Introduction

Mark Harrison ()

Chapter 1 in The Economics of Coercion and Conflict, 2014, pp 1-36 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The study of economics begins with trade. In an idealized market, sellers compete with each other for buyers. Under the rules of the market, competition is impersonal and non-violent. Each person makes their best choice, which can include staying out of the market; no one is forced to take part. As Adam Smith (1776/2005: 364) suggested, a result of the sellers' pursuit of their own private profit is that resources are “led by an invisible hand” towards their best uses. In turn, the buyers' pursuit of their own greatest satisfaction ensures that everyone gains who takes part willingly. In the outcome, the well-being of society is raised…

Keywords: Defence; Dictatorship; Coercion; Conflict; Procurement; Mobilization; Political Economy; Repression; War (search for similar items in EconPapers)
Date: 2014
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