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The market in economics : behavioural assumptions and value judgments

Sandmo, Agnar
Working paper
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URI
http://hdl.handle.net/11250/194581
Date
2014-04
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  • Discussion papers (SAM) [578]
Abstract
This paper tries to convey the essence of the economic theory of behaviour of individuals and firms

to an audience of non-economists. The hypotheses of utility and profit maximization and their use as

building blocks in the theory of market equilibrium are explained. The paper discusses the efficiency

of the market mechanism and sources of market failure. It considers the origin of preferences and

the role played by ethical and religious views for consumer demand and labour supply. It concludes

by discussing the role of economic theory in the design of institutions and considers the view that the

introduction of market incentives in new areas may be harmful to society.
Publisher
Norwegian School of Economics. Department of Economics
Series
Discussion paper;12/2014

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