A Quote by Eric Maskin
Markets work well with goods that economists call private goods.
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We're told we need this trade deal to open up vast markets to American goods, ... But the reality is that most Chinese workers cannot afford to buy the goods that even they make.
If I buy a car, I use the car, you don't, and the market for cars works pretty well. But there are many other sorts of goods, often very important goods, which are not provided well through the market. Often, these go under the heading of public goods.
Three sorts of goods, Aristotle specified, contribute to happiness: goods of the soul, including moral and intellectual virtues and education; bodily goods, such as strength, good health, beauty, and sound senses; and external goods, such as wealth, friends, good birth, good children, good heredity, good reputation and the like.
I think that markets classically fail in cases where there are public goods that provide benefits that people cannot capture. The big debate is how big these public goods are, where they exist, things of that sort.
If you get a call to go to a certain place in the middle of the night to pick up stolen goods, and it turns out the stolen goods don't show up but the cops show up, I think you're going to have a very weak story saying, 'Well, I got swindled here.'
Like a bottle of wine or a promising college quarterback turning pro, C.E.O.'s are similar to what economists call experience goods: you commit to a price long before you know if they're worth it.
What we're talking about is the price of goods, all goods, in terms of money. That has nothing to do with unemployment, except for the fact that you get fewer goods. And when you have more money and fewer goods, the amount of dollars per good goes up. It goes up because there are fewer goods and it goes up because there is more money.
Private property is a necessary institution, at least in a fallen world; men work more and dispute less when goods are private than when they are in common.
I had always been interested in markets - specifically, the theory that in financial markets, goods will trade at a fair value only when everyone has access to the same information.
If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.
Do not worry! Earthly goods deceive the human heart into believing that they give it security and freedom from worry. But in truth, they are what cause anxiety. The heart which clings to goods receives with them the choking burden of worry. Worry collects treasures, and treasures produce more worries. We desire to secure our lives with earthly goods; we want our worrying to make us worry-free, but the truth is the opposite. The chains which bind us to earthly goods, the clutches which hold the goods tight, are themselves worries.
I'm not in the luxury-goods business. I sell unique objects. I wish I was in luxury goods because then I could just call the factory and say, 'I need 10,000 more of whatever.' But I can't - because then it's not art, it's something else.
The modern corporation must manufacture not only goods but the desire for the goods it manufactures.
The great society is a place where men are more concerned with the quality of their goods than with the quantity of their goods.
Advertising is a valuable economic factor because it is the cheapest way of selling goods, particularly if the goods are worthless.
Money is the general medium of exchange. It is the thing for which all other goods are traded, the means of final payment for such goods on the market.
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