Market Failure or Success: The New Debate

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Despite the importance and political influence of the new theories, no systematic critical examination has been available - until now. Market Failure or Success: The New Debate brings together the key studies on the subject, including classic papers by Paul David and Nobel Laureates, Joseph Stiglitz and George Akerlof, 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 and suggest instead that markets are more robust than previously imagined. The failure to verify the new theories suggests promising new frontiers for research. 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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Product Details

Table of Contents

1 Introduction 3
Pt. I New Market Failure Theories
2 Toward a general theory of wage and price rigidities and economic fluctuations 31
3 Keynesian economics and critique of first fundamental theorem of welfare economics 41
4 The market for 'lemons': quality uncertainty and the market mechanism 66
5 Path dependence, its critics and the quest for 'historical economics' 79
Pt. 2 Theoretical Responses
6 Information and efficiency: another viewpoint 107
7 Efficiency wage models of unemployment: one view 121
8 Do informational frictions justify federal credit programs? 148
9 The demand for and supply of assurance 172
Pt. 3 Empirical and Experimental Responses
10 Beta, Macintosh and other fabulous tales 195
11 Some evidence on the empirical significance of credit rationing 209
12 An empirical examination of information barriers to trade in insurance 239
13 A direct test of the 'lemons' model: the market for used pickup trucks 269
14 Public choice experiments 275
15 Non-prisoner's dilemma 288
16 Group size and the voluntary provision of public goods: experimental evidence utilizing large groups 293
17 Cooperation in public-goods experiments: kindness or confusion? 326
Index 347
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