Merits and Limits of Markets

The 1997 Symposium of the Egon-Sohmen-Foundation, which gave rise to this book, took place in the United States, on the East Coast between New Y C)rk and New Haven, more precisely in Stamford (Conn.). The original choice had been a place close to Yale University, where Egon Sohmen taught economics from 1958 to 1960, subsequent to his period at MIT. But the hotel in New Haven was closed down by a new owner-to pass through a process of creative destruction. Change of ownership-on a large scale and as a transition from public to private hands-had been the topic of the preceding Egon Sohmen-Symposium (in Budapest in 1996) published under the head ing: Privatization at the End of the Century (Springer-Verlag, 1997). Yet mere change of ownership, some of us at the Foundation felt in subsequent months, was too narrow a focus to properly deal with the movement under consideration: a transition of ownership together with a general move towards a competitive market system charac terized by global openness, uncertainty, decentralized risk-bearing, and the increasing importance of information and innovation.

InhaltsangabePreface PART I. INDIVIDUALISM IN A SOCIAL CONTEXT Gary B. Madison, Self-Interest, Communalism, Welfarism David M. Anderson, Communitarian Approaches to the Economy Peter J. Boettke, Rational Choice and Human Agency in Economics and Sociology; Exploring the Weber-Austrian Connection Stefan Voigt and Daniel Kiwit, The Role and Evolution of Beliefs, Habits, Moral Norms, and Institutions PART II. THE FRONTIERS OF MARKETS Bruce L. Benson, Privatization of Legal and Administrative Services Mark V. Pauly, Competition in the Market for Health Services and Insurance, with Special Reference to the United States Edwin G. West, Supplying and Financing Education: Options and Trends under Growing Fiscal Restraints Alan Peacock, Subsidization and Promotion of the Arts PART III. NORMATIVE ISSUES OF GLOBAL TRADE Dennis C. Mueller, A Global Competition Policy for a Global Economy Anne O. Krueger and Chonira E. Aturupane, International Trade in 'Bads' Deepak Lal, Social Standards and Social Dumping About the Authors

I. Individualism in a Social Context.- Self-Interest, Communalism, Welfarism.- Communitarian Approaches to the Economy.- Rational Choice and Human Agency in Economics and Sociology: Exploring the Weber-Austrian Connection.- The Role and Evolution of Beliefs, Habits, Moral Norms, and Institutions.- II. The Frontiers of Markets.- Privatization of Legal and Administrative Services.- Competition in the Market for Health Services and Insurance, with Special Reference to the United States.- Supplying and Financing Education: Options and Trends under Growing Fiscal Restraints.- Subsidization and Promotion of the Arts.- III. Normative Issues of Global Trade.- A Global Competition Policy for a Global Economy.- International Trade in "Bads".- Social Standards and Social Dumping.- About the Authors.