the blog will guide you as to the key areas of study
all the entries in May (16 of them)
relate to key notes, definitions,
diagrams and finally the latest on context which are important for econ 3
the econhelp guide plus the economics online presentations (available
from links in the right hand column of the blog)
provide core notes
econ 3 is about market failure just as econ 1 is -
all we have done is
unpack the idea of monopoly as a market failure and hung it on a new
theoretical framework called the "Structure Conduct Performance"
paradigm
(SCP)-
essentially what we are doing is asking the same questions as econ
1:
- how would the market work without intervention?
- is this acceptable in terms of efficiency? (productive allocative dynamic)
- what options are open to the government in terms of intervention and
- what would be their impact - improve the situation or government failure?
labour markets are the same but considering perfect /
imperfect markets
and equity /
mobility issues
market failure in its other guises would be tested with regards to
information failures and externalities and their solutions.
so keep it simple to start think the same as econ 1 market failure and
intervention -
and build the complexity from there
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