Summary Article – Article Example
Summary: Writing the “The Market for ‘Lemons’”. The study of economics is probably one of the most recent studies. Unlike other disciplines such as engineering, philosophy, political science and mathematics, economics as an academic discipline only received attention from academia much later in time. Those who studied economics and economic principles, whether micro or macro in the first half of the 20th century, were lucky to have been able to contribute greatly to this discipline. Among them was (Akerlof para 1) who studied economics and got his PhD early 1950s. He wrote one of the most famous papers in economics titled The Market for Lemons.
Akerlof later recounts the writing of the paper and the research that went behind it. One major important thing that he points out as he looks back to this day is the fact that the study of economics was mainly guided by a single collective outlook of the major economists. In other words, as he says, the study of economics was guided by numerous prejudices about economics. As he looks back, he understands that one of the things that was later to change is that economists would later realize the fact that economics models cannot be applicable to all places at all times. In this regard, modern economics is designed to fit a specific economy at a specific time. In other word, an economic model, such as a model on the effect of the unemployment rates on economic growth can only be applicable to one or a few economies and at specific times.
Akerlof, George. Writing the "The Market for Lemons": A Personal and Interpretive Essay. Web, 23 November 2003. 20 June 2013 .