‘The Microeconomics of Market Failures and Institutions’ , by Prof. C.N. (Coen) Teulings and dr. M. (Martijn) Huysmans.

Introduction

On behalf of the authors, the IOS platform Markets & Corporations would like to  cordially invite you to the book presentation of The Microeconomics of Market Failures and Institutions. An Intermediate Textbook, by Prof. C.N. (Coen) Teulings and dr. M. (Martijn) Huysmans.

This book presentation involves contributions from prof. J. G. (Judith) van Erp, Prof. E.J.V. (Elise) Nederveen Meerkerk, Prof. R.J.G (Rutger) Claassen and Prof. F.C. (Erik) Stam

About the book 

The Microeconomics of Market Failures and Institutions is a new textbook with a multidisciplinary approach. Our idea is that history is an important aid in explaining standard economic mechanisms. We start from the rise of a state monopoly of violence after the neolithic revolution and end with the rise of democracy in 20^th century. The core insight of the book is that all market failures are due to externalities/missing markets/transaction cost (these are three words for the same phenomenon). Institutions like the state monopoly of violence, the rule of law, limited liability firms, and social insurance are designed to curb these market failures. Human history is the erratic process of the improvement of these institutions. The rise of capitalism in Western Europe and Northern America with its dramatic increase in productivity growth was only possible due to this institutional progress.

The book provides an in-depth discussion of five forms of transaction cost: commitment in time, commitment to the community, pure coordination, incomplete information on the trading partner and asymmetric information on the traded good. In various configurations, these transaction costs cover all market failures and can therefore help explain the evolution of institutions.

We hope you can join us for this event to mark the book's publication and learn more about its key insights and contributions to the study of economics.

Authors

• 

  prof. dr. Coen Teulings

  Professor

  Email: c.n.teulings@uu.nl

  Law, Economics and Governance - Utrecht University School of Economics

  Law, Economics and Governance - Utrecht University School of Economics - Economics
• Coen Teulings (1958) is distinguished professor at Utrecht University as of January 1, 2018. Before he was professor of Economics at the University of Cambridge from 2013-2017 and part-time Professor of Economics at the University of Amsterdam from 2004-2017. He served 7 years as president of CPB, the Netherlands Bureau for Economic Policy Analysis, an influential financial think-tank of the Dutch Government that evaluates of the platforms of political parties prior to general elections. He was CEO of SEO Economic Research in Amsterdam from 2004 until 2006, Professor of Economics at the Erasmus University Rotterdam and director of the Tinbergen Institute from 1998 until 2004.
• 

  dr. Martijn Huysmans

  Associate Professor

  Email: m.huysmans@uu.nl

  Law, Economics and Governance - Utrecht University School of Economics - Applied Economics
• Martijn conducts research at the intersection of economics and political science (political economy) and teaches in the Politics, Philosophy, & Economics (PPE) bachelor program. His focus area is the European Union (EU). He mainly works on EU trade policy, for instance through the lens of the protection and trade of EU regional specialty foods (geographical indications) such as Parma ham and Gouda Holland. He also studies EU institutional design (Article 50/Brexit, Role of national parliaments and Early Warning System). Martijn obtained his PhD at KU Leuven (2018) and has been on research stays at Stanford University (2015) and LUISS Rome (2022).