The Limits of Market Efficiency
AbstractThe framework rules within which either market or political activity takes place must be classi?ed in the non-partitionability set under the Samuelson taxonomy. Therefore there is nothing comparable to the pro?t-loss dynamic of the market that will insure any continuing thrust toward more desirable rules. 'Public choice' has at least partially succeeded in getting economists to remove the romantic blinders toward politics and politicians as providers of non-partitionable goods. It is equally necessary to be hard-nosed in evaluating markets as providers of non-partitionable rules.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Frankfurt School Verlag, Frankfurt School of Finance & Management in its journal Rationality, Markets and Morals.
Volume (Year): 2 (2011)
Issue (Month): 38 (January)
markets; politics; efficiency; Samuelson; non-partitionability; public choice;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Diana Thomas & Michael Thomas, 2014. "Entrepreneurship: Catallactic and constitutional perspectives," The Review of Austrian Economics, Springer, Springer, vol. 27(1), pages 11-22, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Friederike Pförtner).
If references are entirely missing, you can add them using this form.