Origin
The use of the word 'lemon' to describe a highly flawed item predates its use in describing cars, and can be traced back to the beginning of the 20th century as a British and American slang. Julian Koenig used the term to refer to a defective model in Volkswagen's 1950s Think Small advertising campaign.
Economist George Akerlof has also been credited with coining the term in his 1970 paper "The Market for Lemons: Quality Uncertainty and the Market Mechanism." Akerlof identified the severe lemon problems that may afflict markets characterized by asymmetrical information. A study of rejections of important economic papers noted that before Akerlof's paper was accepted, The first lemon law was proposed in California in 1980.
Read more about this topic: Lemon (automobile)
Famous quotes containing the word origin:
“There are certain books in the world which every searcher for truth must know: the Bible, the Critique of Pure Reason, the Origin of Species, and Karl Marx’s Capital.”
—W.E.B. (William Edward Burghardt)
“Though I do not believe that a plant will spring up where no seed has been, I have great faith in a seed,—a, to me, equally mysterious origin for it.”
—Henry David Thoreau (1817–1862)
“We have got rid of the fetish of the divine right of kings, and that slavery is of divine origin and authority. But the divine right of property has taken its place. The tendency plainly is towards ... “a government of the rich, by the rich, and for the rich.””
—Rutherford Birchard Hayes (1822–1893)