Economics for the Common Good audiobook cover - Delve into economics with a Nobel Prize winner

Economics for the Common Good

Delve into economics with a Nobel Prize winner

Jean Tirole

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Economics

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Economics for the Common Good
Economic Reasoning & Bias+
Role of Economists+
Beyond Homo Economicus+
State and Market Symbiosis+
Tackling Climate Change+
Southern Europe's Crisis+
Finance and Speculation+
Digital Economy & Innovation+
Intellectual Property (IP)+

Quiz — Test Your Understanding

Question 1 of 10
According to economic reasoning presented in the text, what is the most effective action an anti-poaching NGO should take with confiscated ivory tusks?
  • A. Destroy them publicly to make a strong moral statement against poaching.
  • B. Sell them to raise funds for the NGO and depress the market value of ivory.
  • C. Stockpile them indefinitely to create an artificial scarcity in the market.
  • D. Return them to the local communities where the elephants were poached.
Question 2 of 10
Why would economists object to a hypothetical free market where parents could trade babies for cash with adopters?
  • A. It creates an externality by neglecting the interests and consent of a third party, the baby.
  • B. It disrupts the natural supply and demand curve of the adoption industry.
  • C. It would inevitably lead to market monopolies dominated by large adoption agencies.
  • D. It relies on irrational psychological drives rather than self-interested calculation.
Question 3 of 10
Which economic tool is best suited for analyzing how a landlord might use their exclusive knowledge about land fertility when drafting a lease agreement?
  • A. Game theory
  • B. The tragedy of the commons
  • C. Information theory
  • D. Securitization
Question 4 of 10
By studying sociology's concept of 'homo socialis,' what key insight can economists gain about market behavior?
  • A. Humans are perfectly rational creatures who always maximize their financial returns.
  • B. Economies are social systems that rely heavily on values like trust.
  • C. People constantly sacrifice their long-term interests for short-term pleasures.
  • D. Behavior is exclusively shaped by strict legal norms and the fear of punishment.
Question 5 of 10
What is identified as a primary cause of decision-making failure within the state?
  • A. The state's inability to enforce business contracts in a free market.
  • B. Over-reliance on public procurement to stimulate competition.
  • C. Politicians pandering to special interest groups to secure reelection.
  • D. The complete elimination of monopolies in the private sector.
Question 6 of 10
Why have voluntary international measures to fight climate change, such as the 1997 Kyoto Protocol, largely failed?
  • A. The global carbon tax was set too high for developing nations to afford.
  • B. Tradable emission permits created a toxic financial bubble that crashed the market.
  • C. The tragedy of the commons heavily incentivizes countries to free-ride on the efforts of others.
  • D. Scientists have not provided enough data to model the economic impact accurately.
Question 7 of 10
How did the introduction of the euro negatively impact the competitiveness of Southern European economies?
  • A. It prevented them from devaluing their individual currencies to offset rising salaries.
  • B. It forced them to adopt a federal European state model prematurely.
  • C. It caused a massive brain drain of young workers to Northern Europe.
  • D. It required them to implement a highly restrictive global carbon tax.
Question 8 of 10
How did the financial practice of securitization contribute to the 2008 financial crisis?
  • A. It forced companies to take on toxic foreign exchange debt.
  • B. It prevented banks from diversifying their investment portfolios.
  • C. It made it illegal for banks to hold onto mortgages for more than 10 years.
  • D. It allowed banks to sell off loans, making them less scrupulous about borrowers' ability to repay.
Question 9 of 10
In the context of the digital economy, what defines a 'two-sided market' like Amazon?
  • A. A market that requires businesses to have both a physical storefront and an online presence.
  • B. A market where a digital platform acts as an intermediary connecting buyers and sellers.
  • C. A market where users trade their personal data in exchange for free digital services.
  • D. A market that is heavily regulated by at least two different national governments.
Question 10 of 10
Why are intellectual property rights considered a 'necessary evil' for economic innovation?
  • A. They force competing firms to pool their patents together to lower consumer prices.
  • B. They allow the state to dictate exactly what technologies should be invented next.
  • C. They prevent free-riding and ensure innovators are financially incentivized to conduct research.
  • D. They make all new technologies immediately accessible to the public for improvement.

Economics for the Common Good — Full Chapter Overview

Economics for the Common Good Summary & Overview

Jean Tirole’s Economics for the Common Good (2017) is a wide-ranging look at the contemporary economy, packed with plenty of insights into the theory and practice of modern-day economics. Deconstructing the supposed opposition of state and market, Tirole explores their many interconnections in fields ranging from climate change to property rights and the new digital economy.

Who Should Listen to Economics for the Common Good?

  • Anyone interested in the how, what and why of economics
  • Proponents of free markets and advocates of state regulation
  • Anyone who’s ever wondered why climate change is so hard to tackle

About the Author: Jean Tirole

Jean Tirole is a renowned French economist and winner of the 2014 Nobel Prize in Economic Sciences. Besides his prize-winning study of the regulation of utilities, Tirole has authored numerous books including The Theory of Corporate Finance, Financial Crises and The International Monetary System.

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