CPCF 1F25 Lecture Notes - Lecture 4: Meritocracy, Market Failure, Neoliberalism
2 Jan 2017
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Document Summary
The state of a country or region in terms of the production and consumption of goods and services and the supply of money: a particular system or stage of an economy. Embodied accumulated in the body as forms of knowledge, taste and competency (e. g. manners, speech, body language) An area or arena in which commercial dealings are conducted. Any area in which producers and sellers of goods and services are brought together with potential consumers of those goods and services. The term can also be used to refer to a specific market, meaning either a particular place or a specific group of consumers. Manages distribution of goods and services, but also information and risk. Identified with capitalism: examples of non-capitalist market. The free market: market efficiencies, entrepreneur of the self, neoliberalism. Critical concepts: myth of meritocracy, market failure, market externalities.
