By Bart Nooteboom
"In this thought-provoking How Markets Work and Fail and What to Make of Them Bart Nooteboom offers a radical critique of the principal intellectual and moral assumptions underlying economic science, unraveling the notion of markets: how they work and fail, and how they may be redirected to better serve us.
Initially, the inadequacy of economic science in the wake of recent financial and economic crises is outlined. Few economists predicted the crises and subsequent economic thought has been nebulous, failing to apprise guidance, understanding and prevention for the future. Established practices in finance and business continue regardless, and confusion has bred among policy makers, the public, and even economists on what markets actually are. Bart Nooteboom employs an Aristotelian virtue ethic, with a view to multiple dimensions of 'the good life', upturning the utilitarian ethic that dominates economic science and modern politics. The critique makes a corrective turn, transforming economic thought into an integrative, ethical and interdisciplinary behavioral science of markets.
Nooteboom's interdisciplinary approach makes this book an appealing read to economists, sociologists and political scientists with an interest in market processes. People concerned about how markets are developing and policy makers will welcome this topical work to gain fresh insights into collaborative and ethical market policy. This timely book will vitalize debate about markets, what they do and how they may work better."
About Bart Nooteboom
Bart Nooteboom was professor of innovation at several universities in the Netherlands until his retirement in 2008. In 2000 he was elected as member of the Royal Netherlands Academy of Arts and Sciences. Visit the author's website
Table of contents
- Foundations of markets
- How markets work and fail
- Variety of industries
- Hybrids and examples
- Alternatives Index