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Accepting the Invisible Hand: Market-Based Approaches to by Mark D. White

By Mark D. White

This selection of essays by means of trendy economists and philosophers showcases the $64000 contributions that markets could make to big issues inside social economics, together with sensible matters akin to poverty and catastrophe aid, in addition to extra common matters concerning ethics and healthiness.

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Extra info for Accepting the Invisible Hand: Market-Based Approaches to Social-Economic Problems (Perspectives from Social Economics)

Sample text

Indianapolis: Liberty Fund, 2000 [1985]. Buchanan, James M. ” Journal of Political Economy 62 (1954): 334–43. ———. Public Finance in Democratic Process. Indianapolis: Liberty Fund, 1999 [1967]. , and Gordon Tullock. The Calculus of Consent. Indianapolis: Liberty Fund, 1998 [1962]. Coase, Ronald A. ” Journal of Law and Economics 3 (1960): 1–44. Downs, Anthony. An Economic Theory of Democracy. New York: Harper, 1957. Dunham, John, and Michael L. Marlow. ” Economic Inquiry 38 (2000): 151–7. ———. ” Contemporary Economic Policy 18 (2000): 326–33.

If many people want the same scarce medical technology or procedure, the market solves this problem impersonally by rationing it on the basis of price, and those who have made decisions (or have enjoyed good luck) that resulted in sufficient resources, and choose to spend them on this procedure, will have it. The alternative to choice by the patient herself against the background of impersonal circumstances is choice by an external policymaker or deliberative body, in which the worth of one person’s life, health, and dignity is traded off against those of others according to a formula that by its very nature cannot accommodate any of these crucially important concepts.

25 per day and $2 per day, respectively.

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