Economic policy and market regulation part 3
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Economic Policy and Market Regulation Part 3. Dr. Stefan Kooths BiTS Berlin (winter term 2013/2014) www.kooths.de/bits-ep. Outline. Introduction and Overview Market Mechanisms and Government Interventions Externalities and Public Goods Technological externalities

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Economic Policy and Market Regulation Part 3

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Economic Policy and Market RegulationPart 3

Dr. Stefan Kooths

BiTS Berlin(winter term 2013/2014)

www.kooths.de/bits-ep


Outline

  • Introduction and Overview

  • Market Mechanisms and Government Interventions

  • Externalities and Public Goods

    • Technological externalities

    • Public goods and common resources

  • Competition Policy and Regulation

  • Ordoliberalism and the Social Market Economy

  • Summary: The Key Lessons Learnt


Technological vs. pecuniary externalities


Positive externalities: Private and social utility


Negative externalities: Private and social cost


Policy instruments: Incentive-based vs. command-and-control


Criteria: Static efficiency, dynamic efficiency, and effectiveness


Moral suasion


Nationalization


Public orders


Pigou-taxes/subsidies

Arthur Cecil Pigou(1877—1959)


Cap-and-trade (example: pollution permits)


Bargaining: The Coase theorem

Ronald Coase(1910—2013)


Outline

  • Introduction and Overview

  • Market Mechanisms and Government Interventions

  • Externalities and Public Goods

    • Technological externalities

    • Public goods and common resources

  • Competition Policy and Regulation

  • Ordoliberalism and the Social Market Economy

  • Summary: The Key Lessons Learnt


Classification of goods: Excludability and rivalry


Private vs. collective goods: Aggregating individual demand


Non-excludability: The free-rider problem


Managing collective goods: Quantities, prices, and willingness to pay


Providing public goods: Cost-benefit analysis


The Tragedy of the Commons


Common resources and property rights


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