Lemons problem and its effects on the efficient functioning of a market
Chapter 8 of the Money, Banking, & Financial Markets textbook (Mishkin) discussed the lemons
problem and its effects on the efficient functioning of a market. This theory was originally
developed by George Akerlof.
Chapter 8 of the Money, Banking, & Financial Markets textbook (Mishkin) discussed the lemons
problem and its effects on the efficient functioning of a market. This theory was originally
developed by George Akerlof.
Go to the Nobel Prize website:
http://www.nobelprize.org/nobel_prizes/economics/laureates/2001/akerlof-article.html.
Read this article and discuss why this theory is an important topic in economic
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