All Posts Tagged With: "asymmetric information"

Uneven Information Causes Market Failure?

In a famous 1970 paper, economics Nobel Laureate George Akerlof used the market for used cars to show how differences in information between buyers and sellers (“asymmetric information”) could lead a market to shrink or collapse entirely. A large variety of markets have been said to fail because of asymmetric information, from all different types [...]

1Dec2007 | Joshua C. Hall | 0 comments | Continued

Milton Friedman Is to Blame for Unsafe Food?

There is a “food safety crisis” in America and Milton Friedman is to blame, Princeton University economist Paul Krugman wrote on the New York Times op-ed page May 21. Friedman is responsible, Krugman wrote, because he legitimized a “sickening ideology” that rejects “even the most compelling” cases for government regulation of business. Krugman’s “crisis” stems [...]

1Oct2007 | Arthur E. Foulkes | 3 comments | Continued

Of Genomes and Lemons

Michael Rupert is a senior majoring in economics at Berry College in Rome, Georgia. Frank Stephenson is an assistant professor of economics in Berry College’s Campbell School of Business. While the recent announcement of the mapping of the human genome was greeted with optimism about cures for dread diseases, it also led to predictable teeth-gnashing [...]

1Sep2001 | and and Michael E. Rupert | 0 comments | Continued

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