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A central concern of economics is how society allocates its resources. Modern economies rely on two institutions to allocate: markets and governments. But how much of the allocating should be performed by markets and how much by governments? This collection of readings will help students appreciate the power of the market. It supplements theoretical explanations of how markets work with concrete examples, addresses questions about whether markets actually work well and offers evidence that supposed "market failures" are not as serious as claimed.

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In making decisions, we often seek advice. Online, we check Amazon recommendations, eBay vendors' histories, TripAdvisor ratings, and even our elected representatives' voting records. These online reputation systems serve as filters for information overload. In this book, experts discuss the benefits and risks of such online tools.The contributors offer expert perspectives that range from philanthropy and open access to science and law, addressing reputation systems in theory and practice. Properly designed reputation systems, they argue, have the potential to create a "reputation...