Customer Reviews

Market Failure or Success: The New Debate

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This book is intended for a reader with a working knowledge of economics. While not integral, mathematics is used, and a variety of references are made to economic theories, differing schools of thought, and information from previous articles. All of which is assumed to be known already. Having said that, this is an enjoyable read that will show you the "hot spots" in current economic debate. Highly informative and packed with powerful ideas on both sides, including those of a nobel prize winner Joseph Stiglitz, these ideas cannot be ignored. The details of the argument are too indepth to recant here, but I would HIGHLY RECOMMEND this book to anyone that is interested in economics. In summary of the book, the market process will find a way to transmit the information that Stiglitz conjectures will bring down capitalism. Unfortunately for Stiglitz, the Volkswirtschaft of his dreams does not have a leg to stand on after the brilliant rebuttals of the many authors.

Cowen and Crampton have compiled sixteen articles discussing comtemporary market failure theories. After an excellent introduction that captures the nature and spirit of the book, there are four articles purporting theories of market failure. Following this are rebuttables by theoretical, empirical, and experimental processes.

Excellent for use in a college class or for personal enrichment!