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Metaeconomic Solutions to Dysfunctional Water Markets

In: Constructing a More Scientific Economics

Author

Listed:
  • Gary D. Lynne

    (University of Nebraska-Lincoln)

  • Phyllis Park Saarinen

    (Resource Economics Consultants, Inc)

Abstract

Neoliberal plans advocated by Chicago School Libertarian Economics call for moving to ever more private property to facilitate maximizing self-interest through water marketing. The unfounded claim, in both an empirical and ethical sense, is that economic efficiency cannot be served by any other approach. Both Buddhist and Metaeconomics point to the dysfunction of this approach. True economic efficiency arises, instead, from pursuing a balanced self&other-interest, which Adam Smith made clear involved the sentiments, that which people could go along with. All three tragedies—commons, anticommons, and excessive greed—can be avoided and efficiency achieved only by finding ways for other people to go along with that which is evolving in a water market. Balance must be achieved in the self&other-interest, market&government in the water market.

Suggested Citation

  • Gary D. Lynne & Phyllis Park Saarinen, 2022. "Metaeconomic Solutions to Dysfunctional Water Markets," Palgrave Advances in Behavioral Economics, in: Morris Altman (ed.), Constructing a More Scientific Economics, chapter 0, pages 309-329, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-3-030-83928-4_15
    DOI: 10.1007/978-3-030-83928-4_15
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