Table of Contents:
Select Slide or Start at the
beginning
The Economics of Market Capitalism
Historical Context of Market Capitalism
More on Historical Context of Market Capitalism
Definition of Market Capitalism
Definition of Decentralized Market Allocation
A Full-Information, Well-Functioning Competitive Market Equilibrium is Efficient
Definition of Competitive Market Equilibrium
Properties of a Well-Functioning Competitive Market
Market Failures
Buyers and Sellers
Diagram: Typical Competitive Market
Consumer and Producer Surplus
Allocative Efficiency Implies Maximum Gains from Trade
Sources of Market Failure
Monopolies and Cartels
Externalities
Collectively Produced/Consumed Goods
More on Collectively Produced/Consumed Goods