Thanks to everyone who commented on the first ten chapters of my book-in-progress, Economics in Two Lessons. Here’s a draft of Chapter 11: Market failure: Information, uncertainty and financial markets. Comments, criticism and praise are welcome. Earlier draft chapters are available. These aren’t final versions, as I am now editing the entire manuscript, but you can read them to see where the book is coming from. Table of ContentsIntroduction.Chapter 1: What is opportunity cost?Chapter 2: Markets, opportunity cost and equilibriumChapter 3:Time, information and uncertaintyChapter 4:Lesson 1: Applications.Chapter 5: Lesson 1 and economic policy.Chapter 6: The opportunity cost of destructionChapter 7: Property rights, and income distributionChapter 8:UnemploymentChapter 9: Market
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Thanks to everyone who commented on the first ten chapters of my book-in-progress, Economics in Two Lessons.
Here’s a draft of Chapter 11: Market failure: Information, uncertainty and financial markets
. Comments, criticism and praise are welcome.
Earlier draft chapters are available. These aren’t final versions, as I am now editing the entire manuscript, but you can read them to see where the book is coming from.
Table of Contents
Introduction.
Chapter 1: What is opportunity cost?
Chapter 2: Markets, opportunity cost and equilibrium
Chapter 3:Time, information and uncertainty
Chapter 4:Lesson 1: Applications.
Chapter 5: Lesson 1 and economic policy.
Chapter 6: The opportunity cost of destruction
Chapter 7: Property rights, and income distribution
Chapter 8:Unemployment
Chapter 9: Market Failure
Chapter 10: Market failure -Externalities and pollution.
Feel free to make further comments on these chapters if you wish.