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The Limits of Market Efficiency

Author

Listed:
  • James M. Buchanan

    (George Mason University)

Abstract
The framework rules within which either market or political activity takes place must be classi?ed in the non-partitionability set under the Samuelson taxonomy. Therefore there is nothing comparable to the pro?t-loss dynamic of the market that will insure any continuing thrust toward more desirable rules. 'Public choice' has at least partially succeeded in getting economists to remove the romantic blinders toward politics and politicians as providers of non-partitionable goods. It is equally necessary to be hard-nosed in evaluating markets as providers of non-partitionable rules.

Suggested Citation

  • James M. Buchanan, 2011. "The Limits of Market Efficiency," Rationality, Markets and Morals, Frankfurt School Verlag, Frankfurt School of Finance & Management, vol. 2(38), January.
    • Handle: RePEc:rmm:journl:v:2:y:2011:i:38
    as

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    File URL: http://www.rmm-journal.com/downloads/Article_Buchanan.pdf
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    Citations

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    Cited by:

    1. Christoph Luetge & Thomas Armbrüster & Julian Müller, 2016. "Order Ethics: Bridging the Gap Between Contractarianism and Business Ethics," Journal of Business Ethics, Springer, vol. 136(4), pages 687-697, July.
    2. Diana Thomas & Michael Thomas, 2014. "Entrepreneurship: Catallactic and constitutional perspectives," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(1), pages 11-22, March.
    3. Daniele Bertolini, 2019. "Constitutionalizing Leviathan: A Critique of Buchanan’s Conception of Lawmaking," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 36(1), pages 41-69, October.

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