Document Type
Article
Publication Date
7-1-2010
Publication Title
Quarterly Journal of Austrian Economics
Volume
13
First Page
31
Last Page
52
Abstract
Many economists argue that a pure market economy cannot come about because people will always have incentives to use coercion (Cowen and Sutter, 2005; Holcombe, 2004). We maintain that these economists leave out an important factor in social change. Change can come about by altering incentives or preferences, but since most neoclassical economists ignore changing preferences, they too quickly conclude that change is impossible. History shows that social change based on changes in preferences is common. By recognizing that preferences need not be constant, political economists can say much more about changing the world.
Recommended Citation
JEFFREY ROGERS HUMMEL and Edward P. Stringham. "If a Pure Market Economy Is So Good, Why Doesn’t It Exist? The Importance of Changing Preferences Versus Incentives in Social Change" Quarterly Journal of Austrian Economics (2010): 31-52.
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Comments
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