Abstract
The price mechanism knows best. When, however, the market underperforms, the government must step in to limit the damage. Oligopolistic cartels, like trade unions, must be regulated by a competition commission as well as international free trade. Small firms should not be denied a level playing field, if only to equalise power in the nation as a whole. Natural monopolies such as the post office and the railways should be nationalised outright in order to guarantee free market charging and non-exploitative pay. Spillovers and externalities (including commercial advertising) should be regulated by taxes and subsidies in the sense of Pigou. Meade’s assumption of consensus and general agreement (the ‘social welfare function’) has been questioned by economists in the public choice school.
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References
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Reisman, D. (2018). Competition and Control. In: James Edward Meade . Great Thinkers in Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-69281-4_9
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