What "certain institutions" does Science lack that markets have? _________________________ John-Charles Bradbury, Ph.D. Department of Economics The University of the South 735 University Ave. Sewanee, TN 37383 -1000 Phone: (931) 598-1721 Fax: (931) 598-1145 E-mail: [EMAIL PROTECTED] ----- Original Message ----- From: "Peter Boettke" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Monday, November 26, 2001 9:19 AM Subject: Re: Austrians and markets
> Mark, > > I am surprised you would be making this argument ... do you believe that the > "market" for legislation is efficient because it exists? Whatever is, isn't > necessarily efficient. The market for ideas in economics is a distorted > market. Fads and fashions come and go all the time. Science is not like a > market because it lacks certain institutions which are the backdrop against > which markets operate. > > Nobody ever said individuals pursuing their self interest, under whatever > conceivable set of institutions you could imagine, would generate a > desirable social order. The invisible hand postulate is specified within an > institutional environment. Of course, some really fascinating research has > been done on the application of invisible hand processes to the framework > itself. > > I have a paper with Bill Butos which examines the nature of science and its > relationship to entrepreneurship and if anyone is interested just send me an > email and I will send you the attached file. > > Pete Boettke > > >
