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Markets and Diversity

Опубликовано на портале: 15-12-2002
American Economic Review. 2002.  Vol. 92. No. 1. P. 1-15. 
Тематический раздел:
Despite the importance of diversity in economic life, only a small part of economic theory is devoted to analyzing differences. Competitive markets value diversity and sort out complex patterns of tastes and technologies that translate into supply of and demand for an enormous variety of products and factors of production. The theory of diversity applies universally and is manifest in many economic problems. This paper explores 3 themes: Markets value diversity, markets sort buyers and sellers appropriately to take advantage of heterogeneous talents and tastes, and sorting and choice create income inequality.