The economic system question revisited

The problem of market bias in modern capitalist economies

Richard Nelson

Industrial and Corporate Change, 2022, vol. 31, issue 3, 591-609

Abstract: The core argument of this paper is that thinking of modern economies, like that of the United States, the UK, Germany, and Japan, as “market” economies—a view presented in most of the standard economic texts that provide populations with their economic education—greatly oversimplifies the complex and varied ways that these economies actually use to organize and govern provision of the great variety of goods and services that serve their multiple needs and wants. These economies certainly do make extensive use of for-profit firms selling their wares on markets. However, even in sectors where market mechanisms are central, there almost always are important non-market mechanisms involved as well. And for many of the most important goods and services these economies provide and use, non-market institutions are central and market mechanisms secondary. It is important to recognize the oversimplification. It makes dealing with the problems in sectors whose performance is widely judged to be unsatisfactory much more difficult to resolve adequately.

Date: 2022
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