IBE316-3-2 - 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 2) Keisuke OTSU Sophia University FLA Spring 2008 OTSU (Sophia University FLA) IBE 316 Spring 2008 1 / 12
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Announcement Slides Slides are currently available at moodle Go to and look for They are also available at my personal web OTSU (Sophia University FLA) IBE 316 Spring 2008 2 / 12
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Review 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 / 12
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Review 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 ± 12
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IBE316-3-2 - IBE 316 Economic Policy Stiglitz: Economics of...

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