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Market Failure or Success: The New Debate

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.

Market failure at the microeconomic level may even create or aggravate macroeconomic disturbances. Despite the importance of the new theories, no systematic critical examination has been available – until now. Market Failure or Success, now available in paperback, brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David, along with powerful theoretical and empirical rebuttals. The rebuttals challenge the assumptions of the new models and question the usual policy conclusions. Examination of real markets and careful experimental studies fail to verify the 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.

Author: The Independent Institute

Binding: Paperback

EAN: 9781843760856

Manufacturer: Edward Elgar Pub

Number of items: 1

Number of pages: 384

Product group: Book

Studio: Edward Elgar Pub

Publication Date: 2004-04-01

Publisher: Edward Elgar Pub

Pages: 384

ISBN: 1843760851

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Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.