The Fairness Of Markets

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Free Market Fairness

Author : John Tomasi
Publisher : Princeton University Press
ISBN 13 : 0691158142
Total Pages : 380 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Free Market Fairness by : John Tomasi

Download or read book Free Market Fairness written by John Tomasi and published by Princeton University Press. This book was released on 2013-05-05 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative new vision of free market capitalism that achieves liberal ends by libertarian means Can libertarians care about social justice? In Free Market Fairness, John Tomasi argues that they can and should. Drawing simultaneously on moral insights from defenders of economic liberty such as F. A. Hayek and advocates of social justice such as John Rawls, Tomasi presents a new theory of liberal justice. This theory, free market fairness, is committed to both limited government and the material betterment of the poor. Unlike traditional libertarians, Tomasi argues that property rights are best defended not in terms of self-ownership or economic efficiency but as requirements of democratic legitimacy. At the same time, he encourages egalitarians concerned about social justice to listen more sympathetically to the claims ordinary citizens make about the importance of private economic liberty in their daily lives. In place of the familiar social democratic interpretations of social justice, Tomasi offers a "market democratic" conception of social justice: free market fairness. Tomasi argues that free market fairness, with its twin commitment to economic liberty and a fair distribution of goods and opportunities, is a morally superior account of liberal justice. Free market fairness is also a distinctively American ideal. It extends the notion, prominent in America's founding period, that protection of property and promotion of real opportunity are indivisible goals. Indeed, according to Tomasi, free market fairness is social justice, American style. Provocative and vigorously argued, Free Market Fairness offers a bold new way of thinking about politics, economics, and justice—one that will challenge readers on both the left and right.

The Fairness of Markets

Author : Richard B. McKenzie
Publisher : Lexington, Mass. : Lexington Books
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Fairness of Markets by : Richard B. McKenzie

Download or read book The Fairness of Markets written by Richard B. McKenzie and published by Lexington, Mass. : Lexington Books. This book was released on 1987 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fairness in Practice

Author : Aaron James
Publisher : OUP USA
ISBN 13 : 0199846154
Total Pages : 381 pages
Book Rating : 4.1/5 (998 download)

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Book Synopsis Fairness in Practice by : Aaron James

Download or read book Fairness in Practice written by Aaron James and published by OUP USA. This book was released on 2012-04-13 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the author argues that to achieve a fair global economy, there must be compensation of people harmed by their exposure to the global economy, but also equal division of the "gains of trade" across societies.

Microeconomics

Author : Samuel Bowles
Publisher : Princeton University Press
ISBN 13 : 1400829313
Total Pages : 608 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Microeconomics by : Samuel Bowles

Download or read book Microeconomics written by Samuel Bowles and published by Princeton University Press. This book was released on 2009-12-13 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency. Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.

American Fair Trade

Author : Laura Phillips Sawyer
Publisher : Cambridge University Press
ISBN 13 : 1108548040
Total Pages : 394 pages
Book Rating : 4.1/5 (85 download)

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Book Synopsis American Fair Trade by : Laura Phillips Sawyer

Download or read book American Fair Trade written by Laura Phillips Sawyer and published by Cambridge University Press. This book was released on 2018-01-11 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rather than viewing the history of American capitalism as the unassailable ascent of large-scale corporations and free competition, American Fair Trade argues that trade associations of independent proprietors lobbied and litigated to reshape competition policy to their benefit. At the turn of the twentieth century, this widespread fair trade movement borrowed from progressive law and economics, demonstrating a persistent concern with market fairness - not only fair prices for consumers but also fair competition among businesses. Proponents of fair trade collaborated with regulators to create codes of fair competition and influenced the administrative state's public-private approach to market regulation. New Deal partnerships in planning borrowed from those efforts to manage competitive markets, yet ultimately discredited the fair trade model by mandating economy-wide trade rules that sharply reduced competition. Laura Phillips Sawyer analyzes how these efforts to reconcile the American tradition of a well-regulated society with the legacy of Gilded Age of laissez-faire capitalism produced the modern American regulatory state.

Fairness in Bargaining and Markets

Author : Christian Korth
Publisher : Springer Science & Business Media
ISBN 13 : 3642022537
Total Pages : 175 pages
Book Rating : 4.6/5 (42 download)

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Book Synopsis Fairness in Bargaining and Markets by : Christian Korth

Download or read book Fairness in Bargaining and Markets written by Christian Korth and published by Springer Science & Business Media. This book was released on 2009-07-25 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on economic bargaining theory. Economic bargaining theory seeks to predict the outcomes of bargaining situations. In such situations, govern ments, ?rms, or individuals share a mutual interest in cooperation; however, they also have con?icting interests regarding the terms of an agreement. A classic ex ample of such a situation is wage bargaining between unions and employers. More commonplace examples also exist. For instance, a discussion between partners on how to spend an evening can be understood as a bargaining situation. Economic bargaining theory explores the relationship between bargaining situ ations and the outcomes of the bargaining. Economists have two primary reasons to show interest in this relationship. The ?rst reason is that many important human interactions, including economic interactions, are bargaining situations. The second reason is that the understanding of these situations may inform the economic theory of markets. The tool utilized in this study is the mathematical theory of games. Predictions for bargaining outcomes are developed by modeling the bargaining situation as a strategic game and using game theoretic equilibrium concepts in order to solve the game. In this approach, the speci?c identi?ed bargaining outcome depends on the assumptions underlying the model. The neoclassical and fundamental assumption is that of rational agents—called economic men—who strive to maximize their utility based on stable preferences.

Fairness and Division of Labor in Market Societies

Author : Hyeong-ki Kwon
Publisher : Berghahn Books
ISBN 13 : 9781571816719
Total Pages : 260 pages
Book Rating : 4.8/5 (167 download)

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Book Synopsis Fairness and Division of Labor in Market Societies by : Hyeong-ki Kwon

Download or read book Fairness and Division of Labor in Market Societies written by Hyeong-ki Kwon and published by Berghahn Books. This book was released on 2004 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contrary to the explanations offered by the theory of non-reflexive, path-dependent institutionalism, the U.S. and the German automotive industries undertook strikingly similar patterns of industry modification under tough international competition during the 1990s, departing from their traditional national patterns. By investigating the processes of the U.S. and German adjustments, the author critically reconsiders the prevalent paradigms of political economy and comes to the conclusion that the evidence does not confirm the neoliberal paradigm. In order to better account for the recomposition of new market relations, which the author terms "converging but non-liberal" and "diverging but not predetermined" markets, he proposes an alternative model of "politics among reflexive agents," emphasizing different kinds of problem-solving practices among those reflexive agents. He argues that different forms and regimes of market are established in the process of recomposition, in which agents reflect upon not only market rationality but also upon their own institutions, creating new norms.

What Money Can't Buy

Author : Michael J. Sandel
Publisher : Farrar, Straus and Giroux
ISBN 13 : 1429942584
Total Pages : 256 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis What Money Can't Buy by : Michael J. Sandel

Download or read book What Money Can't Buy written by Michael J. Sandel and published by Farrar, Straus and Giroux. This book was released on 2012-04-24 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay? In What Money Can't Buy, Michael J. Sandel takes on one of the biggest ethical questions of our time: Is there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? In recent decades, market values have crowded out nonmarket norms in almost every aspect of life—medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. Is this where we want to be?In his New York Times bestseller Justice, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes an essential discussion that we, in our market-driven age, need to have: What is the proper role of markets in a democratic society—and how can we protect the moral and civic goods that markets don't honor and that money can't buy?

Moral Markets

Author : Paul J. Zak
Publisher : Princeton University Press
ISBN 13 : 1400837367
Total Pages : 387 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Moral Markets by : Paul J. Zak

Download or read book Moral Markets written by Paul J. Zak and published by Princeton University Press. This book was released on 2010-12-16 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Like nature itself, modern economic life is driven by relentless competition and unbridled selfishness. Or is it? Drawing on converging evidence from neuroscience, social science, biology, law, and philosophy, Moral Markets makes the case that modern market exchange works only because most people, most of the time, act virtuously. Competition and greed are certainly part of economics, but Moral Markets shows how the rules of market exchange have evolved to promote moral behavior and how exchange itself may make us more virtuous. Examining the biological basis of economic morality, tracing the connections between morality and markets, and exploring the profound implications of both, Moral Markets provides a surprising and fundamentally new view of economics--one that also reconnects the field to Adam Smith's position that morality has a biological basis. Moral Markets, the result of an extensive collaboration between leading social and natural scientists, includes contributions by neuroeconomist Paul Zak; economists Robert H. Frank, Herbert Gintis, Vernon Smith (winner of the 2002 Nobel Prize in economics), and Bart Wilson; law professors Oliver Goodenough, Erin O'Hara, and Lynn Stout; philosophers William Casebeer and Robert Solomon; primatologists Sarah Brosnan and Frans de Waal; biologists Carl Bergstrom, Ben Kerr, and Peter Richerson; anthropologists Robert Boyd and Michael Lachmann; political scientists Elinor Ostrom and David Schwab; management professor Rakesh Khurana; computational science and informatics doctoral candidate Erik Kimbrough; and business writer Charles Handy.

Fairness in Financial Markets

Author : James Angel
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Fairness in Financial Markets by : James Angel

Download or read book Fairness in Financial Markets written by James Angel and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent concern over "high frequency trading" (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be "fair"? We first examine how high frequency trading is actually used. High frequency traders are often implementing traditional beneficial strategies such as market making and arbitrage, although computers can also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be viewed from the perspective of equal opportunity, in which all market participants are treated alike. The same rules apply to HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial to other market participants, so one cannot categorically denounce the practice as unfair. Other strategies, for both high and low frequency trading, are not. It is thus important to distinguish between the technology and the use of the technology to make judgments on fairness.

Market Fairness

Author : Michael J. Aitken
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Market Fairness by : Michael J. Aitken

Download or read book Market Fairness written by Michael J. Aitken and published by . This book was released on 2015 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Notwithstanding that regulatory mandates require that all security market design changes pass the dual test of fairness and efficiency, most regulators have not even defined efficiency let alone fairness. It should therefore come as little surprise why design changes such as the introduction of algorithmic and high frequency trading or dark pools are causing considerable controversy in the marketplace. There is no evidence-based policy framework within which such changes can be meaningfully evaluated. In this work we seek to develop a Market Quality Framework in which as a start both fairness and efficiency are defined. From these definitions we establish a series of empirical proxies. Thereafter, we develop a systems estimation model and demonstrate its use by analyzing the 2004-2011 explosive growth in algorithmic trading (AT) on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT increases market fairness and efficiency but only in top quintile stocks. We address the robustness of these results to end-of-quarter reporting deadlines and to trading before and after MiFID1, a 2007 regulatory regime that fragmented the market. In addition, we analyze the over-identifying restrictions, and perform both Hausman and Stock-Yogo tests of the exogeneity and strength of our AT instruments.

Against Fairness

Author : Stephen T. Asma
Publisher : University of Chicago Press
ISBN 13 : 0226029867
Total Pages : 220 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Against Fairness by : Stephen T. Asma

Download or read book Against Fairness written by Stephen T. Asma and published by University of Chicago Press. This book was released on 2013 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: A polymath philosopher shares lighthearted examples of humanity's unspoken instinct toward favoritism to argue against zealous pursuits of fairness.

Fairness in Markets and Market Experiments

Author : Dirk Engelmann
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)

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Book Synopsis Fairness in Markets and Market Experiments by : Dirk Engelmann

Download or read book Fairness in Markets and Market Experiments written by Dirk Engelmann and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reclaiming Populism

Author : Eric Protzer
Publisher : Polity
ISBN 13 : 9781509548118
Total Pages : 180 pages
Book Rating : 4.5/5 (481 download)

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Book Synopsis Reclaiming Populism by : Eric Protzer

Download or read book Reclaiming Populism written by Eric Protzer and published by Polity. This book was released on 2022-01-04 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rise of populism is usually attributed by commentators to either income inequality or culture wars. We are witnessing, they argue, either the displaced anger of the 99% or the revenge of the ‘deplorables’ against the ‘liberal elite’. They are wrong. In this forensic book, Eric Protzer and Paul Summerville argue that populism is actually a response to a profound sense that many of the world’s leading economies are unfair. They show that in meritocratic countries, such as Australia, Canada, Portugal, and Japan, populism has not taken root. In contrast, the countries that have been hit by the worst populist upheavals - like the US, UK, France, and Italy – have low social mobility. The way to address populism is to restore the connection between contribution and reward and craft a politics that reclaims the reasonable grievances that drive populism while discarding its false diagnoses and toxic ‘solutions’. Reclaiming Populism is a must-read for policy-makers, scholars and citizens who want to understand the crises of our age and bring disenchanted populist voters back into the fold of liberal democracy.

Malleable Balance of Market Practices and Fairness Constraints

Author : Andrew Askland
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Malleable Balance of Market Practices and Fairness Constraints by : Andrew Askland

Download or read book Malleable Balance of Market Practices and Fairness Constraints written by Andrew Askland and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some apologies for market economic systems excuse their various shortcomings as the unavoidable cost of their benefits. Prospering markets entail unfairness. If unfair conditions and practices do not ground a market system, then they inevitably arise as the system develops. This position fuels a reluctance to implement fairness inspired constraints because they contradict an economy's normal operations. Fairness concerns are rendered optional, pursued when they do not unduly burden market operations. The position of this paper is that markets operate and prosper with significant fairness constraints. Some constraints are grafted onto the market model and function as constitutive components. These constraints mostly represent shared views about impartial procedures. Other constraints express commitments that are independent of the market, grounded in distinct criteria of evaluation. This paper argues (1) that many fairness constraints are consistent with the market model and (2) that those constraints which are not reflect commitments as vital as market commitments. Variable balances of these commitments are sustainable in practice. Conventional practice may tolerate market operations that eclipse specific fairness expectations, but the balance can be recalibrated. Current limits upon market practices are often described as natural fits with the market. These descriptions ignore the many changes that have been gradually adopted by market systems to accommodate fairness concerns. Despite complacency about the prevailing balance, further modifications are sustainable. The crucial elements of a market system, i.e., those which promote efficiency, protect personal liberties, ground stability, enhance outputs, etc., can persist through the modifications.

Radical Markets

Author : Eric A. Posner
Publisher : Princeton University Press
ISBN 13 : 0691196974
Total Pages : 208 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Radical Markets by : Eric A. Posner

Download or read book Radical Markets written by Eric A. Posner and published by Princeton University Press. This book was released on 2019-10-08 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revolutionary ideas on how to use markets to achieve fairness and prosperity for all Many blame today's economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking on its head. With a new foreword by Ethereum creator Vitalik Buterin and virtual reality pioneer Jaron Lanier as well as a new afterword by Eric Posner and Glen Weyl, this provocative book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation. Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition—Radical Markets shows how.

Fairness in Law and Economics

Author : Lee Anne Fennell
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781005293
Total Pages : 0 pages
Book Rating : 4.0/5 (52 download)

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Book Synopsis Fairness in Law and Economics by : Lee Anne Fennell

Download or read book Fairness in Law and Economics written by Lee Anne Fennell and published by Edward Elgar Publishing. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one, this collection demonstrates the robust and diverse ways in which economics engages - and cannot avoid engaging - with fairness. Part I contains papers presenting positive analyses of fairness preferences and beliefs, which are fundamental means through which fairness matters for economic models. Part II turns to normative analysis and the broad question of how law should reconcile fairness and efficiency considerations. Part III presents a sampling of legal and policy applications in which both fairness and efficiency considerations prove important. Along with an original introduction by the editors this is a must-have volume that will appeal to students, academics and practitioners who are interested in this exciting field.