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Author: John Tomasi Publisher: Princeton University Press ISBN: 0691158142 Category : Business & Economics Languages : en Pages : 380
Book Description
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.
Author: John Tomasi Publisher: Princeton University Press ISBN: 0691158142 Category : Business & Economics Languages : en Pages : 380
Book Description
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.
Author: Christian Korth Publisher: Springer Science & Business Media ISBN: 3642022537 Category : Business & Economics Languages : en Pages : 175
Book Description
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.
Author: Michael J. Aitken Publisher: ISBN: Category : Languages : en Pages : 61
Book Description
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.
Author: Stephen T. Asma Publisher: University of Chicago Press ISBN: 0226029867 Category : Business & Economics Languages : en Pages : 220
Book Description
A polymath philosopher shares lighthearted examples of humanity's unspoken instinct toward favoritism to argue against zealous pursuits of fairness.
Author: Aaron James Publisher: OUP USA ISBN: 0199846154 Category : Business & Economics Languages : en Pages : 381
Book Description
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.
Author: Hyeong-ki Kwon Publisher: Berghahn Books ISBN: 9781571816719 Category : Business & Economics Languages : en Pages : 260
Book Description
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.
Author: Lawrence R. Klein Publisher: John Wiley & Sons ISBN: 1118236866 Category : Business & Economics Languages : en Pages : 403
Book Description
A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of market manipulation that lead to mania and eventual crisis. Based on litigation cases from international stock markets, and borrowing multidisciplinary findings in the fields of finance, economics, accounting, media studies, criminology, legal studies, psychology, and medicine, this book is the first to provide thorough micro-level regulatory proposals rooted in financial reality. By focusing on securities trading, they apply antitrust measures to limiting monopolistic power that is used for the manipulation of investors' perception and monopolistic profit. These proposals are quantifiable, adjustable, inexpensive, and can be easily implemented by any securities regulating agency for real-time oversight and daily operations. The recommendations found here are intended to improve the fairness and transparency of the financial markets, thereby perfecting the market competition, protecting investors, stabilizing the market, and preventing crises Explores how avoiding crises can to contribute to a more scientific, health aware, and civilized economic and social development Written by a team of authors who have extensive experience in this dynamic field, including Nobel Laureate Lawrence R. Klein Since the founding of the first, organized stock exchange in Amsterdam 400 years ago, no systematic economic research results on stock markets have been implemented in stock market regulation around the world. Regulating Competition in Stock Markets aims to fill this void.
Author: Lixing Sun Publisher: ISBN: 1616148470 Category : Philosophy Languages : en Pages : 348
Book Description
Combining research from the social sciences, hard sciences, and the humanities, this accessible cross-disciplinary book offers fascinating insights into a key component of human nature and society. What do the Arab Spring, the Robin Hood legend, Occupy Wall Street, and the American taxpayer reaction to the $182 billion bailout of AIG have in common? All are rooted in a deeply ingrained sense of fairness. But where does this universal instinct come from? This is the driving question at the heart of L. Sun's The Fairness Instinct. Thinkers from Aristotle to Kant, from Augustine to John Rawls, and religions from Christianity to Confucianism, have offered great insight into the nature and origins of this basic human desire for fairness. Based on the most recent scientific discoveries in behavioral genetics, neuroscience, psychology, anthropology, economics, and evolution, Sun argues that the origins of the fairness instinct cannot be found exclusively in the philosophical, social, and political perspectives to which we so often turn; rather, they can be traced to something much deeper in our biological makeup. Taking as his starting point Frans De Waal's seminal study showing that Capuchin monkeys revolt when they are shortchanged by receiving a less valuable reward than their peers receive for the same task, Sun synthesizes a wide range of research to explore the biological roots of the fairness instinct. He shows that fairness is much more than a moral value or ideological construct; fairness is in our DNA. Combining scientific rigor with accessible and reader-friendly language to relate fascinating stories of animal and human behavior, The Fairness Instinct lays out an evolutionary roadmap for how fairness emerges and thrives under natural selection and how two powerful engines--social living and social hierarchy--have fueled the evolution of this intricate and potent instinct in all of us. Probing into the motives that underlie such phenomena as envy, consumerism, anti-intellectualism, revenge, revolution, terrorism, marriage, democracy, and religion, Sun showcases the power of the fairness instinct to make our history, shape our society, and rule our social lives.
Author: Laura Phillips Sawyer Publisher: Cambridge University Press ISBN: 1108548040 Category : History Languages : en Pages : 394
Book Description
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.
Author: John Tomasi
Author: John Tomasi
Author: Christian Korth
Author: Michael J. Aitken
Author: Stephen T. Asma
Author: Richard B. McKenzie
Author: Aaron James
Author: Hyeong-ki Kwon
Author: Lawrence R. Klein
Author: Lixing Sun
Author: Laura Phillips Sawyer