Show Summary Details

p. 1167. What works?locked

  • Avinash Dixit

Abstract

Given the long list of defects in markets and governments outlined in this VSI, the world has not fared too badly. ‘What works?’ concludes that a mixed economy — where competitive markets or similar institutions generate information about scarcity and create incentives to alleviate the scarcity in a reasonably efficient manner, where antitrust policies keep the markets open to competition, where the government and other social organizations help overcome the inefficiencies of externalities, and where political competition acts as a corrective mechanism against abuses of power and serious errors of judgement — is the best way of organizing microeconomic activity.

Access to the complete content on Very Short Introductions online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can't find the answer there, please contact us.