Approaches toward information problem in economic theory

For more than a hundred years, Neo-Classical paradigm had sovereignty in Economic Theory on the basis of perfect information assumption. Notwithstanding the past economic philosophers? continuous emphasis on the economic analysis results due to information deficiency during recent centuries, the analyses within the framework of Neo-Classical paradigm are performed in accordance with perfect information assumption. Since information has found a place in economic analyses, the study shows that the sovereignty of Neo-Classical paradigm would not endure a long time. By the dawn of the new century, it is clearly revealed that information is assumed to be rather imperfect and this conception change, by manipulating the main characteristic of market economy, is a means of describing various economic and social phenomena considered vague under standard paradigm. Taking up the argument of uncertainty in economic thought, asymmetric and imperfect information theories as the pioneers of transition to new paradigm with imperfect information and contributions of this new paradigm to economic theory are examined in the study. Within the framework of a model designed with asymmetric information theories, the achievement of results pertaining to existence of credit rationing in Turkish banking sector contributes to the prominence of the new economy conception.