George Ackerlof famously demonstrated that markets are not guarantors of quality by his analysis of used car markets. What do you make of his arguments?
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George Ackerlof famously demonstrated that markets are not guarantors of quality by his analysis of used car markets. What do you make of his arguments? Does quality generally win in free and open market competition? If Ackerlof’s argument is correct, can markets guarantee quality in the sense of moral virtue?
