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 will help students appreciate the power of the market.
It supplements theoretical explanations of how markets work with
concrete examples, addresses questions about whether markets
actually work well and offers evidence that supposed "market
failures" are not as serious as claimed.
Featuring readings from Hayek, William Baumol, Harold Demsetz,
Daniel Fischel and Edward Lazear, Benjamin Klein and Keith B.
Leffler, Stanley J. Liebowitz and Stephen E. Margolis, and John R.
Lott, Jr., this book covers key topics such as:
Why markets are efficient allocators
How markets foster economic growth
Property rights
How markets choose standards
Asymmetric Information
Whether firms abuse their power
Non-excludable goods
Monopolies
The selections should be comprehended by undergraduate students
who have had an introductory course in economics. This reader can
also be used as a supplement for courses in intermediate
microeconomics, industrial organization, business and government,
law and economics, and public policy.
General
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