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MarketsandGovernmentinaModernEconomyCHAPTER2AbstractedfromEconomicsbyPaulA.SamuelsonDesignbyLynneIMCEveryindividualendeavorstoemployhiscapitalsothatitsproducemaybeofgreatestvalue.Hegenerallyneitherintendstopromotethepublicinterest,norknowshowmuchheispromotingit.Heintendsonlyhisownsecurity,onlyhisowngain.Andheisinthisledbyaninvisiblehandtopromoteanendwhichwasnopartofhisintention.Bypursuinghisowninteresthefrequentlypromotesthatofsocietymoreeffectuallythanwhenhereallyintendstopromoteit.----AdamSmithTheWealthofNations(1776)每个人都力图用好他的资本，使其产出能实现最大的价值，一般说来，他既不企图增进公共福利，也不知道他能够增进多少。他所追求的仅仅是一己的安全或私利。但是，在他这样做的时候，有一只看不见的手在引导着他去帮助实现另外一种目标，尽管该目标并非是他的本意。追逐个人利益的结果，是他经常地增进社会的利益，其效果要比他真的想要增进社会的利益时更好。IMCPurchasetrainticketontheinternet:•Tangiblecapital:computer;intellectualproperty;fiber-optictransmissionlines;thetrainreservationsystemandpricingmodel.•Thetraincompaniesdoallthistomakeprofits•Governmentrole:regulatetrainsafety;ownsmanytrainstations,managethetraffic-controlsystem,producethepublicgoodofweatherdataandforecasting;provideinformationontraindelays.Theeconomyofeverycountryintheworldismixedeconomy—acombinationofprivateenterpriseworkingthroughthemarketplaceandgovernmentregulation,taxationandprogramsIMCMarketmarket•Farmer’smarket•Onlinemarkets•tradingexchangesmarkets:stocktradingexchangesfuturetradingexchanges•LabormarketsIMCAmarketisamechanismthroughwhichbuyersandsellersinteracttodeterminepricesandexchangegoodsandservices.市场是买者和卖者相互作用并共同决定商品和劳务的价格以及交易数量的机制。Market•Naturalorderofmarkets:individualbuyersandsellersmaketheirowndecisions.•Marketsdeterminethepriceofgoods（andhowmanygoodschangehandsbetweenbuyersandsellers).•Marketoutcomes(prices,tradingquantities)aredeterminedinmarketequilibrium（市场均衡）:whensupplymeetsdemand.Thefunctionofmarkets•Coordinationofproductionandconsumption•Communicationofmarketinformationtoallmarketparticipants:pricesservingasamainsignalIMCPrice:•Inamarketsystem,everythinghasaprice,whichisthevalueofthegoodintermsofmoney.•Pricesrepresentthetermsonwhichdifferentitemscanbeexchange.※abicycle--$500apairofshoes--$50•Pricesserverassignalstoproducersandconsumers.•Pricescoordinatethedecisionsofproducersandconsumersinamarket.Higherpricestendtoreduceconsumerpurchasesandencourageproduction.Lowerpricesencourageconsumptionanddiscourageproduction.Pricesarethebalancewheelofthemarketmechanism.Marketshoesandbicyclestradeona10-to-1basisIMCMarketequilibrium:•Amarketequilibriumrepresentsabalanceamongallthedifferentbuyersandsellers.•Dependingupontheprice,householdsandfirmsallwanttobuyorselldifferentquantities.Themarketfindstheequilibriumpricethatsimultaneouslymeetsthedesiresofamarketsystem,buyersandsellers.•Toohighapricewouldmeanaglutofgoodswithtoomuchoutput;toolowapricewouldproducelonglinesinstoresandadeficiencyofgoods.Thosepricesforwhichbuyersdesiretobuyexactlythequantitythatsellersdesiretosellyieldanequilibriumofsupplyanddemand.Market市场均衡代表了所有不同的买者和卖者之间的一种平衡。消费者和企业愿意购买或出售的数量取决于价格。市场找到了正好平衡买者与卖者的愿望的均衡价格。过高的价格导致产量太多而产品过剩，而太低的价格则会引起排队和短缺。在某一价格水平上，买者所愿意购买的数量正好等于卖着所愿意出售的数量，这一价格就达成了供给和需求的均衡。IMC1.What:consumers’dollarvotes(货币选票)•Whatgoodsandserviceswillbeproducedisdeterminedbythedollarvotesofconsumersintheirdailypurchasedecisions.•consumers’moneyvotes----induceprofit-seekingfirmstoproducethegoodsandservicesconsumerswant2.How:competitionforcesfirmstoproducegoodsandservicesinthemostefficientways(withminimalcosts)•Howthingsareproducedisdeterminedbythecompetitionamongdifferentproducers.Thebestwayforproducerstomeetpricecompetitionandmaximizeprofitsistokeepcostsataminimumbyadoptingthemostefficientmethodsofproduction.3.Forwhom:consumptioncomesfromincome,incomecomesfromfactorsmarkets:laborincome,landincome(rent)andcapitalincome(interestsandcapitalgain).•Forwhomthingsareproduced—whoisconsumingandhowmuch—depends,inlargepart,onthesupplyanddemandinthefactormarketsHowmarketssolvethethreeeconomicproblems?IMCApictureofpriceandmarketIMCWeseeherethecircularflowofamarketeconomy.•Dollarvotesofconsumers(households,governments,andforeigners)interactwithbusinesssupplyintheproductmarketsattop,helpingtodeterminewhatisproduced.•Businessdemandforinputsmeetsthesupplyoflaborandotherinputsinthefactormarketsbelow,determiningwage,rent,andinterestpayments;incomesthusinfluenceforwhomgoodsaredelivered.•Businesscompetitiontobuyfactorinputsandsellgoodsmostcheaplydetermineshowgoodsareproduced.Howmarketssolvethethreeeconomicproblems?IMCTheDualMonarchyTastes(偏好)Technology（技术）•People’spreferences,whatpeoplelike/want.•innateoracquired,•Givenhowmuchincomepeoplehave,tasteandincomedeterminedemand.•TheypickthepointonthePPF•howinputscanbetransformedintooutputs.•Combinedwithhowmuchresources(inputs)thesocietyhas,technologyandresourcesdeterminesupply•Technologyandresourcesavailabletoasocietydeterminetheproductionpossibilitiesfrontier消费者根据自己的偏好在生产可能性边界上的各个点之间进行选择。技术和可供利用的资源决定生产可能性边界Likeafarmerusingacarrotandasticktocoaxadonkeyforward,themarketsystemdealsoutprofitsandlossestoinducefirmstoproducedesiredgoodsefficientlyIMCAdamSmith:•Thebirthofmoderneconomics:“TheWealthofNations”,17