 |  Macroeconomics, 9/e Campbell R. McConnell,
University of Nebraska, Lincoln
Stanley L. Brue,
Pacific Lutheran University
Thomas P. Barbiero,
Ryerson University
An Overview of the Market System and the Canadian Economy
Web LinksThe American Prospect (Online)
(http://www.prospect.org/print/V8/31/kuttner-r.html)
This article, "The Limits of Markets", by Robert Kuttner, argues that free markets do not always provide optimal outcomes in the economy. In spite of the difficulty level, students should be able to appreciate Kuttner's analysis of the faults of free markets. |
| | | The Iconoclast John McMurtry
(http://www.quasar.ualberta.ca/css/Css_35_4/CLiconclast_john_mcmurtry.htm)
John McMurtry's short essay contends that Adam Smith's "invisible hand" does not apply to the public educational system. In fact, says McMurtry, the profit motive that Smith describes in the free market system would lead to the undermining of public education. This essay, while difficult, challenges the reader to question the assumption that "The laws of supply and demand automatically translate market self-maximization into fulfillment of the common interest (Adam Smith's invisible hand)." By reading this essay, students will be able to appreciate the practical application of concepts such as The Invisible Hand, Demand and Supply, and the market system. |
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2002 McGraw-Hill Higher Education