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Markets and Dignity: The Essential Link (With an Application to Health Care)

In: Accepting the Invisible Hand

Author

Listed:
  • Mark D. White

Abstract

As most economists will tell you, markets, under ideal conditions of perfect competition, maximize the allocative and productive efficiency of the economy. Those ideal conditions are familiar to introductory economics students, and include large numbers of buyers and sellers, perfect information about the prices and terms sellers offer, homogeneous products, and no barriers to entry (or exit). If any of these conditions do not hold, then efficiency is compromised, and government intervention (such as price regulation and antitrust measures) is often recommended in order to bring the outcomes of the imperfect competition closer to the ideal of perfect competition.

Suggested Citation

  • Mark D. White, 2010. "Markets and Dignity: The Essential Link (With an Application to Health Care)," Perspectives from Social Economics, in: Mark D. White (ed.), Accepting the Invisible Hand, chapter 0, pages 1-21, Palgrave Macmillan.
    • Handle: RePEc:pal:pfschp:978-0-230-11431-9_1
    DOI: 10.1057/9780230114319_1
    as

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