Information, strategy, and public policy

Author(s)

• Vines, David
• Stevenson, Andrew

Bibliographic Information

Information, strategy, and public policy

edited by David Vines and Andrew A. Stevenson

Basil Blackwell, 1991

Note

Includes bibliographical references and index

Description and Table of Contents

Description

In this volume, some of the world's finest economists address a theme which is once again at the heart of both economic theory and international economic policy, namely the appropriate role for policy in a market economy. Can Adam Smith's 'invisible hand' mechanism be expected to allocate resources efficiently to meet the needs of society and is the role of government therefore limited at best? The authors draw on recent theoretical advances in the study of imperfect information and strategic behaviour to argue that the models of classical welfare economics are insufficient as a framework for understanding modern market economics. The first two chapters by Joseph Stiglitz and Frank Hahn represent assaults on the fundamental theorems of welfare economics: the notion of pareto-efficiency and the ability of the price mechanism to achieve it. Taking this as their lead, subsequent chapters focus on specific examples of market failure - the environment, the peristence of high levels of unemploement and the strategic behaviour of governments in the making of international economic policy. The book represents a remarkable and accessible insight into the dilemmas of modern economics. It also demonstrates the fundamental role economic analysis has to play in the understanding of real problems and the formulation of appropriate policy. Contributors Partha Dasgupta Cambridge University and Stanford University Frank Hahn Cambridge University Edmond Malinvaud College de France Kenneth Rogoff University of California at Berkeley Andrew A. Stevenson University of Glasgow Joseph E. Stiglitz Stanford University David Vines University of Glasgow

Table of Contents

• Introduction, David Vines and Andrew A. Stevenson
• the invisible hand and modern welfare economics, Joseph E. Stiglitz
• the welfare economics of market economies, Frank Hahn
• the environment as a commodity, Partha Dasgupta
• macroeconomics and market failure, Edmond Malinvaud
• strategic perspectives on economic policy, Kenneth Rogoff
• international policy co-operation, exchange rates and industrial policy, Andrew A. Stevenson and David Vines.

by "Nielsen BookData"

Details

• NCID: BA1198543X
• ISBN:
  • 0631176934
• LCCN: 90001272
• Country Code: uk
• Title Language Code: eng
• Text Language Code: eng
• Place of Publication: Oxford
• Pages/Volumes: 172 p.
• Size: 24 cm
• Classification:
  • LCC : HD87
  • DC20 : 338.9
• Subject Headings:
  • LCSH : Economic policy