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"An Economy in which people selfishly pursue their own objectives could never achieve the objectives of a fair society" - "Competitive markets are efficient, so we should not attempt to change them" Provide a critique of these statements.
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"An Economy in which people selfishly pursue their own objectives could never achieve the objectives of a fair society" - "Competitive markets are efficient, so we should not attempt to change them" Provide a critique of these statements. Introduction At first sight, it seems like these two statements are almost exact opposites - the first advocates intervention to correct the decisions that individual economic agents make, whilst the second promotes the traditional laissez-faire approach of non-intervention. However, there are significant differences in the possible interpretations of the two statements. The first refers to people pursuing their own objectives - this could be an individual, small agent in perfect competition, or it could be one company in a monopoly market whilst the second talks specifically of competitive markets. The first statement talks of "the objectives of a fair society" whilst the second concerns itself with efficiency. To provide a critique of these statements,...
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