Hmm.., makes me think of the latest Nobel thingy in Economics, which I just stayed up to watch.
(not a Nobel Price, because they got pixxed on both oil in Baku and colonial cholera, but dynamite
was great)
That thing about the assymetry of information in the market, the seller knowing more about
the thing he tries to sell, get rid off, than the potential buyer, "the market of the lemon" or whatever
it was called, and how "the invisible hand" of Adam Smith is not only invisible but never existed.
(not that he really claimed it, either)
Publicly tested and verified is another way to put it.
(and swedes are cute, we try to learn from their mistakes as well as lesser mistakes)
OK, found it, here it is:
google.yahoo.com
emlab.berkeley.edu
"The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism," Quarterly Journal of
Economics (August l970).
Old used car and camel stuff, the sumerians were surely knowledgable in this.
Ilmarinen
A more popular article on the topic:
latimes.com
Btw, ineresting that lemon molecules are mirrors of orange molecules??
(I'm just about to invest in some african lemons, although organic oranges, lemon grass,
and some teac forest for a forest-finn is more fun) |
