Integrating Sex and Drugs into the Principles Course: Market-Failures Versus Failures-of-Market Outcomes
- 1 January 2003
- journal article
- content articles-in-exonomics
- Published by Informa UK Limited in The Journal of Economic Education
- Vol. 34 (1), 82-91
- https://doi.org/10.1080/00220480309595203
Abstract
The author's central argument in this article is that the current micro principles course is structured around an approach to policy that avoids many of the controversial but central issues of policy. These include (1) the interplay of moral issues and efficiency, (2) questions of consumer sovereignty, and (3) questions of the interrelation between measures of efficiency and income distribution. The current market-failure organizing framework of microeconomics principles textbooks excludes discussion of a broader set of failures of market outcomes: situations in which the market is doing everything it is supposed to be doing, but society is still unhappy with the result. The author suggests a dual market-failure and failure-of-market-outcome policy framework that encourages discussion of these broader issues.Keywords
This publication has 1 reference indexed in Scilit:
- Epilogue: Rationally Coping with Lapses from RationalityPublished by Cambridge University Press (CUP) ,1999