RE: Will we always have a market for lemons?

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I always thought that a "lemon" was an otherwise good quality make/model of a specific car line, where one specific car that came off the assembly line had persistent defects.



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Yeah that's a correct definition of lemon. Akerlof seems to use lemon for any car that is substandard for any reason. I think there are too few true lemons to cause any market failure for the rest of the cars.

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