Course Details
Country:
Spain
Institution:
Universidad Carlos III de Madrid
Course Title:
Political Economy
Course Number:
13687
Course Description:
importantly what this course is about. To do so, let me draw a parallel with economics. One possible description of economics is the study of markets, their virtues and their limits. That is, economists analyze the conditions under which markets work well, the conditions under which they do not, and in the latter case, how we can remedy the market failures. A typical introductory course to economics states that a perfectly competitive market economy functions well in the sense that it leads to a Pareto optimal allocation. It then observes that real-world markets very rarely Öt the description of a perfectly competitive market, and the argues that most of the reasons why real-world markets can generate ine¢ cient allocations fall into one of the following three categories: (i) the presence of externalities, (ii) imperfect competition on the supply or the demand side, and (iii) information asymmetries
Language:
English
Approved Equivalent:
ECON 3---
Attachment Files:
