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.

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.

Experts discuss the benefits and risks of online reputation systems. In making decisions, we often seek advice. Online, we check Amazon recommendations, eBay vendors' histories, TripAdvisor ratings, and even our elected representatives' voting records. These online reputation systems serve as filters for information overload. In this book, experts discuss the benefits and risks of such online tools. The contributors offer expert perspectives that range from philanthropy and open access to science and law, addressing reputation systems in theory and practice. Properly designed reputation systems, they argue, have the potential to create a "reputation society," reshaping society for the better by promoting accountability through the mediated judgments of billions of people. Effective design can also steer systems away from the pitfalls of online opinion sharing by motivating truth-telling, protecting personal privacy, and discouraging digital vigilantism. Contributors Madeline Ashby, Jamais Cascio, John Henry Clippinger, Chrysanthos Dellarocas, Cory Doctorow, Randy Farmer, Eric Goldman, Victor Henning, Anthony Hoffmann, Jason Hoyt, Luca Iandoli, Josh Introne, Mark Klein, Mari Kuraishi, Cliff Lampe, Paolo Massa, Hassan Masum, Marc Maxson, Craig Newmark, Michael Nielsen, Lucio Picci, Jan Reichelt, Alex Steffen, Lior Strahilevitz, Mark Tovey, John Whitfield, John Willinsky, Yi-Cheng Zhang, Michael Zimmer