Not that I do not enjoy the theoretical / philosophical excercise - but
I just wanted to point out that I have a hard time imagining an alien
making it to earth without already having a very clear understanding of
what a market is - in fact, I believe "the market" as being one of the
points on
> I am trying to think about cultures that don't have the economic
> institutions that Western countries have. For example, if the people
> of one nation voluntarily adopted Islamic law and did not charge
> interest, voluntarily, would that be a market? Basically, I want
> to get beyond "voluntary
On pp 30-31 of *What Should Economists Do?*, James
Buchanan takes issue with the orthodox view that the
market is a *means* of accomplishing the basic
economic functions
an engineered construction, a
mechanism. Buchanan argues that the market should
be defined as such:
The market or marke
assert that the United
States has a market economy whereas North Korea does
not.
Does this mean that North Koreans do not obtain their
goods at a market? I don't think so. They go to the
state run store to buy meat voluntarily. It's just
that the price of meat and the quantity avail
yond "voluntary interaction" and try to think about
> the institutions you need in order to have Western style markets.
This is a different question than your original question of what is a market.
> So if people abolish interest rates, they're abolishing one of the
> key
think the concept of currency is necessary.
Gustavo
- Original Message -
From: "fabio guillermo rojas" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Sunday, April 28, 2002 11:35 PM
Subject: What is a market?
>
> Imagine that an alien arrives on planet earth a
ety deal with this interplay.
-Original Message-
From: fabio guillermo rojas [mailto:[EMAIL PROTECTED]]
Sent: Monday, April 29, 2002 1:35 PM
To: [EMAIL PROTECTED]
Subject: Re: What is a market?
> A pure market economy exists where all economic activity is voluntary for
all
> persons in
> A pure market economy exists where all economic activity is voluntary for all
> persons in the economy. There are neither restrictions nor imposed arbitrary
> costs on peaceful and honest human action.
I am trying to think about cultures that don't have the economic
institutions that Wester
> Imagine that an alien arrives on planet earth and asks you "what
> is a market?" What kind of economic system would count as a "market"?
> Fabio
We can cut through the fog by first defining a market in its purity:
A pure market economy exists where all economic
Imagine that an alien arrives on planet earth and asks you "what
is a market?" What kind of economic system would count as a "market"?
I know this can be a sticky question, but how would you describe the
economy of Russia or China, and why doesn't it count as a marke
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