Mark Pennington, Robust Political Economy: Classical Liberalism and the Future of Public Policy

Mark Pennington, Robust Political Economy: Classical Liberalism and the Future of Public Policy Rev Austrian Econ (2013) 26:243–245 DOI 10.1007/s11138-013-0204-1 Mark Pennington, Robust Political Economy: Classical Liberalism and the Future of Public Policy Northampton, MA: Edward Elgar Publishing, Inc., 2011. vii + 302 Pages. USD 40.00 (paper) Vlad Tarko Published online: 27 January 2013 Springer Science+Business Media New York 2013 It often seems that everyone’s political beliefs today are shaped by their fear of what would happen if classical liberalism would happen. What one thinks about the proper role of the state as a manager of various issues is derived from one’s fear of what the emergent market and social outcome would be in the absence of those interventions. Economists worry about externalities, the provision of public goods and the problems associated with asymmetric information. Going beyond basic economics, both con- servatives and progressives have their concerns. Conservatives worry that impersonal market relations erode traditional morality and that, perhaps, capitalism tends to undermine its own moral foundations of trust and respect for property. Capitalism needs to be protected from itself. Progressives worry that free markets generate too much inequality and that the voice of various disadvantaged groups is not properly taken into account by those who set or change the “rules of http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Mark Pennington, Robust Political Economy: Classical Liberalism and the Future of Public Policy

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Publisher
Springer Journals
Copyright
Copyright © 2013 by Springer Science+Business Media New York
Subject
Economics / Management Science; Public Finance & Economics; Political Science, general; Methodology and the History of Economic Thought
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-013-0204-1
Publisher site
See Article on Publisher Site

Abstract

Rev Austrian Econ (2013) 26:243–245 DOI 10.1007/s11138-013-0204-1 Mark Pennington, Robust Political Economy: Classical Liberalism and the Future of Public Policy Northampton, MA: Edward Elgar Publishing, Inc., 2011. vii + 302 Pages. USD 40.00 (paper) Vlad Tarko Published online: 27 January 2013 Springer Science+Business Media New York 2013 It often seems that everyone’s political beliefs today are shaped by their fear of what would happen if classical liberalism would happen. What one thinks about the proper role of the state as a manager of various issues is derived from one’s fear of what the emergent market and social outcome would be in the absence of those interventions. Economists worry about externalities, the provision of public goods and the problems associated with asymmetric information. Going beyond basic economics, both con- servatives and progressives have their concerns. Conservatives worry that impersonal market relations erode traditional morality and that, perhaps, capitalism tends to undermine its own moral foundations of trust and respect for property. Capitalism needs to be protected from itself. Progressives worry that free markets generate too much inequality and that the voice of various disadvantaged groups is not properly taken into account by those who set or change the “rules of

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Jan 27, 2013

References

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