Quote by George Akerlof
"The market for lemons is a classic example of how asymmetric information can cause market failure."
More from George Akerlof
"Information is not symmetrically distributed among market participants, which fundamentally changes how markets operate."
"We must understand that people are not always rational actors with perfect information."
"Trust is the foundation of all economic transactions and relationships."
"When buyers cannot distinguish quality, markets tend to collapse or become dominated by lower-quality products."