Explain how competitive markets coordinate economic activity
Analyze market power and market failure
Evaluate trade-offs in economic policy
How do millions of people and businesses coordinate to produce the goods we use every day, often without ever communicating directly? And when should governments step in when markets fail to produce efficient or equitable outcomes?
In this course, you’ll explore how market economies work, from Adam Smith’s invisible hand to modern debates over monopoly, regulation, and economic fairness. Examine how competition can coordinate production and maximize economic value, as well as the conditions that can cause markets to fall short. Lessons will also cover market success and failure, monopoly power, price discrimination, government intervention, and trade-offs between efficiency and equity. You will also consider how different approaches to economic justice can shape decisions about markets and public policy.
