Reading Notes on Dasgupta, "Economics: A Very Short Introduction": Markets
Discussion Questions:
How is having access to an ideal market the same as or different from having an economic network of ties (strong or weak) extending over the entire world?
In what sense is what Dasgupta calls an "ideal market" ideal?
Why did Friedrich von Hayek deserve his Nobel Prize?
How can a central planner nevertheless add value for society, even though Friedrich von Hayek did deserve his Nobel Prize?
Why should we worry about each of the four kinds of market failure that Dasgupta sees: distributional, free-riding, market power, and macroeconomic?
How is having access to an ideal market the same as or different from having an economic network of ties (strong or weak) extending over the entire world?
In what sense is what Dasgupta calls an "ideal market" ideal?
Why did Friedrich von Hayek deserve his Nobel Prize?
How can a central planner nevertheless add value for society, even though Friedrich von Hayek did deserve his Nobel Prize?
Why should we worry about each of the four kinds of market failure that Dasgupta sees: distributional, free-riding, market power, and macroeconomic?
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