El otro blog para cosas más serias

El otro blog para cosas más serias
El otro blog para cosas más serias

miércoles, 15 de diciembre de 2010

Mejor, el mercado

The case for markets never lay in their perfection but rather in the relative imperfection of alternatives. I'm teaching intermediate micro this semester. We go through the welfare theorems, and they're beautiful. We know that they don't apply generally. However, it's really hard to improve on the imperfection of markets. Both markets and policies are imperfect instruments. Markets fail relative to blackboards, but regulatory solutions often fail relative to the real world market alternative.

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