Macroeconomics 1982
DOI: 10.1007/978-1-349-86044-9_22
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The Theory of Economic Policy

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“…However, there are a number of well‐known factors which undermine the necessary conditions for free individual choice and cause markets to fail ‐ structural imperfections in competition, lack of information and the existence of externalities which justify collective action[31, 32]. Not only is consumerism flawed within the framework of market theory, but it also distorts the broader purposes of public services which exist not simply to meet consumers’ preferences but, more fundamentally, to meet social needs.…”
Section: Consumerism and Instrumental Rationality: Legitimation Of The Minimal Statementioning
confidence: 99%
“…However, there are a number of well‐known factors which undermine the necessary conditions for free individual choice and cause markets to fail ‐ structural imperfections in competition, lack of information and the existence of externalities which justify collective action[31, 32]. Not only is consumerism flawed within the framework of market theory, but it also distorts the broader purposes of public services which exist not simply to meet consumers’ preferences but, more fundamentally, to meet social needs.…”
Section: Consumerism and Instrumental Rationality: Legitimation Of The Minimal Statementioning
confidence: 99%