The Most Important Advance of Economics in the 20th Century

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The Most Important Advance of Economics in the 20th Century
For nearly two decades, the automotive industry has been impacting the domestic and international economies to a great extent. Today, a significant number of new cars are marketed and buyers are ready to spend thousands of dollars on their favorite vehicles. This eventually strengthens the economy of the United States, Canada, Europe, China and other parts of the world. In 2017, the total number of cars sold in one year was about 30,000 alone in the United States. However, this number has now been doubled meaning more than 60,000 vehicles are now sold annually. It is a reliable indicator of the country’s economic health.
In the 20th century, different types of vehicles were manufactured and introduced in the global markets. For example, steam-powered cars and wagons started gaining popularity in 1924, and by 1930, they became the major mode of transportation all over the world. These vehicles were introduced with lightweight, fast-steaming boilers and had excellent engine designs. The development of high-speed diesel engines started in the 1940s.
The 1950s and the 1960s saw the development of steam-turbine cars. These vehicles were powered by nuclear reactors. They did not gain as much popularity as was expected because of the dangers imposed by nuclear reactors to the environment. However, automobile companies continued making and selling them at high prices for nearly two decades.
In 1970, George Akerlof wrote a paper called The Market for Lemons: Quality Uncertainty and the Market Mechanism in which it is clearly mentioned that the quality of goods traded in a specific market...