Perfect Markets and Easy Virtue: Business Ethics and the Invisible Hand
William J. Baumol, Academic Director Berkley Center for Entrepreneurial Studies William J Baumol, Sue Anne Batey Blackman
B. Blackwell, 1991 - Business & Economics - 134 pages
This book examines the effects of the market mechanism on economies and societies. It argues that perfect competition has a tendency to promote adulteration of products and a general deterioration in quality. It also contends that it is very difficult for competitive firms to behave in socially desirable ways - being kind to the environment, contributing to worthy social programmes, handling redundancy humanely. The book goes on to propose ways in which these flaws might be remedied without subverting the market mechanism.
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