Free-market economics has attempted to combine efficiency and freedom by emphasizing the need for neutral rules and meta-rules. These efforts have only been partly successful, for they have failed to address the deeper, normative arguments justifying – and limiting – coercion. This failure has thus left most advocates of free-market vulnerable to formulae which either emphasize expediency or which rely upon optimal social engineering to foster different notions of the common will and of the common good. This book offers the reader a new perspective on free-market economics, one in which the defense of markets is no longer based upon the utilitarian claim that free markets are more efficient; rather, the defense of markets rests upon the moral argument that top-down coercive policy-making is necessarily in tension with the rights-based notion of justice typical of the Western tradition. In arguing for a consistent moral basis for the free-market view, we depart from both the Austrian and neoclassical traditions by acknowledging that rationality is not a satisfactory starting point. This rejection of rationality as the complete motivator for human economic behaviour throws constitutional economics and the law-and-economics tradition into new relief, revealing these approaches as governed by considerations derived by various notions of social efficiency, rather than by principles consistent with individual freedom, including freedom to choose. This book shows that the solution is in fact a better understanding of the lessons taught by the Scottish Enlightenment: the role of the political context is to ensure that the individual can pursue his own ends, free from coercion. This also implies individual responsibility, respect for somebody else’s preferences and for his entrepreneurial instincts. Social virtue is not absent from this understanding of politics, but rather than being defined through the priorities of policy-makers, it emerges as the outcome of interaction among self-determining individuals. The strongest and most consistent case for free-market economics, therefore, rests on moral philosophy, not on some version of static-efficiency theorizing. This book should be of interest to students and researchers focussing on economic theory, political economics and the philosophy of economic thought, but is also written in a non-technical style making it accessible to an audience of non-economists.

Markets, Morals, and Policy-Making: A New Defense of Free-Market Economics (Routledge Foundations of the Market Economy)

Business & Money

Colombatto, Enrico

Economics

Routledge

Free-market economics has attempted to combine efficiency and freedom by emphasizing the need for neutral rules and meta-rules. These efforts have only been partly successful, for they have failed to address the deeper, normative arguments justifying – and limiting – coercion. This failure has thus left most advocates of free-market vulnerable to formulae which either emphasize expediency or which rely upon optimal social engineering to foster different notions of the common will and of the common good. This book offers the reader a new perspective on free-market economics, one in which the defense of markets is no longer based upon the utilitarian claim that free markets are more efficient; rather, the defense of markets rests upon the moral argument that top-down coercive policy-making is necessarily in tension with the rights-based notion of justice typical of the Western tradition.  In arguing for a consistent moral basis for the free-market view, we depart from both the Austrian and neoclassical traditions by acknowledging that rationality is not a satisfactory starting point. This rejection of rationality as the complete motivator for human economic behaviour throws constitutional economics and the law-and-economics tradition into new relief, revealing these approaches as governed by considerations derived by various notions of social efficiency, rather than by principles consistent with individual freedom, including freedom to choose.  This book shows that the solution is in fact a better understanding of the lessons taught by the Scottish Enlightenment: the role of the political context is to ensure that the individual can pursue his own ends, free from coercion. This also implies individual responsibility, respect for somebody else’s preferences and for his entrepreneurial instincts. Social virtue is not absent from this understanding of politics, but rather than being defined through the priorities of policy-makers, it emerges as the outcome of interaction among self-determining individuals. The strongest and most consistent case for free-market economics, therefore, rests on moral philosophy, not on some version of static-efficiency theorizing.   This book should be of interest to students and researchers focussing on economic theory, political economics and the philosophy of economic thought, but is also written in a non-technical style making it accessible to an audience of non-economists.

The Economics You Need

This short book offers a rigorous yet user-friendly introductory guide for students who need to grasp the essential concepts of economics quickly. It provides a serious, clearly understandable and systematic account of the key elements of economics, with a focus on theory and principles. The Economics You Need provides the ideal introduction for students approaching economics from other academic disciplines, as it uses only a limited amount of economics jargon, and is constructed so that several chapters can be read independently of the others. This book is structured around the premise that a set of theoretical steps are necessary for understanding economics as a way of thinking, rather than as a set of solutions. It also encourages the reader to consider alternatives to common assumptions, to acknowledge the need for value judgements and to foster fresh thinking in an imperfect world. This engaging primer will be essential reading not only for students of economics, but also for students with a background in disciplines such as politics, international relations and business studies.

This short book offers a rigorous yet user-friendly introductory guide for students who need to grasp the essential concepts of economics quickly. It provides a serious, clearly understandable and systematic account of the key elements of economics, with a focus on theory and principles.
The Economics You Need provides the ideal introduction for students approaching economics from other academic disciplines, as it uses only a limited amount of economics jargon, and is constructed so that several chapters can be read independently of the others. This book is structured around the premise that a set of theoretical steps are necessary for understanding economics as a way of thinking, rather than as a set of solutions. It also encourages the reader to consider alternatives to common assumptions, to acknowledge the need for value judgements and to foster fresh thinking in an imperfect world. This engaging primer will be essential reading not only for students of economics, but also for students with a background in disciplines such as politics, international relations and business studies.

Law, Informal Rules and Economic Performance: The Case for Common Law

Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.This book will be of great interest to academics and students of law and economics, new institutional economics, comparative systems and public choice throughout the world and especially in East Asia and South America where institutional issues are being debated.

Pejovich, Svetozar

Edward Elgar Publishing

`This is one of the rare books in which the author is well aware of what he is talking about and makes sure that the same goes for his readers.' - Ljubomir Madzar `Professor Pejovich has ranged expertly across such seemingly disparate areas as legal systems, culture, economics and public choice theory to give us a thoroughly convincing roadmap for a nation's economic success. The rule of law, enforcement of private contracts, private property rights and an independent judiciary are the basic building blocks. But the common law system, as compared to the civil law system emanating from the European continent, also gets a lot of the credit. This is an erudite, yet happily readable work that takes a lot of the mystery out of differential economic performance among nations.' - Henry G. Manne, George Mason University School of Law, US `Written by one of the pioneers of modern property rights economics this book provides a most insightful, well readable and engaged discussion of the institutional foundations of the Western free enterprise system and the reason for its success, with a special emphasis on the differences between common law and civil law institutions. Readers will especially appreciate the many instructive examples and court cases that serve to illustrate the general argument.' - Viktor J. Vanberg, Universitaet Freiburg, Germany `This is a must-read for anyone who wants to understand why Western capitalism has outperformed all other economic systems. Professor Pejovich explains how the institutions of capitalism, especially those based on common law, make for excellence, even in comparison with Western civil law countries. He presents a compelling theory of how systems evolve through the interactions of formal and informal institutions, an analysis that has deep significance for economic reform proposals throughout the world.' - John H. Moore, Grove City College, US `There are many books on the virtues of capitalism and capitalism as a moral system. Steve Pejovich avoids that mistake. Capitalism, for him, is a system based on human behavior. It survives because it meets the needs that individuals face and provides opportunities that individuals are able to accept. Unlike the utopian visions that have competed against capitalism, it does not impose the vision of a self-selected group. It responds to the desires and wishes of real people most of whom find satisfaction in the way the system works for them. Pejovich traces the behavior of the system back to its roots in methodological individualism. In an excellent development he brings the philosophical into its relation to the economic.' - Allan Meltzer, Carnegie Mellon University, US `In Law, Informal Rules and Economic Performance, Svetozar Pejovich presents a unique juxtaposition of economics, political science, history and the theory of institutional change to explain the wealth of nations. The book is brilliantly convincing in arguing that individual rights rather than state control are responsible for the historical growth and prosperity of successful nations. Indeed, Pejovich goes further to argue that the only route to collective prosperity is through individual rights and freedom.'  - Thomas Saving, Texas A&M University, US Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.

L'economia di cui nessuno parla. Mercati, morale e intervento pubblico

Teen & Young Adult

IBL Libri

See the best price to sell, buy, or rent books by Colombatto, Enrico. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Colombatto, Enrico

See the best price to sell, buy, or rent books by Colombatto, Enrico. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Markets, Morals, and Policy-Making: A New Defense of Free-Market Economics (Routledge Foundations of the Market Economy)

Markets, Morals, and Policy-Making: A New Defense of Free-Market Economics (Routledge Foundations of the Market Economy)

The Economics You Need

The Economics You Need

Law, Informal Rules and Economic Performance: The Case for Common Law

Law, Informal Rules and Economic Performance: The Case for Common Law

L'economia di cui nessuno parla. Mercati, morale e intervento pubblico