Back in 1970, American economist and Nobel Prize winner George Akerlof published an article in The Quarterly Journal of Economics titled “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism.” In it, Akerlof explains the policy changes that occur in response to a lemons market, in which the producer of a good holds greater knowledge about the product they are selling than the buyer. 

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Carolynn van Arsdale

Source: Security Boulevard
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