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Markets, Governments—

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  • Rick Wicks

Abstract

Economic theory allows for a place for markets, and, often grudgingly, for government, but it allows no place for communities. Yet the author argues that any thorough understanding of markets—and thus of economics—requires at least a basic understanding of communities (and of governments) as well. Communities, after all, supply social benefits—they improve welfare. How can they be ignored, especially if markets (and economic thinking) undermine them? Ignoring communities has led to inadequate economic and social policies with lasting damage. The author thoroughly reviews the sometimes complex literature on the subject.

Suggested Citation

  • Rick Wicks, 2011. "Markets, Governments—," Challenge, Taylor & Francis Journals, vol. 54(4), pages 65-96.
    • Handle: RePEc:mes:challe:v:54:y:2011:i:4:p:65-96
    DOI: 10.2753/0577-5132540404
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    References listed on IDEAS

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    1. Rosenberg, Alexander, 1992. "Economics--Mathematical Politics or Science of Diminishing Returns?," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226727233, September.
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