Daily Archives: August 14, 2014

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What are markets? Political and philosophical reflections.

The market mechanism, taught to millions of business and economics students, is not a simple model. Even though it has been studied extensively, the political discussion about the role and applicability of markets often seems confused. A deep fact/value problem distorts the debates about markets and democracy as the cornerstones of Western societies. Is the market mechanism a normative model, a necessary ingredient of […]