Author granted license

Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International

Document Type

Book Chapter

Publication Date

5-25-2016

Editor(s)

Richard Watt

Publisher

Edward Elgar Publishing

Language

en-US

Abstract

Markets are most acceptable when they serve efficiency and other goals. It is only under transaction-costless conditions of perfect knowledge, flawless and cost-free enforcement, full monetization, and instantaneous ability to organize and negotiate, that markets are guaranteed to generate efficient outcomes. And even then, markets could fall short as social tools, because goals other than allocative efficiency may fail to be met.

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