(8th edition) (the pearson series in economics) robert pindyck, daniel rubinfeld microecon 618
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Part Four
Information, Market Failure,
and the Role of Government
Part Four shows how markets can sometimes fail and
explains how government intervention can be used to
achieve economic efficiency.
Much of the analysis in the first three parts of this book has
focused on positive questions—how consumers and firms behave
and how that behavior affects different market structures. Part IV
takes a more normative approach. Here we will describe the goal
of economic efficiency, show when markets generate efficient outcomes, and explain when they fail and thus require government
intervention.
Chapter 16 discusses general equilibrium analysis, in which the
interactions among related markets are taken into account. This
chapter also analyzes the conditions that are required for an economy to be efficient and shows when and why a perfectly competitive market is efficient. Chapter 17 examines an important source
of market failure—incomplete information. We show that when
some economic participants have better information than others,
markets may fail to allocate goods efficiently or may not even exist.
We also show how sellers can avoid problems of asymmetric information by giving potential buyers signals about product quality.
Finally, Chapter 18 discusses two additional sources of market failure: externalities and public goods. We show that although these
failures can sometimes be resolved through private bargaining, at
other times they require government intervention. We also discuss
a number of remedies for market failures, such as pollution taxes
and tradeable emission permits.
CHAPTERS
16
General Equilibrium and
Economic Efficiency
595
17
Markets with Asymmetric
Information
631
18
Externalities and Public
Goods
661
593
