Abstract
In our society, probably in any society, goods are produced and allocated in several different ways. One very common pattern is production for and sale on the market. Butter, computers, and plumbers’ services, to take three examples out of a multitude, are produced by individuals and firms, acting in what they perceive to be their own interest, and sold, usually for money, to those who wish to consume them. While this is a common way in which goods are produced and allocated in our society, it is not the only way, nor is it even clear that it represents a larger part of the total economy than alternative ways.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Bibliography
Akerlof, G.: 1970, ‘The Market for “Lemons”’, The Quarterly Journal of Economics 70, 480–500.
Becker, G.: 1958, ‘Competition and Democracy’, The Journal of Law & Economics 1, 105–109.
Buchanan, A.: 1985, Ethics, Efficiency and the Market Roman & Allenheld, Lanham, Maryland.
Buchanan, J.M. and Tullock, G.: 1962, The Calculus of Consent, University of Michigan Press, Ann Arbor.
Coase, R.: 1960, ‘The Problem of Social Cost’, The Journal of Law & Economics 3, 1–5.
Downs, A.: 1957, An Economic Theory of Democracy, Harper & Row, New York 1957.
Ecker, R.D. and Hilton, J.W.: 1972, ‘The Jitneys’, The Journal of Law & Economics 15, 293–325.
Friedman, D.: 1989, The Machinery of Freedom, 2nd edition, Open Court, Peru, Illinois.
Friedman, D.: 1980 ‘Many, Few, One-Social Harmony and the Shrunken Choice Set’, The American Economic Review 10, 225–232.
Friedman, D.: 1980 ‘What does Optimum Population Mean?’, in J.L. Simon (ed.), Research in Population Economics, Vol. III, Jai Press, Greenwich, Connecticut.
Friedman, D.: 1982, ‘What is Fair Compensation for Death or Injury?’, International Review of Law and Economics 2, 81–94.
Friedman, D.: 1990, Price Theory: An Intermediate Text, 2nd edition, South Western Publishers, Cincinnati.
Friedman, D.: 1988, ‘Does Altruism Produce Efficient Outcomes? Marshall vs Kaldor’, Journal of Legal Studies 17, 1–13.
Linneman, P.: 1982, ‘The Economic Impacts of Minimum Wage Laws’, Journal of Political Economy 90, 443–469.
Niskanen, W.A.: 1971, Bureaucracy and Representative Government, Aldine-Atherton, Chicago.
Olson, M.: 1965, The Logic of Collective Action, Harvard University Press, Cambridge.
Peltzman, S.: 1973, ‘An Evaluation of Consumer Protection Legislation: 1962 Drug Amendments’, Journal of Political Economy 81, 1049–1091.
Peltzman, S.: 1975, ‘The Effects of Automobile Safety Regulations’, Journal of Political Economy 83, 677–725.
Peltzman, S.: 1976, ‘Toward a More General Theory of Regulation’, The Journal of Law & Economics 19, 211–240.
Posner, R.: 1974, ‘Theories of Economic Regulation’, Bell Journal of Economics 5, 335–358.
Stigler, G.: 1970, ‘Director’s Law of Public Income Redistribution’, The Journal of Law & Economics 13, 1–10.
Stigler, G.: 1975, The Citizen and the State, University of Chicago Press, Chicago.
Stigler, G. and Friedland, C: 1962, ‘What Can Regulators Regulate?’, The Journal of Law & Economics 5, 1–16.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1991 Kluwer Academic Publishers
About this chapter
Cite this chapter
Friedman, D. (1991). Should Medicine be a Commodity? An Economist’s Perspective. In: Bole, T.J., Bondeson, W.B. (eds) Rights to Health Care. Philosophy and Medicine, vol 38. Springer, Dordrecht. https://doi.org/10.1007/978-0-585-28295-4_13
Download citation
DOI: https://doi.org/10.1007/978-0-585-28295-4_13
Publisher Name: Springer, Dordrecht
Print ISBN: 978-0-7923-1137-9
Online ISBN: 978-0-585-28295-4
eBook Packages: Springer Book Archive