Limits of Markets.pdf (298.62 kB)
On the limits of markets
journal contribution
posted on 2020-07-20, 14:12 authored by Geoff HodgsonThis is a review essay of Markets without Limits by Jason Brennan and Peter M. Jaworski and of The Invisible Hand? by Bas van Bavel. From different perspectives, both books focus on the moral or practical limits to markets in modern society. While both works make major contributions, there are theoretical flaws. Brennan and Jarworski powerfully countered some criticisms of commodification. But they downplayed the possibility that the transition from gift to contract or market exchange may raise moral issues that are additional to those intrinsic to the goods or services being traded. Van Bavel investigated cycles of growth, inequality and decline in several market economies over the last 1500 years. But his argument is built on a confusion between finance and capital goods. Nevertheless, much that is positive remains in both books after their flaws are corrected.
History
School
- Loughborough University London
Published in
Journal of Institutional EconomicsVolume
17Issue
1Pages
153 - 170Publisher
Cambridge University Press (CUP)Version
- AM (Accepted Manuscript)
Rights holder
© Millennium Economics LtdPublisher statement
This article has been published in a revised form in Journal of Institutional Economics https://doi.org/10.1017/S174413742000034X. This version is published under a Creative Commons CC-BY-NC-ND. No commercial re-distribution or re-use allowed. Derivative works cannot be distributed. © Millennium Economics LtdAcceptance date
2020-07-01Publication date
2020-08-04Copyright date
2020ISSN
1744-1374eISSN
1744-1382Publisher version
Language
- en
Depositor
Prof Geoff Hodgson. Deposit date: 20 July 2020Usage metrics
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