I’ve been researching a new talk the last few weeks and along the way stumbled across a concept that’s been rattling around in my head. I am writing to share, because I find it a satisfying description for the tech flop era. The idea is called “a market for lemons.” The phrase comes from a 1970 paper by George Akerlof that explains how information asymmetry between buyers and sellers can undermine a marketplace. Akerlof asks us to imagine ourselves buying a used car. Some cars on the ...
