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Why Some Things Should Not Be for SaleThe Moral Limits of Markets$
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Debra Satz

Print publication date: 2010

Print ISBN-13: 9780195311594

Published to Oxford Scholarship Online: September 2010

DOI: 10.1093/acprof:oso/9780195311594.001.0001

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What Do Markets Do?

What Do Markets Do?

Chapter:
(p.15) 1 What Do Markets Do?
Source:
Why Some Things Should Not Be for Sale
Author(s):

Debra Satz (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195311594.003.0001

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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