Open AccessTHE FOUNDATION OF MARKET QUALITY ECONOMICS *
Author(s) -
YANO MAKOTO
Publication year - 2009
Publication title -
the japanese economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.205
H-Index - 28
eISSN - 1468-5876
pISSN - 1352-4739
DOI - 10.1111/j.1468-5876.2008.00471.x
Subject(s) - economics , foundation (evidence) , quality (philosophy) , work (physics) , microeconomics , perfect competition , industrial organization , engineering , law , mechanical engineering , philosophy , epistemology , political science
This study is based on my observation that high quality markets are indispensable for the healthy growth of a modern economy. Many problems surrounding markets are attributable to the lack of high quality markets. An industrial revolution creates extremely vibrant but unhealthy markets. This study introduces a concept of fairness in dealing and pricing (competitive fairness), which differs from efficiency, and defines market quality as a measure for the efficiency of allocation and the fairness of dealing and pricing. This study shows that competitive fairness is achieved by several market mechanisms that I constructed in my previous work.