{"product_id":"markets-and-diversity-9780674010758","title":"Markets and Diversity","description":"\u003cp\u003eA staunch neoclassical economist  Sherwin Rosen drew inspiration from Adam Smiths Wealth of Nations  particularly his theory of compensating wage differentials  which Rosen felt was central to all economic problems involving product differentiation and spatial considerations. The main theme of his collection is how markets handle diversity  including the determination of value in the presence of diversity  the allocation of idiosyncratic buyers to specialized sellers  and the effects of heterogeneity and sorting on inequality.  Rosen felt that good economics required combining simple but powerful concepts such as optimizing and equilibrium with careful empirical analysis. It was important for the relatively simple rules of behavior implied by rationality to have useful  empirically descriptive content and predictive power. If they did  it was often possible to infer underlying structure (tastes and technology  for example) from actual behavior. Using this approach  Rosen was able to develop powerful insights into such phenomena as the enormous salaries paid to sports and entertainment stars and top business executives. He also explored with fruitful results the premium paid to workers in risky jobs  learning and experience in the labor market  and other labor market phenomena.\u003c\/p\u003e","brand":"My Store","offers":[{"title":"Default Title","offer_id":45960400732213,"sku":"ByrdShop_0674010752","price":124.62,"currency_code":"USD","in_stock":true}],"url":"https:\/\/atxbooks.com\/products\/markets-and-diversity-9780674010758","provider":"ATX Books","version":"1.0","type":"link"}