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Integrating Sex and Drugs into the Principles Course: Market-Failures Versus Failures-of-Market Outcomes

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  • David Colander

Abstract

The author's central argument in this article is that the current micro principles course is structured around an approach to policy that avoids many of the controversial but central issues of policy. These include (1) the interplay of moral issues and efficiency, (2) questions of consumer sovereignty, and (3) questions of the interrelation between measures of efficiency and income distribution. The current market-failure organizing framework of microeconomics principles textbooks excludes discussion of a broader set of failures of market outcomes: situations in which the market is doing everything it is supposed to be doing, but society is still unhappy with the result. The author suggests a dual market-failure and failure-of-market-outcome policy framework that encourages discussion of these broader issues.

Suggested Citation

  • David Colander, 2003. "Integrating Sex and Drugs into the Principles Course: Market-Failures Versus Failures-of-Market Outcomes," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(1), pages 82-91, January.
    • Handle: RePEc:taf:jeduce:v:34:y:2003:i:1:p:82-91
    DOI: 10.1080/00220480309595203
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    1. David Colander, 2001. "The Lost Art of Economics," Books, Edward Elgar Publishing, number 2415.
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    Cited by:

    1. A. Arrighetti & A. Lasagni, 2018. "Insegnare Economia Industriale ‘in a digital age’," Economics Department Working Papers 2018-EP06, Department of Economics, Parma University (Italy).
    2. Frooman, Jeff, 2021. "Where MLM Intersects MFA: Morally Suspect Goods and the Grounds for Regulatory Action," Business Ethics Quarterly, Cambridge University Press, vol. 31(1), pages 138-161, January.
    3. Gwendolyn Alexander Tedeschi, 2007. "Drug Markets: A Classroom Experiment," The American Economist, Sage Publications, vol. 51(1), pages 75-84, March.
    4. Marc A. Cohen & Dean Peterson, 2019. "The Implicit Morality of the Market and Joseph Heath’s Market Failures Approach to Business Ethics," Journal of Business Ethics, Springer, vol. 159(1), pages 75-88, September.
    5. David Carrithers & Dean Peterson, 2006. "Conflicting Views of Markets and Economic Justice: Implications for Student Learning," Journal of Business Ethics, Springer, vol. 69(4), pages 373-387, December.
    6. Green, Tom L., 2013. "Teaching (un)sustainability? University sustainability commitments and student experiences of introductory economics," Ecological Economics, Elsevier, vol. 94(C), pages 135-142.

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