A Quote by Ludwig von Mises
The market economy as such does not respect political frontiers. Its field is the world.
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The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.
Obviously I do have political views - I'm a believer in the free-market economy; I also believe that without competition and respect for human rights there will be no progress because nobody will feel safe and free.
A free economy is as essential to society as democratic political institutions. A strong market-based economy is the fertile ground for democratic freedoms that we think are important.
I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.
Tyranny is the political corollary of socialism, as representative government is the political corollary of the market economy.
Having seen a non-market economy, I suddenly understood much better what I liked about a market economy.
Free markets. What does this system mean? The answer is simple: it is the market economy, it is the system in which the cooperation of individuals in the social division of labor is achieved by the market.
Yes, I think India's economy always has been a mixed economy, and by Western standards we are much more of a market economy than a public sector-driven economy.
A market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break.
Over the past three decades, markets and market thinking have been reaching into spheres of life traditionally governed by non-market norms. As a result, we've drifted from having a market economy to becoming a market society.
I call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.
The market economy of its own cannot destroy socialism. But to build socialism with success, it is necessary to develop a market economy in an adequate and correct way.
The economy is much bigger than the market. We will not be able to build a good economy - nor a good society - unless we look at the vast expanse beyond the market.
Globalization can be very unjust and unfair and unequal, but these are matters under our control. It?s not that we don?t need the market economy. We need it. But the market economy should not have priority or dominance over other institutions.
We kind of know there's no more frontiers in the physical world. So the frontiers move from where we haven't been yet to where we've been and abandoned.
It is eminently possible to have a market-based economy that requires no such brutality and demands no such ideological purity. A free market in consumer products can coexist with free public health care, with public schools, with a large segment of the economy -- like a national oil company -- held in state hands. It's equally possible to require corporations to pay decent wages, to respect the right of workers to form unions, and for governments to tax and redistribute wealth so that the sharp inequalities that mark the corporatist state are reduced. Markets need not be fundamentalist.
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