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dc.contributor.authorSandmo, Agnar
dc.date.accessioned2014-05-02T12:28:26Z
dc.date.available2014-05-02T12:28:26Z
dc.date.issued2014-04
dc.identifier.issn0804-6824
dc.identifier.urihttp://hdl.handle.net/11250/194581
dc.description.abstractThis 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.nb_NO
dc.language.isoengnb_NO
dc.publisherNorwegian School of Economics. Department of Economicsnb_NO
dc.relation.ispartofseriesDiscussion paper;12/2014
dc.subjectVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.subjectutility and profit maximizationnb_NO
dc.subjectincentivesnb_NO
dc.subjectwelfarenb_NO
dc.titleThe market in economics : behavioural assumptions and value judgmentsnb_NO
dc.typeWorking papernb_NO
dc.subject.jelA13
dc.subject.jelB40
dc.subject.jelD01


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