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From Market to Firm to Market Again: A Recap
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This chapter reviews the theories covered in Part I and then reflects on certain features of the Chicago school. In particular, we see that the Chicago school is characterized by its assumption that agents have exogenous preferences. This distinguishes the Chicago school from other traditions of social analysis that consider or focus upon the ways in which contexts and institutions alter agents’ preferences. While the rest of the book criticizes this approach, this chapter concludes by noting that we need to take seriously a key Chicago school idea: that the results of a particular market might actually be reflective of people’s preferences, even if they seem to run afoul of certain moral intuitions we have.
Title: From Market to Firm to Market Again: A Recap
Description:
This chapter reviews the theories covered in Part I and then reflects on certain features of the Chicago school.
In particular, we see that the Chicago school is characterized by its assumption that agents have exogenous preferences.
This distinguishes the Chicago school from other traditions of social analysis that consider or focus upon the ways in which contexts and institutions alter agents’ preferences.
While the rest of the book criticizes this approach, this chapter concludes by noting that we need to take seriously a key Chicago school idea: that the results of a particular market might actually be reflective of people’s preferences, even if they seem to run afoul of certain moral intuitions we have.
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