Akerlof won the Nobel prize in economics in 2001 along with Michael Spence and Joe Stiglitz, who also signed the above-named petition, for "The analysis of markets with asymmetric information." Like some other Nobel prizes in economics, this one was given for a series of studies whose conclusions are the exact opposite of economic reality.
Thanks to free market competition the used car market has tremendously expanded, not disappeared as Akerlof predicted.
The very notion of "Asymmetric information" as a source of "Market failure" is ass-backwards economics.
The reason why markets and voluntary exchange exist is asymmetric information.
Our different valuations are based on different information that we possess in our minds and the evaluation of that information regarding our subjective preferences.
If everyone had the exact same knowledge about the economic world and acquired that information at the same time, it would be as though "Every man is approached by an angel informing him of the change in [market] data." Moreover, said Mises, even if we did have the same product information as everyone else, we all evaluate that information differently.
If a used car deal does sell "Lemons" more honest competitors armed with thirty-day warranties will take market share away from him and eventually drive him from the market.
https://mises.org/mises-wire/very-model-modern-major-bidenomics-economist
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