Market Failures, Government Solutions, and Moral Perceptions
Posted: 21 Dec 2014
Date Written: 2013
In this article, the authors criticize the expansion of government to correct market failures. Primary focus is given to the moral aspects of free enterprise and government expansion, with the authors criticizing the notion that markets are inherently immoral and propelled by self-interest while government generally acts for the public interest. They distinguish between magnanimous and mundane morality, noting that while the former holds more emotional cache, the latter, as explained by political theorist Adam Smith, can actually bring about general well-being through the promotion of self-interested market involvement.
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