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By Mark D. White

This choice of essays through popular economists and philosophers showcases the $64000 contributions that markets could make to big subject matters inside social economics, together with useful matters reminiscent of poverty and catastrophe aid, in addition to extra common issues concerning ethics and well-being.

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Of course, if people do value a particular level of literacy or numeracy, or smoke-free bars and restaurants, then there is every reason to believe the market will provide for them. But such outcomes will only emerge if they represent people’s genuine preferences in light of the necessary trade-offs, rather than the preferences of elite political actors. Markets, Choice, and Well-Being To accept the market-based approach to the solution of social problems means accepting that we do not know in advance the correct solutions to social problems or the right answers to questions of public policy.

Dunham, John, and Michael L. Marlow. ” Economic Inquiry 38 (2000): 151–7. ———. ” Contemporary Economic Policy 18 (2000): 326–33. ———. ” Eastern Economic Journal 30 (2004): 377–91. A. ” In Individualism and Economic Order, 77–91. Chicago: University of Chicago Press, 1948. ———. ” In Studies in Philosophy, Politics and Economics, 96–105. London: Routledge, 1967. M A R K E T S , D I S C O V E R Y, A N D S O C I A L P R O B L E M S 41 ———. ” In New Studies in Philosophy, Politics, Economics and the History of Ideas, 179–90.

The usual caveat applies. 1. For discussion and analysis of the importance of the failure to solve the economic coordination problem to the collapse of real world socialism, see the essays collected in Boettke, Calculation and Coordination. M A R K E T S , D I S C O V E R Y, A N D S O C I A L P R O B L E M S 39 2. A market economy may be defined as an economic system in which the means of production are privately owned and individuals buy and sell goods and services at prices spontaneously generated by the actions of producers and consumers.

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