Quote by George Akerlof
"We care about relative position more than absolute well-being, and this shapes everything."
More from George Akerlof
"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."