Economics Dictionary of ArgumentsHome
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| Markets: A market in economics is a physical or virtual place where buyers and sellers come together to exchange goods and services. Markets allow people to specialize in different areas of production, they provide competition, and promote innovation. See also Competition, Progress, Economy, Goods, Exchange, Trade, Innovation._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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John Ramsay McCulloch on Markets - Dictionary of Arguments
Gaus I 106 Markets/utility//McCulloch, J.R. /Gaus: „When individuals are left to be guided by their sense of what is best for themselves in the employment of their stock and industry, their interests are identified with those of the public; and those who are most successful in increasing their own wealth, necessarily, also contribute most effectually to increase the wealth of the state to which they belong.“ (1964(1): 125) GausVsMcCulloch: This supposes, of course, that wealth is a proxy for happiness or utility, an assumption often explicitly made by the liberal political economists (Gaus, 1983b)(2) and indeed by much of economics Gaus I 106 today (which employs money as an objective utility function). We thus find today that, while most philosophers and political theorists are apt to see a conflict between liberalism and utilitarianism, most economists do not. >Liberalism, >Utilitarianism. Neoclassical economics reconciles what philosophy draws asunder. >Neoclassical economics, >Markets/Utilitarianism. 1. McCulloch, J. R. (1964) Principles of Political Economy, 5th edn. Edinburgh: Black. 2. Gaus, Gerald F. (1983b) ‘Public and private interests in liberal political economy, old and new’. In S. I. Benn and G. F. Gaus, eds, Public and Private in Social Life. New York: St Martins, 183–222. Gaus, Gerald F. 2004. „The Diversity of Comprehensive Liberalisms.“ In: Gaus, Gerald F. & Kukathas, Chandran 2004. Handbook of Political Theory. SAGE Publications._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
McCulloch, John Ramsay Gaus I Gerald F. Gaus Chandran Kukathas Handbook of Political Theory London 2004 |
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