Ethics, Efficiency, and the MarketThis clear and incisive book provides the ideal critical synthesis of the best thinking on one of the most important moral, social, and political issues of our time: the role of the market as a basic institution of social organization. It articulates the two main types of arguments for and against the market--efficiency arguments and ethical arguments--and examines their conceptual, empirical, and moral presuppositions, as well as their implications for capitalist, socialist, and market-socialist economic arragements. Among the many striking features of the argument is Buchanan's contention that the allegedly purely technical notions of efficiency current in the social science literature rest on unexamined ethical assumptions and that the ethical arguments offered by philosophers and political theorists depend upon unexamined assumptions about efficiency. Buchanan also contends that the problem of relativism for judgments comparing social systems is no less serious for efficiency claims than for ethical claims. This short, accessible book will raise the quality of the debate in both philosophy and the social sciences. It is an ideal introduction to its subject for students in political and social theory, economics, comparative politics, and philosophy. |
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achieve actual markets allocation alternative system argue assume assumption attempt basic benefit capitalism civil and political claim competition concept conclusion consumer contribution criticism decent minimum democratic distribution economic effective enforced equal example exploitation externalities F. A. Hayek firms free-rider G. A. Cohen grounds of efficiency Hayek ideal market income individual individual's inequalities interests interferences interpersonal utility comparisons intersystemic efficiency comparisons justice labor least libertarian marginal utility market on grounds market socialism Marx Marx's Marxian maximize social utility means of production moral right mutually advantageous negative liberty nonmarket system Nozick one's overall utility Paretian principles Pareto Optimality Pareto principles Pareto Superiority Principle person political liberties positive freedom preferences private property market problem productive resources property market system property rights public ownership rational requires role Rule Utilitarianism Social Darwinist society Taylor-Lange model unemployment unfettered market voluntary exchanges wealth Welfare Economics well-being worker control