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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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The Changing Visions of Economics

The Changing Visions of Economics

(p.39) 2 The Changing Visions of Economics
Why Some Things Should Not Be for Sale

Debra Satz (Contributor Webpage)

Oxford University Press

The view of the market as a homogeneous mechanism operating across different types of exchanges is distinctly modern. The classical political economists. especially Adam Smith, David Ricardo, and Karl Marx, held a very different view of markets and of their place within society. Our modern understanding of markets in terms of their formal properties and our ability to build tractable models far surpasses those of the classical political economists. This chapter focuses on these earlier thinkers’ larger overall vision and its contrast with that contemporary view. This alternative vision had far reaching implications for their views of the nature and limits of markets and the justice [or injustice] of many market transactions

Keywords:   classical political economists, heterogeneous markets, labor markets, Adam Smith, David Ricardo, Karl Marx, marginalism

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