The Limits of Market Efficiency

James Buchanan

Rationality, Markets and Morals, 2011, vol. 2, issue 38

Abstract: The framework rules within which either market or political activity takes place must be classi?ed in the non-partitionability set under the Samuelson taxonomy. Therefore there is nothing comparable to the pro?t-loss dynamic of the market that will insure any continuing thrust toward more desirable rules. 'Public choice' has at least partially succeeded in getting economists to remove the romantic blinders toward politics and politicians as providers of non-partitionable goods. It is equally necessary to be hard-nosed in evaluating markets as providers of non-partitionable rules.

Keywords: markets; politics; efficiency; Samuelson; non-partitionability; public choice (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (3)

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