The Future of Markets

5 Pages Posted: 2 Mar 2010

See all articles by John Kay

John Kay

London School of Economics & Political Science (LSE)


In the 2009 Wincott Lecture, the author argues that in their approach to markets, economic researchers and policy-makers have focused too much on the role of prices as signals to guide resource allocation, at the expense of two possibly more important elements – markets as a process of discovery and markets as a mechanism for the diffusion of political and economic power. Government policies should support the market rather than particular industries, promote competition not concentration, and facilitate entry, not confer advantages on existing firms.

Suggested Citation

Kay, John, The Future of Markets. Economic Affairs, Vol. 30, Issue 1, pp. 38-42, March 2010. Available at SSRN: or

John Kay (Contact Author)

London School of Economics & Political Science (LSE) ( email )

Houghton Street
London, WC2A 2AE
United Kingdom

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