Peter Diamond’s Nobel Lecture

À grace de Brad DeLong:

The lecture is here.

A preview:

Adequate analysis of market frictions needs to consider how reactions to frictions change the overall economic environment: not only do frictions change incentives for buyers and sellers, but the responses to the changed incentives also alter the economic environment for all the participants in the market. Because of these feedback effects, seemingly small frictions can have large effects on outcomes.

Imperfect market right at the start.

http://wp.me/pXZbk-9P

本篇發表於 科學知識, 政治與經濟 並標籤為 。將永久鏈結加入書籤。

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