This work gives examples of its central principle by examining India's industrial managing agencies, as well as the high rates charged by local moneylenders as opposed to the rates charged by central banks; that section is followed by one on "Counteracting Institutions.
This work gives examples of its central principle by examining India's industrial managing agencies, as well as the high rates charged by local moneylenders as opposed to the rates charged by central banks; that section is followed by one on "Counteracting Institutions." This essay shows that, even with an initial positive demand at prices up to 3/2 mu, eventually mu goes to zero. The author declares that the "even exchange rate" is what allows for a (*) "modified reappearance" of Gresham's Law in the situation proposed in this paper, which suggests that, when quality is judged by a market statistic, sellers are encouraged to be dishonest. For 10 points, identify this paper on the consequences of information asymmetry by George Akerlof, which discusses the trade of used cars.
This work gives examples of its central principle by examining India's industrial managing agencies, as well as the high rates charged by local moneylenders as opposed to the rates charged by central banks; that section is followed by one on "Counteracting Institutions.
 "The Market for Lemons: Quality Uncertainty and the Market Mechanism"