Seriously speaking, asymmetric information and signaling is the one thing that four-year undergrads in Econ know that's a superpower because ordinary people don't.
I would also say that market conditions for lemons also applies to the job application process since quality signaling through a resume is still pretty hard.
Seriously speaking, asymmetric information and signaling is the one thing that four-year undergrads in Econ know that's a superpower because ordinary people don't.