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Zusatztext "This text is a much overdue supplementary book to help students understand the role and the power of the market. I believe this book can help dispel some of the myths surrounding capitalism and how markets operate. I foresee this content generating much discussion in the classroom on important economic issues." - Claudia R. Williamson! West Virginia University. "This volume is a compilation of classic and persuasive articles that lend insight into the operation of the market process. Each article is a classic on its own! but the compilation is much more powerful in its message than the sum of the individual articles. Readers will come away with a great appreciation for the way that the market mechanism coordinates the economic activities of people around the globe for the benefit of everyone." - Randall G. Holcombe! Florida State University Informationen zum Autor Craig M. Newmark is Associate Professor of Economics at North Carolina State University. Klappentext A central concern of economics is how society allocates its resources. Modern economies rely on two institutions to allocate: markets and governments. But how much of the allocating should be performed by markets and how much by governments? This collection of readings helps students appreciate the power of the market. Zusammenfassung This reader encourages students to appreciate the power of the market, including specific examples and addressing questions on whether markets actually work well and offering evidence that market failures are not as serious or as common as claimed. Inhaltsverzeichnis 1. Information and Incentives 2. Creating Value 3. Property Rights 4. Externalities and Coordination Problems 5. Non-excludable Goods 6. Asymmetric Information 7. Monopoly and Collusion 8. Abuse of Firm Power
