Question

Jean Tirole in economics for the common good discusses various methods outside of markets to approach the issue of scarcity. What are these methods and are all of them inefficient? How does this compare with the ideas discussed in Harford (The Undercover Economist)?

Answer 1

Jean tirole in economics is a Nobel laureate also a professor.he contributed many things to the contribution to the market and his some views regarding to the many view point of like :according to him ''the company must be able to produce (or sell) more efficiently than its constituent parts could by acting separately’" The scarcity related to these parts or resources which is need to be efficient in accordance with him.
According to Harford In "The Undercover Economist" Harford is describing both the power of markets, and the potential for their failures, big and small. He is
describing what economics call the two fundamental theorems of welfare economics, and in order to do so he has to explore the determination of
relative prices, the neoclassical theory of value.

The ideas from these two have some differences regarding the factors focused.but it commonly says that same thing related to the efficiency of an economy depend upon the welfare or efficient utilisation of resources.