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Lecture 13 (Turbo) - Public Goods

556 views · Published 4 January 2012 · 1:22:27 · Indexed 20 September 2026

Channel: The University of Chicago · 2012 · People & Blogs

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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

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