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The Market Way to Riches

Behind the Myth Mario Amendola, University of Rome ‘La Sapienza’, Italy and Jean-Luc Gaffard, University of Nice Sophia Antipolis, Institut Universitaire de France and Observatoire Français des Conjonctures Economiques, France
Mario Amendola and Jean-Luc Gaffard argue that all too often, markets and technology are treated as two magic words that will open the door to a wealth of riches. An increasing number of governments appear to be aiming for a pure market economy in order to reap the benefits of a benevolent technology that promises the most spectacular advances. Both markets and technology can certainly be considered essential economic factors, but which market and what technology? Is the current prevailing view of competition without restraints and privatisation at all costs actually the essence of the market? This book maintains that the dominant view mistakes the relationship between growth and technical change and, as a consequence, the role of the market in this context. The authors argue that once the issue is analysed in the proper light, the usual ingredients of the dominant policy recipe – zero inflation, balanced budgets, privatisations, deregulation of all markets, extreme flexibility – may not actually be the appropriate ones.
Winner of the Schumpeter Prize 2008
Extent: 176 pp
Hardback Price: $127.00 Web: $114.30
Publication Date: 2006
ISBN: 978 1 84542 922 5
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Mario Amendola and Jean-Luc Gaffard argue that all too often, markets and technology are treated as two magic words that will open the door to a wealth of riches. An increasing number of governments appear to be aiming for a pure market economy in order to reap the benefits of a benevolent technology that promises the most spectacular advances. Both markets and technology can certainly be considered essential economic factors, but which market and what technology? Is the current prevailing view of competition without restraints and privatisation at all costs actually the essence of the market? This book maintains that the dominant view mistakes the relationship between growth and technical change and, as a consequence, the role of the market in this context. The authors argue that once the issue is analysed in the proper light, the usual ingredients of the dominant policy recipe – zero inflation, balanced budgets, privatisations, deregulation of all markets, extreme flexibility – may not actually be the appropriate ones.

The Market Way to Riches will appeal to academics from many branches of economics including heterodox, evolutionary and macroeconomics and those with an interest in economic growth generally. Policy makers influencing economic growth will also find much to engage them.
Contents: Preface 1. Market and Technology 2. Is Technology the Heart of the Matter? 3. Market and Competition 4. Paradoxes and Dilemmas 5. Walking a Feasible Path, Not Heading for the Stars 6. Market and the State References Appendix: Models and Simulations A1 The Benchmark Model A2 Macroeconomic Changes A3 Industry Changes Index