>But it treats perfectly competitive markets as special cases rather than the norm, trying to incorporate from the very beginning the progress economists have made during the past forty years or so in analyzing more complex situations: when firms have some monopoly power; people aren’t fully rational; a lot of key information is privately held; and the gains generated by trade, innovation, and finance are distributed very unevenly. The CORE curriculum also takes economic history seriously.
This sounds excellent.
I think "free market" is the worst-named concept ever, and has caused lasting damage since it sounds too much like "unregulated market".
Acknowledging the spectrum of properties, and how unregulated markets don't end up free in a lot of important cases from the get-go will help to fight this damage.
This sounds excellent.
I think "free market" is the worst-named concept ever, and has caused lasting damage since it sounds too much like "unregulated market".
Acknowledging the spectrum of properties, and how unregulated markets don't end up free in a lot of important cases from the get-go will help to fight this damage.