Rewriting Econ 101: Teaching the Shortcomings of Market Allocation

Forget what you learned about markets in your introductory economics class. In a new book titled The Tyranny of the Market: Why You Can’t Always Get What You Want Wharton professor Joel Waldfogel challenges the conventional thinking that markets will provide adequately if left to their own devices. His book makes the case that while markets do a good job of offering products that a majority of people desire they can fall short in meeting the needs of consumers with less prevalent preferences. Potentially left by the wayside are African Americans Hispanics people with unusual medical conditions and residents of remote areas among others.

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