textbook model

When it comes to the market (one is tempted to write The Market), we speak as if it is an entity with “a mind and a morality of its own,” writes Bernhard E. Harcourt in The Illusion of Free Markets. Philosophers call this a category mistake – that is talking about a thing in one category as if it belongs to another. Even if we know the market isn’t a person or a thing you could meet walking on the street, we have the unfortunate tendency to talk as if we might. The market has “needs” (don’t we … [Read more...] about What if Kathleen Battle Were a Market Economy?