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The Foundation Of Market Quality Economics

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  • MAKOTO YANO

Abstract

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.

Suggested Citation

  • Makoto Yano, 2009. "The Foundation Of Market Quality Economics," The Japanese Economic Review, Japanese Economic Association, vol. 60(1), pages 1-32, March.
    • Handle: RePEc:bla:jecrev:v:60:y:2009:i:1:p:1-32
    DOI: 10.1111/j.1468-5876.2008.00471.x
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    9. Makoto Yano, 2008. "Competitive fairness and the concept of a fair price under Delaware law on M&A," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(2), pages 175-190, June.
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    12. Makoto Yano & Takashi Komatsubara, 2006. "Endogenous price leadership and technological differences," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(3‐4), pages 365-383, September.
    13. Yano, Makoto, 1984. "The turnpike of dynamic general equilibrium paths and its insensitivity to initial conditions," Journal of Mathematical Economics, Elsevier, vol. 13(3), pages 235-254, December.
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