The Limits Of Market Organization

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"The last quarter century has seen a broad, but qualified, belief in the efficacy of market organization slide into an unyielding dogma that the market, as unconstrained as possible, is the best way to govern virtually all economic activity. However, unrestricted markets can often lead to gross inequalities in access to important resources, the creation of monopolies, and other negative effects that require regulation or public subsidies to remedy. In "The Limits of Market Organization," editor Richard Nelson and a group of economic experts take a look at the public/private debate, noting where markets are useful, where they can be effective only if augmented by non-market mechanisms, and where they are simply inappropriate." "This important volume shows that market organization has its virtues, but also its drawbacks. Just as regulation can be over-applied, so too can market principles. "The Limits of Market Organization" encourages readers to think more discriminately about the march toward privatization, and to remember the importance of public institutions."--Jacket.

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