Discovering Prices

Discovering Prices

Traditional economics focuses on hypothetical markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of the invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage… (more)

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Book Details  


Publisher: Columbia University Press (May 23, 2017)

Collection: Kenneth J. Arrow Lecture Series

Language: English


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