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Market Failure or Success

The New Debate. In Association with the Independent Institute

Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 18th Dec 2002
Dimensions: w 234mm h 156mm d 20mm
Weight: 700g
ISBN-10: 1843760258
ISBN-13: 9781843760252
Barcode No: 9781843760252
Synopsis
Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David. The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested. The first systematic analysis of these important new theories, Market Failure or Success is required reading for all who seek to better understand one of the most exciting debates in economics today.

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