Economics Dictionary of Arguments

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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.

Author Concept Summary/Quotes Sources

Minimal State on Markets - Dictionary of Arguments

Gaus I 122
Markets/Minimal state/Gaus/Mack: Liberal tradition thesis: Government is justified largely on the grounds of market failure: although the market generally provides for both a free and a prosperous society, it is not perfect (Buchanan, 1975(1): ch. 3). Thus the classical liberal political economists of the nineteenth century (...) insisted that the market depended on a political framework that it could not itself provide; the market could not itself provide a coercive public apparatus for the enforcement of property rights and contracts (Robbins, 1961(2); Gaus, 1983(3)).
Minimal stateVsLiberalism/market anarchismVsLiberalism: Market anarchists and minimal statists may challenge these widely held views. They may argue,
1) first, that coercive state provision of public goods tends to oversupply them, so that it has its own offsetting inefficiencies (Buchanan and Tullock, 1965(4)). And,
2) they may insist, market and contractual arrangements can be envisioned that will yield funding for public goods - especially rights-protective public goods - that is not significantly suboptimal (Buchanan, 1975(1); Narveson, 1988(5): 238). >Social goods/Minimal state
Minimal stateVsMarket anarchism/Gaus: Advocates of the minimal state that depict it as a natural monopoly seem better positioned to make this argument than are market anarchists. Such a minimal state will, to a considerable degree, be able to tie its clients’ purchase of non-public aspects of rights protection to their also paying for public aspects of rights protection. >Society/Minimal state, >Individuals/Minimal state, >Minimal state/Gaus.

1. Buchanan, James M. (1975) The Limits of Liberty: Between Anarchy and Leviathan. Chicago: University of Chicago Press.
2. Robbins, Lord (1961) The Theory of Economic Policy in Classical English Political Economy. London: Macmillan.
3. 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.
4. Buchanan, James M. and Gordon Tullock (1965) The Calculus of Consent: Logical Foundations of Constitutional Democracy. Ann Arbor, MI: University of Michigan Press.
5. Narveson, Jan (1988) The Libertarian Idea. Philadelphia: Temple University Press.

Mack, Eric and Gaus, Gerald F. 2004. „Classical Liberalism and Libertarianism: The Liberty Tradition.“ 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.
Minimal State
Gaus I
Gerald F. Gaus
Chandran Kukathas
Handbook of Political Theory London 2004

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