Lemon (economics)

Lemon is a term used to refer to something purchased which turns out to have significant hidden flaws. The flaws are a function of the specific example of the product, and not of all examples of the product. The term is most commonly used for automobiles. The term was created by economist and Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel laureate George A. Akerlof in 1970.

See also

• Nobel Prize