By J. Lepper
Why do markets exist? How are they maintained? What are industry structures and the way are they shaped? This ebook addresses those primary questions and demanding situations the normal view that markets and industry platforms are 'natural', asserting instead that they're ideologically colored and of doubtful medical worth.
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Extra info for An Enquiry into the Ideology and Reality of Market and Market System
More fundamentally, sellers face a dual pricing problem because they must set price in a Market for the commodity in relation to the price they are prepared to pay for inputs. These two prices must be set despite the fact that the prices paid for inputs affect the demand for the thing, action or idea that is being produced and the demand for the commodity affects the Market price. Furthermore, Market price affects the profitability of employing inputs and so affects the demand for, and incomes earned by, labour and capital.
In some instances, policies which might benefit people through redistribution are rejected because they may interfere with Market processes. Market has become a mould into which human action is squeezed so that it becomes politically manageable. The concept “Market” is taken to be an accurate description of all economic reality and many of the distinctive features of mercantifers are ignored. As a consequence, differential economic and social power ceases to feature in the analysis of the economy.
Even in a Market system this argument may be invalid. 23 In order for price to perform this role, it must be expressed in terms of a single commodity (Walras, 1870/1954; Keynes, 1936; Marx, 1996). For Marx, this was the amount of social labour embodied; for Walras, it was the amount of an arbitrarily selected commodity called a numeraire; for Keynes, it was labour of a standard amount and quality. However, none of the suggested yardsticks is invariant with the behaviour of the Market system. Prices measured in terms of them appear changed as a result of changes in the value placed upon the particular yardstick that has been selected.