrasian, hard core. The work of these auxiliaries is mainly ex-post-rationalization rather than prediction or explanation.
