George A. Akerlof

George A. Akerlof is an influential American economist best known for his work on information asymmetry, particularly illustrated in his famous paper "The Market for Lemons." He demonstrated how differences in information between buyers and sellers can lead to market failure, where low-quality products dominate the market. Akerlof's insights have shaped economic theory and policy, highlighting how trust and transparency are crucial for efficient markets. He won the Nobel Prize in Economic Sciences in 2001, recognizing his contributions to understanding the complexities of economics and the behaviors of individuals within markets.