What Do Markets Do?
What Do Markets Do?
Economists have written surprisingly little about the nature of a “market,” assuming perhaps that it is a simple concept with a clear or obvious referent. There is, for example, no definition of a market in many of the most widely used economic textbooks. Yet, in reality, a market is a complex institution. This chapter explores the virtues of markets in terms of welfare and autonomy and also points to their limits.
Keywords: welfare, autonomy, efficiency, externality, endogenous effects
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