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From Economic Freedom to Economic and Social Poverty: Institutional Approaches to the Business Enterprise, Structural Change, and the Role for Government

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  • Michael Murray

Abstract

The extent to which freedom should prevail continues to be a lingering question in the economic discipline. The article focuses on how freedom is conceptualized. The question addressed is whose freedoms are being served through economic self-governance. The profit seeking microeconomic objective of capitalists, as addressed by Karl Marx, must lead to structural change resulting in unemployment. But unemployment has disastrous social costs. So the promotion of freedom for capitalists comes at a high cost toward society. Thus it is argued that the concept of freedom is itself a paradox. Freedom itself must be constrained to be viable.

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  • Michael Murray, 2010. "From Economic Freedom to Economic and Social Poverty: Institutional Approaches to the Business Enterprise, Structural Change, and the Role for Government," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(2), pages 421-428.
    • Handle: RePEc:mes:jeciss:v:44:y:2010:i:2:p:421-428
    DOI: 10.2753/JEI0021-3624440214
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