Publication: Journal of Economic Education
Volume: Volume 30, No. 4
Issue: Fall 1999
Pages: 411-419
Author(s): Janusz Mrozek (Georgia Institute of Technology)
Address (Principal Author):Janusz R. Mrozek, Assistant Professor, School of Economics, Georgia Institute of Technology, Atlanta, GA 30332-0615, 404-894-0353, fax: 404-894-1890
Internet Address (Principal Author):janusz.mrozek@econ.gatech.edu
Title: Market Failures and Efficiency in the Principles Course
Abstract: The article proposes that all market failures be explained as situations where private decisions deviate from an efficiency decision rule. Repetition of the efficiency decision rule framework reinforces basic concepts and emphasizes the normative foundation underlying the analysis of market failure.
Key Words:market failure, efficiency, economic pedagogy, principles of economicsTo download a copy of this article, click here.