The Literature Network - The Adam Smith lecture: on the structure of an economy: a re-emphasis of some classical foundations.

The Adam Smith lecture: on the structure of an economy: a re-emphasis of some classical foundations.

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From: Business Economics
Date: 19890101
Author:Buchanan, James M.

Economic choices are made by many buyers and sellers as they participate in many markets for many goods and services. "The Economy" is best described by the structure (the rules) within which these market choices take place. Efforts to reform the pattern of results observed in an economy should be directed exclusively at this structure; attempts to modify directly the outcomes or results of market process within structures are based on fundamental misunderstanding.

TO THOSE OF US who share the view expressed so well by Adam Smith in my frontispiece citation, there is both ...

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