Market mechanisms in light of 'Market for Lemons'

This is a very informative article on the mechanism of markets and an analysis on markets for lemons. In this article, multiple markets are analyzed in light of the “market for lemons” idea that we studied in class. However, this article goes into much more detail with this market mechanism and gives examples from not only the car market, but also from insurance firms, employment of minority groups, and brand-name goods.
The aspect of this paper that I found most interesting is its answer to the phrase that “Business in underdeveloped countries is difficult”. In pages 9 through 14, the paper discusses the role of honesty and credibility and its effects on the economy in poorer countries, with India as its main example. Based on this article, the lack of trust often makes it difficult for firms to survive and thus forces them to either lose their credibility or quality.
I found this article very informative, interesting, and clearly written. I believe that it helped me to broaden my perspective on the mechanism of the market for lemons and to thus be able to apply this idea to different instances in the real world. I would recommend this article to anyone who wants to read about important global examples in which this economic idea can be seen.
Below is the link:
http://www.econ.ox.ac.uk/members/christopher.bowdler/akerlof.pdf