Saturday, June 24, 2017

James Buchanan on markets

Peter J. Boettke of George Mason U, in Don’t Be “a jibbering idiot”: Economic Principles and the Properly Trained Economist, quoting James Buchanan:
“A market is not competitive by assumption or by construction,” Buchanan argued. “A market becomes competitive, and competitive rules come to be established as institutions emerge to place limits on individual behavior patterns.”
Surely this could be understood as support for regulation of, say, financial markets.

No comments: