• John Meadowcroft


This book has set out a positive ethical case for the market economy: only the market provision of goods and services and only a distribution of income and wealth determined by the market are compatible with the principle of individual self-ownership; only where prices are heuristically generated in the marketplace and different courses of action bring differential economic rewards can resources be efficiently allocated within a complex, advanced economy so that long-term prosperity can be assured, and only when individuals respond to the impersonal signals provided by the price mechanism can they meet the needs of people of whom they have no direct personal knowledge. The choices people make in the marketplace are not taken atomistically with a selfish disregard for other people, but are made in the context of the needs and preferences of others; the market provides incentives for virtuous behaviour and mechanisms that supply trust and assurance in commercial transactions that make it a self-regulating and self-replenishing economic system.


Market Economy Market Provision Commercial Transaction Minimum Income Virtuous Behaviour 
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Copyright information

© John Meadowcroft 2005

Authors and Affiliations

  • John Meadowcroft
    • 1
    • 2
  1. 1.Institute of Economic AffairsLondonUK
  2. 2.Hansard Scholars ProgrammeLondon School of Economics and Political ScienceLondonUK

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