Category - Andrejs JAUNZEMS

Presently, we cannot find the scientific analysis that clearly explains the deepest roots of global economical and moral crisis. Because of that many famous politicians, economists, sociologists denote the understanding of current situation as the most valuable attainment. Under traditional influence of the doctrine of spontaneous harmony of egoistic individual behavior many economists believe that competition and private property rights through the markets’ price mechanism leads in the long run to the Pareto efficiency equilibrium. At the same time the social and economic reality categorically asks to ascertain the market failure and to revision the classical statements of microeconomics. The perfect competition market has lost its attributes due to dialectics of interactions of agents. The investigation of the interactions strategies of the individuals are based on the game theory, what also helps to understand the role of asymmetric information as a specific market failure factor...