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SOME COMMON MISCONCEPTIONS IN DISCUSSION OF MARKETS AND MORALITY
Author(s) -
Woods Jr. Thomas E.
Publication year - 2010
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2009.01968.x
Subject(s) - morality , scarcity , dimension (graph theory) , positive economics , economics , neoclassical economics , sociology , social science , public economics , political science , microeconomics , law , mathematics , pure mathematics
The market has a moral dimension; economics, the study of the marketplace, does not. Economics deals with a world of scarcity, not a Garden of Eden in which all that is necessary to get what we want is a willingness to demand it. Discussions of morality and market, if they are to be fruitful, must recognise these basic facts.