Richard R. Nelson
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On the complexities and limits of market organisation

The market organisation being canonised was simple and pure, along the lines of the standard textbook model in economics. This chapter considers the various virtues that purportedly characterise market organisation and elevates it over other kinds of governance structures. It concerns with 'market failure' theory, and other broad theories that point towards the desirability of a mixed economy. The chapter proposes that almost all activities in modern economies are governed through a mix of market and non-market mechanisms, with the relative importance of markets. The presumption and the fact that markets play a pervasive role in the governance and organisation of economic activity are relatively recent phenomena. To assess market organisation as a governing system, it is essential to widen the analytic context. The chapter focuses on strand of political philosophy, particularly Anglo-American political philosophy.

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