The Tyranny of the Market: Why You Can't Always Get What You Want

The Tyranny of the Market: Why You Can't Always Get What You Want

by Joel Waldfogel
     
 

Economists have long counseled reliance on markets rather than on government to decide a wide range of questions, in part because allocation through voting can give rise to a "tyranny of the majority." Markets, by contrast, are believed to make products available to suit any individual, regardless of what others want. But the argument is not generally correct. In… See more details below

Overview

Economists have long counseled reliance on markets rather than on government to decide a wide range of questions, in part because allocation through voting can give rise to a "tyranny of the majority." Markets, by contrast, are believed to make products available to suit any individual, regardless of what others want. But the argument is not generally correct. In markets, you can't always get what you want. This book explores why this is so and its consequences for consumers with atypical preferences.

Product Details

ISBN-13:
9780674025813
Publisher:
Harvard University Press
Publication date:
10/15/2007
Edition description:
New Edition
Pages:
216
Product dimensions:
5.70(w) x 8.20(h) x 0.90(d)

Table of Contents

Preface

Introduction

Part I: Theory

1. Markets and the Tyranny of the Majority

2. Are "Lumpy" Markets a Problem?

Part II: Empirical Evidence

3. Who Benefits Whom in Practice

4. Who Benefits Whom in the Neighborhood

5. Preference Minorities as Citizens and Consumers

Part III: Market Solutions and Their Limits

6. Market Enlargement and Consumer Liberation

7. Fixed Costs, Product Quality, and Market Size

8. Trade and the Tyranny of Alien Majorities

9. Salvation through New Technologies

Part IV: Policy Solutions and Their Limits

10. Government Subsidies and Insufficient Demand

11. Books and Liquor: Two Case Studies

Conclusion

Notes

References

Index

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