IBE316-3-1 - IBE 316 Economic Policy Stiglitz: Economics of...

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IBE 316 Economic Policy Stiglitz: Economics of the Public Sector Chapter 3: Market E¢ ciency (part 1) Keisuke OTSU Sophia University FLA Spring 2008 OTSU (Sophia University FLA) IBE 316 Spring 2008 1 / 9
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Announcement Slides Slides are currently available at http://caseyohtsu.googlepages.com/ibe316 They will soon be shifted to moodle OTSU (Sophia University FLA) IBE 316 Spring 2008 2 / 9
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Overview Focus Questions What do economists mean when they say the economy is e¢ cient? Why is there a general presumption that competitive markets result in e¢ ciency? OTSU (Sophia University FLA) IBE 316 Spring 2008 3 / 9
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Overview Settings A perfect world perfect competition perfect information (everybody knows the prices) no externalities In order to analyze the real world, we want to analyze the perfect world and then consider the di/erences between the two OTSU (Sophia University FLA) IBE 316 Spring 2008 4 ± 9
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This note was uploaded on 10/22/2011 for the course ECON 316 taught by Professor Keisukeotsu during the Spring '08 term at Sophia University.

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IBE316-3-1 - IBE 316 Economic Policy Stiglitz: Economics of...

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