Open Access BASE2017

Robust Political Economy and the Priority of Markets

In: Pennington , M 2017 , ' Robust Political Economy and the Priority of Markets ' , Social Philosophy and Policy , vol. 34 , no. 1 , pp. 1-24 . https://doi.org/10.1017/S0265052517000012

Pennington, Mark

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Abstract

This essay offers a 'non-ideal' case for giving institutional priority to markets and private contracting in the basic structure of society. It sets out a 'robust political economy' framework to examine how different political economic regime types cope with frictions generated by the epistemic limitations of decision-makers and problems of incentive incompatibility. Focussing both on efficiency arguments and distributive justice concerns the essay suggests that a constutional structure that prioritises consensual exchange is more likely to sustain a cooperative venture for mutual advantage.

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