This essay focuses on profound implications for economic policy.the global market and will tend to dominate their identified “niche

profound implications for economic policy.

a information economics test / quiz prep and need support to help me understand better.
mport-led countries are focusing entirely on the development of a competitive edge in the global market and will tend to dominate their identified “niche” markets.The economics of information has constituted a revolution in economics, providing explanations of phenomena that previously had been unexplained and upsetting longstanding presumptions, including that of market efficiency, with profound implications for economic policy. Information failures are associate with numerous other market failures. It including incomplete risk markets, imperfect capital markets, and imperfections in competition. This enhancing opportunities for rent seeking and exploitation.

This paper puts into perspective.

It nearly a half century of research, including recent advances in understanding the implications of imperfect information for financial market regulation, macro-stability, inequality, and public and corporate governance; and in recognizing the endogeneity of information imperfections. It explores the consequences of recent advances in technology and the policy challenges and opportunities they present for competition policy and policies regarding privacy and transparency.

The paper notes the role

that information economics played in stimulating other advances in economics, including contract theory and behavioral economics. It reinvigorated institutional economics, showing how institutions mattered. This in some cases explaining institutional features that could not be well-understood. The conventional paradigm, and in others showing how institutional responses to market. The failures might or might not be welfare enhancing.
The paper argues that the new paradigm. This provides a markedly different, and better, lens for looking at the economy than the older perfect markets competitive paradigm.

Details;

Firstly, be keen

Secondly, integrity

Thirdly, be cautious

further, integrity

Lastly, passion

Lastly, time