Lecture 13 (Turbo) - Public Goods
558 views · Published 4 January 2012 · 1:22:27 · Indexed 10 November 2026
Channel: The University of Chicago · 2012 · People & Blogs
ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College. "Product Design," November 10, 2011. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics. This final lecture considers the government's role in promoting, rather than inhibiting, collusion and cooperation. Building off the theory of competition, we show how, when many individuals need to work together to achieve a goal (a public good), coercion is likely to be required to avoid each individual free riding off others contributions. Many non-coercive solutions, which may work in limited circumstances, fail in many important situations. Coercive approaches, however, require a procedure for making collective decisions about when and how they will be employed and all such approaches have significant limitations. Our democratic republic can be seen as an attempt to trade-off the disadvantages of various approaches. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: Since its founding in 1890, the University of Chicago has been a destination for rigorous inquiry and field-defining research. This transformative academic experience empowers students and scholars to challenge conventional thinking in pursuit of original ideas. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-homepage News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected].
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