07 Sep The Morality of the Market Process

Do markets make the conditions for moral action possible? To answer to this question, I will develop the normative implications of competition in the market process. As a value-free science, positive economics illustrates the economic consequences of different forms of competitive behavior for resource allocation and income distribution. In this paper, I explore the normative implications of competition under alternative institutional arrangements. I distinguish between catallactic competition, based upon an individual’s willingness and ability to pay for resources generated through trade…

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