This article highlights the contributions of early economic thought to quality uncertainty. Both Roman law regarding fraud and medieval thinkers (such as Vacarius, Thomas Aquinas, Henry of Ghent, and Astesanus of Asti) scrutinized asymmetric information and shared uncertainty regarding product quality, although not in the same terms as the modern literature. This retrospective analysis will help clarify how early economic thought can enlighten us both on the nature and consequences of quality uncertainty and the mechanisms to address it, and may have even predicted the issues that have been addressed by modern information economics.
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Sylvie Lupton; Quality Uncertainty in Early Economic Thought. History of Political Economy 1 September 2015; 47 (3): 511–534. doi: https://doi.org/10.1215/00182702-3153164
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