George Akerlof is an American economist known for his groundbreaking work on information asymmetry and its implications in various markets, particularly in labor markets. His influential 1970 paper, 'The Market for Lemons,' introduced the idea that when buyers and sellers have different information, it can lead to market failures. Akerlof's theories are crucial in understanding how signaling and screening mechanisms help to mitigate issues arising from information asymmetry.
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