Towards a Well-functioning Economy: The Evolution of Economic Systems and Decision-making - Hardcover

Haddad, Louis

Hardcover

ISBN 10: 1858988926 ISBN 13: 9781858988924

Publisher: Edward Elgar Publishing, 2002

Synopsis

This book examines the economy as an evolving entity and develops a new and coherent approach to the classification of economic systems. It demonstrates how the components of a decision-making system and the properties of a functioning economy are intrinsically linked. A well-functioning economy is shown to depend chiefly on 'correct' decisions. These in turn depend on an efficient decision-making system, an appropriate mix of markets, organizations and governments, and an optimal combination of the four enforcing mechanisms of a modern economic system: custom, command, competition and cooperation.

Although this book is primarily about economics, non-economic considerations, including politics and ethics, are brought into the analysis. The most important decisions in life include choices between economic and non-economic issues. Hence, one of the aims of this book is to provide a conceptual framework to cope with these choices. The book also attempts to establish some plausible conditions for well-functioning economy and a 'just society'.

This thoughtful book will be of interest to economists of economic theory and economic systems as well as policymakers in both the private and public sectors.

About this title

About the Author

Louis Haddad, formerly Honorary Research Fellow, Department of Economics, University of Sydney, Australia

Edition details

• Publisher: Edward Elgar Publishing
• Publication date: 2002
• Language: English
• ISBN 10: 1858988926
• ISBN 13: 9781858988924
• Binding: Hardcover
• Number of pages: 304