The fairness of markets : a search for justice in a free society /

In these engaging, challenging, and controversial essays, McKenzie breaks with what is traditionally considered the purview and limitations of modern economics (i.e., an emphasis on efficiency and other issues related to ``positive economics,'' while either ignoring or conceding equity concerns), and introduces questions of fairness and justice into economic conversations. By way of both theoretical and empirical presentations, he shifts from the familiar put-downs of market outcomes to demonstrate that in an imperfect world public, nonmarket alternatives do not necessarily increase equity, and in some cases may actually be less fair than market solutions. Early chapters on fairness and ethical behavior in public policy provide an excellent context for later discussions of specific case studies, such as protectionism, minimum wage legislation, comparable worth, the welfare state, deregulation, plant closings and worker dislocation, and worker participation in management decisions, the latter treatment utilizing the Catholic Bishops' 1984 pastoral letter as text. Although the coverage is refreshing and compelling, the jury will certainly be out for a while; but the debate is now effectively enjoined. Lower-division through graduate-level collections.-A.R. Sanderson, University of Chicago