By Viktor J Vanberg
What's the nature and function of pageant in markets and politics? This e-book examines the institutional measurement of markets and the principles and associations that situation the operation of industry economies. specific cognizance is paid to the the position of the kingdom, particularly the position of governments in shaping and protecting the industrial structure in their societies.
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Extra info for The Constitution of Markets: Essays in Political Economy
Example text
By contrast, the freemarket approach tends to focus on voluntary exchanges in the market as the principal vehicle of voluntary cooperation40 and, accordingly, tends to view any restrictions on voluntary market exchange as welfare-reducing limitations of the freedom of contract. The constitutional approach, in other words, uses a more general concept of voluntary exchange than does the free-market approach. It includes within that category the kinds of mutually beneficial 30 Markets and regulation constitutional exchanges that are exemplified by the case of the landowners mentioned in the above quotation from Epstein.
When the prohibition or non-enforceability of contracts in restraint of trade is treated as a constitutional constraint on the freedom of contract and when consumer sovereignty is treated as a constitutional ideal for how the game of catallaxy should function. At the constitutional level, the relevant question is whether this game can be expected to be more attractive for all players involved if cartel agreements are generally prohibited, or at least not enforced, compared with how it would function in the absence of such a constraint.
14) seem to provide a substitute for such a standard. 31 Both processes may be analyzed and compared with regard to their general 26 Markets and regulation capacities to serve that function in the interest of all parties involved, contingent on the rules of the game to which they themselves are subject. And the specific modifications in rules that they produce may be analyzed in terms of their prospects of improving the game of catallaxy. 32 To argue that, for the reasons stated, rights-reassigning regulations must be distinguished from rights-redefining regulations is, of course, not at all the same as saying that the latter give no cause for concern from a liberal perspective.