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- Leontief paradox
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- Lindahl equilibrium
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- long wages
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- Lyapunov's theorem
- machinery question
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- managerial theories of the firm
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- marginal utility theory
- market socialism
- markets, law of
- Marshall-Lerner principle
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- monetarism
- monopolistic competition
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- multiplier
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- NAIRU
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- national income
- nationalization
- natural and warranted rates of growth
- natural monopoly of economics
- natural rate of unemployment
- negative income tax
- neo-classical growth theory
- neo-classical theory
- neo-Ricardian theory
- new class
- new classical macroeconomics
- non-accelerating inflation rate of unemployment
- non-competing groups
- non-nested hypothesis
- non-profit organization
- occupation segregation
- Okun's law
- oligopoly theory
- opportunity cost
- optimal tariff theory
- option pricing theory
- organization theory
- own rate of interest
- paradox of thrift
- paradox of value
- paradox of voting
- Pareto efficiency
- Pareto optimality
- partial equilibrium theory
- peak-load pricing
- perfect competition
- permanent income hypothesis
- Phillips curve
- Physiocracy
- Pigou effect
- political business cycle
- portfolio selection theory
- Prebisch-Singer thesis
- price discrimination
- privatization
- product life-cycle theory
- production, theory of
- profits, theories of
- property
- public choice
- public utility pricing
- purchasing power parity
- quantity theory of money
- queuing theory
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- rationing
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- roundabout method of production
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- satisficing
- Say's law
- Scitovsky paradox
- screening hypothesis
- search theory
- second best, theory of
- secular stagnation theory
- segmented labor market theory
- shadow pricing
- signalling
- Slutsky's theorem
- small is beautiful principle
- social welfare function
- Solow economic growth
- specie-flow mechanism
- St Petersburg paradox
- stationary state
- stock-flow analysis
- structure-conduct-performance theory
- substitution theory
- sunspot theory
- supply-side economics
- surplus value
- syndicalism
- tax incidence
- technological gap theory
- term structure of interest rates
- Thatcherism
- Tiebout hypothesis
- time preference theory of interest
- trade cycle
- trickle-down theory
- turnpike theory
- uncertainty
- underconsumption theory
- unemployment
- variable proportions, law of
- vent for surplus
- Verdoorn's law
- wages fund doctrine
- Wagner's law
- Walras's stability
- Weber's theory of the location of the firm
- Wicksell's theory of capital
- x-efficiency
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asymmetrical information
Asymmetrical information exists when one side of the market possesses information lacked by others in that market.
Employers in labor markets often posses more information about the current/future status of their industry than trade unions or workers, and can use this as a basis of negotiation.
However, it can be seen as an imperfection in the working of the market mechanism and may lead to economic inefficiency.
Also see: adverse selection
Source:
G Akerlof, 'The Market for "lemons": Quality Uncertainty and the Market Mechanism', Quarterly Journal of Economics, vol.
LXXXIV (August 1970), 3
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