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.
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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;
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- Diana Thomas & Michael Thomas, 2014. "Entrepreneurship: Catallactic and constitutional perspectives," The Review of Austrian Economics, Springer, vol. 27(1), pages 11-22, March.
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