By J. Lepper
Why do markets exist? How are they maintained? What are marketplace structures and the way are they shaped? This publication addresses those primary questions and demanding situations the conventional view that markets and marketplace structures are 'natural', asserting instead that they're ideologically colored and of doubtful clinical price.
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Additional info for An Enquiry into the Ideology and Reality of Market and Market System
Marginal productivity of effort must be equal to the cost of a unit of effort. Bowles assumes that employers approach maximum profit sequentially. First, they ensure that wages and monitoring expenses are no more than the unit costs of effort. Second, they decide how many hours of effort they need. Third, they decide whether or not the production plan is sufficiently profitable to undertake. 2. 2 Interdependence of price and factor incomes 22 An Enquiry into the Ideology and Reality of Market and Market System This dynamic interdependence brings uncertainty about the future.
There are even attempts through “cost/benefit” or “contingent valuation” analysis to make unpriced commodities appear more important by ascribing calculations of price to them. Limiting discussion to priced entities in this way limits debate to commercially defined categories and excludes many aesthetic and cultural matters. Market manages contracts,51 so the only social relationships of consequence are contracts. Thus, only relationships involving a buyer, a seller and a consideration form part of social reality.
47 First, money has no place in a single stationary Market without uncertainty. Firms or people maintain stocks of monetary wealth as a contingency so that it is possible to change the scale, scope and timing of purchases if consumption or production plans cannot be fulfilled. There is benefit in holding money not in order to make planned exchanges but rather in order to be in a position to adjust plans in the future. However, there is no uncertainty in Market. 48 There are, therefore, no unforeseen circumstances so no reason to hold money balances.