In this book Bernard Salanié studies situations where competitive markets fail to achieve a collective optimum and the interventions used to remedy these so-called market failures. He includes discussions of theories of collective decision making, as well as elementary models of public economics and industrial organization. Although public economics is traditionally defined as the positive and normative study of government action over the economy, Salanié confines himself to microeconomic aspects of welfare economics; he considers taxation and the effects of public spending only as potential remedies for market failures. He concludes with a discussion of the theory of general equilibrium in incomplete markets.
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About the Author
Bernard Salanie is Research Fellow of LEI (CREST) in Paris, Professor at Ecole Polytechnique, and Managing Editor of the Review of Economic Studies. His books include The Microeconomics of Market Failures (2000) and The Economics of Taxation (2003), both published by The MIT Press.
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8 of 8 people found the following review helpful:
4.0 out of 5 stars
Excellent complement and starting point,
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This review is from: Microeconomics of Market Failures (Hardcover)
In this extremely elegant and condensed work, Salanie once again provides a great externality to his readers (continuing after "The Economics of Contracts"): at the end it leaves a unequivocal desire to dive deeper in the subject.Limitations? As mentioned in the introduction, the book is extracted from a series of lectures the author gave; lets say, they are great lectures but without the session of Q&A (questions and answers). Therefore, there is little communication with the reader's questions, the reader is required to investigate more in his/her own, e.g. no end of chapter problems or things like those. In short, I will strongly recommended it along with the traditional material of a General Equilibrium course (e.g. Mas-Colell et.al.). But do not expect a treatise, it is more a general overview.
5.0 out of 5 stars
Great purchase for regulators,
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This review is from: Microeconomics of Market Failures (Hardcover)
A nice book. As I work in regulation of monopolies, I found in this book much theoretical subsidies needed for a good job.
I recommend for economists and those interested in market failures and their regulation!
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Inside This Book
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First Sentence:
This book has four parts. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, New York, Journal of Economic Theory, American Economic Review, Review of Economic Studies, Cambridge University Press, Adam Smith, Harvard University Press, Clarendon Press, Helping the Invisible Hand, Quarterly Journal of Economics, The Wealth of Nations, Bell Journal of Economics, Bibliography Arrow, Handbook of Mathematical Economics, The Economics of Contracts New!
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This book has four parts. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, New York, Journal of Economic Theory, American Economic Review, Review of Economic Studies, Cambridge University Press, Adam Smith, Harvard University Press, Clarendon Press, Helping the Invisible Hand, Quarterly Journal of Economics, The Wealth of Nations, Bell Journal of Economics, Bibliography Arrow, Handbook of Mathematical Economics, The Economics of Contracts New!
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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
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This book cites 40
books:
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- The Wealth of Nations (Bantam Classics) by Adam Smith on 4 pages
- Handbook of Mathematical Economics, Volume 1 (Handbooks in Economics) by Kenneth J. Arrow on page 65, page 138, and page 219
- Microeconomics for Public Policy: Helping the Invisible Hand by Claude Henry on page 88, page 104, and page 125
- Cost-Benefit Analysis by Richard Layard on page 37, and page 47
- Axioms of Cooperative Decision Making (Econometric Society Monographs) by Hervi Moulin on page 36, and page 65
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