Both the American Economic Review and the Review of Economic Studies rejected the paper for "triviality", while the reviewers for Journal of Political Economy rejected it as incorrect, arguing that, if this paper were correct, then no goods could be traded.[4] Only on the fourth attempt did the paper get published in Quarterly Journal of Economics.[5] Today, the paper is one of the most-cited papers in modern economic theory and most downloaded economic journal paper of all time in RePEC (more than 39,275 citations in academic papers as of February 2022).[6] It has profoundly influenced virtually every field of economics, from industrial organisation and public finance to macroeconomics and contract theory.
Nice note on the publishing history of Akerlof's classic "The Market for Lemons" paper (1970).
Rejected by two top journals for being "trivial", and a third for being "incorrect".
Today one of the "most-cited papers in modern economic theory" (and possibly […]
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