Is There a Proper Scope for Markets?

Marc Fleurbaey

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Abstract: Debra Satz's brilliant essay highlights that it is insufficient to study markets in terms of efficiency and potential market failures, as they have deep effects on people and societies. This line of thought could inspire the project of building a general theory of social interactions, in which the specific properties of market transactions would be identified, and their influence on society at large, depending on the surrounding institutions and social structure, could be understood. In this brief essay, personal care provides an example of the complex ramifications of different arrangements for social interactions.

Date: 2023-10
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Published in Daedalus, 2023, 152 (1), pp.189-193. ⟨10.1162/daed_a_01977⟩

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Working Paper: Is There a Proper Scope for Markets? (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04379990

DOI: 10.1162/daed_a_01977

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