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Week 3 (MT). Firms, Markets and States – extent of and limits to the market

In this lecture, we look at the question examined last week, namely the relation between the economic and the political, from an institutional perspective. The lecture revolves around two questions that economists have discussed extensively: What is the desirable extent of the market and why are there limits to the market? Ronald Coase brought firms or, more generally, economic organisations into the picture and the lecture will illustrate how a political economy approach differs from institutional economics.

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