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1 1 Introduction : manufacturing markets – what it means and why it matters
| Content Provider | Semantic Scholar |
|---|---|
| Author | Brousseau, Eric Glachant, Jean-Michel |
| Copyright Year | 2014 |
| Abstract | Designing and implementing markets aimed at fostering the effi cient provision of all kinds of private and public goods has become a major challenge for contemporary economic policies. First, the processes of transition to a market economy, or the movement towards economic integration – like that occurring at the EU level – or technical change and innovations, have been leading to the creation and organization of all kinds of new markets. Second, the design of effi cient markets has become an essential policy tool. Until the 1980s, the usual remedy for so-called “market failures ” was either the public provision of services, or the design of command-and-control regulations. The resulting bureaucratic and political failures led to the creation of more sophisticated markets. These innovations even led to the implementation of “pure” public policies, such as environmental protection or limitation of climate change, through the design of ad-hoc markets. Third, as pointed out by the far-reaching impact of the performance of some markets – above all fi nance, but also energy, information, technology, etc. – on the dynamic and on the stability of the economy, the issue of controlling the sophistication of products, the interactions among agents, the fl uidity of adaptations, and of course systemic collapse have become central. Contemporary economics made major progress in departing from the traditional vision of the discipline in which institutions were exogenous to the analysis. However, the dominant vision today is still a “mechanical” one. Market mechanisms are seen as turnkey tools available on the shelves. It is often assumed that a given instrument should produce a given economic outcome, with little understanding of implementation constraints and interplay between various institutional components. More “biological” visions also remain too crude. Evolutions are too often seen through the lenses |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://assets.cambridge.org/97811070/53717/excerpt/9781107053717_excerpt.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
