Social Costs of Markets and Economic Theory

Download or read book Social Costs of Markets and Economic Theory written by Frederic S. Lee and published by Wiley. This book was released on 2014-01-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the social costs of markets from a heterodox perspective. It deals with the degrading of work, decline of community, and rising income inequality in the United States as markets and especially financial markets come to dominate society. Of course, if there is an attempt to point out the social costs of markets, the response of mainstream economists is to silence the critics or even in Orwellian fashion redefine their critiques so as to eliminate any negative comments about markets. While critique is necessary, there also needs to be a constructive agenda, that is, the developing of an alternative, heterodox economic theory. So overall the book presents a critique of the social costs markets and the beginning of a heterodox economic theory of how the capitalist market system actually works.