Evolution Of Free Markets And Hierarchy
Written by Blair Fix
Economic Development and the Death of the Free Market – Part 1
There is perhaps nothing more central to mainstream economics than the belief in free markets. The idea is seductively simple. Guided only by self-interest, individuals can act through the market to benefit the whole of society. This notion of the ‘invisible hand’ (Smith, 1776) has become foundational to neoclassical economics. The theory proposes that in a perfectly competitive market, the autonomous actions of selfish individuals will lead to an outcome that is ‘Pareto optimum’ (Mas-Colell et al., 1995).
Source: http://econintersect.com/pages/analysis/analysis.php?post=202105030233
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