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The Future Of Markets

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  • John Kay

Abstract

In the 2009 Wincott Lecture, the author argues that in their approach to markets, economic researchers and policy‐makers have focused too much on the role of prices as signals to guide resource allocation, at the expense of two possibly more important elements – markets as a process of discovery and markets as a mechanism for the diffusion of political and economic power. Government policies should support the market rather than particular industries, promote competition not concentration, and facilitate entry, not confer advantages on existing firms.

Suggested Citation

  • John Kay, 2010. "The Future Of Markets," Economic Affairs, Wiley Blackwell, vol. 30(1), pages 38-42, March.
    • Handle: RePEc:bla:ecaffa:v:30:y:2010:i:1:p:38-42
    DOI: 10.1111/j.1468-0270.2009.01971.x
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    Cited by:

    1. Lucia Rabello de Castro, 2012. "The Idea of Development and the Study of Children in Brazil as a Developing Society," Psychology and Developing Societies, , vol. 24(2), pages 181-204, September.

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