How Markets Work: Supply, Demand and the Real World Book

Pt. I The Theory of Markets Introduction Economics today: is market fundamentalism in decline? 3 Lecture I Property contract, and the theory of exchange 13 Lecture II Commodity markets: the economics of a "spot" contract 29 Pt. II Market Processes When Information Matters Lecture III Credit markets: the economics of a "relational" contract 55 Lecture IV Asset markets: market dynamics when expectations are a consideration 65 Pt. III Labor Markets Lecture V Labor market dynamics when needs are a consideration 81 Lecture VI Labor market dynamics when motivation is a consideration 97 Pt. IV Social, Ethical and Political Considerations Lecture VII The economics of discrimination: the "Chicago School" approach 111 Lecture VIII The economics of discrimination: the "structural" approach 123 Lecture IX Values and prices: reintroducing ethical considerations into economics 137 Conclusion: Some reflections on economic policy 147 Bibliography 153 Index 167