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Market Morality: Robert Nozick and the Question of Economic Justice

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  • Thomas R. De Gregori

Abstract

. The study of markets and market prices has been a central feature of economic inquiry since the 18th Century. There have always been lingering questions on the meaning of market prices. Most moderneconomists argue that there are no normative implications to price analysis. The disclaimers of some economists about normative judgments ring hollow in the light of their vigorous advocacy of free market solutions to economic and other problems. Either free market solutions are superior alternatives or they are not; one cannot have a value free analysis and an ideological advocacy at the same time. The philosopher, Robert Nozick, in Anarchy, State, and Utopia, clearly finds meaning in the market place. His entitlement theory is predicated upon free exchange of goods and productive services. The normative use of free markets in general and of Robert Nozick's formulation in particular, it is contended, are inconsistent, illogical, and unscientific.

Suggested Citation

  • Thomas R. De Gregori, 1979. "Market Morality: Robert Nozick and the Question of Economic Justice," American Journal of Economics and Sociology, Wiley Blackwell, vol. 38(1), pages 17-30, January.
    • Handle: RePEc:bla:ajecsc:v:38:y:1979:i:1:p:17-30
    DOI: 10.1111/j.1536-7150.1979.tb02857.x
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