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THE FUTURE OF MARKETS
Author(s) -
Kay John
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.1468-0270.2009.01971.x
Subject(s) - competition (biology) , government (linguistics) , politics , industrial organization , process (computing) , market power , economics , market economy , resource (disambiguation) , market mechanism , resource allocation , business , mechanism (biology) , public economics , political science , monopoly , ecology , computer network , philosophy , linguistics , epistemology , computer science , law , biology , operating system
In the 2009 Wincott Lecture, the author argues that in their approach to markets, economic researchers and policy‐makers have focused too much on the role of prices as signals to guide resource allocation, at the expense of two possibly more important elements – markets as a process of discovery and markets as a mechanism for the diffusion of political and economic power. Government policies should support the market rather than particular industries, promote competition not concentration, and facilitate entry, not confer advantages on existing firms.