Markets, Collective Action, and Economic Policy:

Adam Smith postulated that the pursuit of individual self-interest, when guided by the invisible hand of competitive markets, will benefit society at large, yet economic policy exists. This talk will examine the relationship between collective-action problems that emerge in market settings, rationales for economic policy and collective-action problems and motivations of policy makers themselves. Under what conditions are government policies likely to promote or interfere with economic development and overall well being? Specific examples will be given.

William Ferguson '75, professor of economics, earned a B.A. from Grinnell. He also holds M.A. and Ph.D. degrees from the University of Massachusetts. He teaches labor economics, macroeconomic analysis, political economy, and game theory courses, and does research on implicit bargaining power in labor markets.