Quote by George Akerlof
"People's sense of fairness is not an obstacle to economic efficiency; properly understood, it is its foundation."
"People's sense of fairness is not an obstacle to economic efficiency; properly understood, it is its foundation."
"The market for lemons is a classic example of how asymmetric information can cause market failure."
"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."