The Moral Conditions of Economic Efficiency (Cambridge Studies in Philosophy and Law)

Rating:
Summary: Schultz revises the Fundamental Theorem
Review: This is a brilliant demonstration that a free market can be efficient only with effective, internalized constraints on behavior ("moral" conditions); that a free market without such constraints is inefficient.

Read Chapter 6 first; then read the preceding five-chapter proof if you need to understand the theoretical underpinnings.

If ecomonists understood this proof, it would revolutionize management, government policy, regulatory practise, and judicial review.

Rating:
Summary: Schultz revises the Fundamental Theorem
Review: This is a brilliant demonstration that a free market can be efficient only with effective, internalized constraints on behavior ("moral" conditions); that a free market without such constraints is inefficient.

Read Chapter 6 first; then read the preceding five-chapter proof if you need to understand the theoretical underpinnings.

If ecomonists understood this proof, it would revolutionize management, government policy, regulatory practise, and judicial review.