How Markets Work: Supply, Demand and the 'Real World'

How Markets Work presents a new and refreshing introduction to elementary economics. The venerable theory of supply and demand is reconstituted upon plausible and defensible assumptions concerning human nature, the law, and the facts of everyday life - in short - the 'Real World'. The message is that markets differ in ways that matter. Starting with a brief survey of property and contract law, the lectures develop several 'ideal types' of markets - such as credit, assets, and labor - while ...