Does the Market Exclude Equality?

Bulletin of the Georgian National Academy of Sciences, Vol. 175, No. 1, 2007

6 Pages Posted: 2 Dec 2012

See all articles by Vladimer Papava

Vladimer Papava

Ivane Javakhishvili Tbilisi State University

Date Written: 2007

Abstract

The market, as the economic foundation of capitalism, is often recognized as the basis of inequality. In fact the free market model implicitly posits complete equality of opportunity for the agents participating in it. In order to minimize inequalities due to externalities, the government interferes in the market because the market is incapable of solving this problem on its own. Economic policies in support of market equality are therefore based on libertarianism. Optimal economic policies should therefore combine elements of libertarianism and liberalism, provided that the former dominates.

Keywords: real-Market model, public choice, economic policy, equality, free-market model, pseudoreal-Market Model

JEL Classification: A10, O20, P16, P26

Suggested Citation

Papava, Vladimer, Does the Market Exclude Equality? (2007). Bulletin of the Georgian National Academy of Sciences, Vol. 175, No. 1, 2007. Available at SSRN: https://ssrn.com/abstract=2183687 or http://dx.doi.org/10.2139/ssrn.2183687

Vladimer Papava (Contact Author)

Ivane Javakhishvili Tbilisi State University ( email )

1, Ilia Tchavtchavadze avenue
Tbilisi, Tbilisi 0179
Georgia
+995 32 222-0241 (Phone)
+995 32 222-5107 (Fax)

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