To what extent should the government intervene in the marketplace? Economists often consider fiercely competitive markets to be in the public interest. When producers in such markets strive to earn a profit, they are led — as if by an invisible hand — to deliver high quality at low cost. But...

Jean Tirole is one of the most influential economists of our time. He has made important theoretical research contributions in a number of areas, but most of all he has clarified how to understand and regulate industries with a few powerful firms.

Jean Tirole delivered his Prize Lecture on 8 December 2014 at the Aula Magna, Stockholm University.

Interview with 2014 Laureate in Economic Sciences Jean Tirole, 6 December 2014.