Market economy what Is a Market Economy?

Buddhism 
The Buddhist approach to the market economy was dealt with in E. F. Schumacher’s 1966 essay "Buddhist Economics". 
Schumacher asserted that a market economy guided by Buddhist principles would more successfully meet the needs of its people. 
He emphasized the importance or pursuing occupations that adhered to Buddhist teachings. The essay would later become 
required reading for a course that Clair Brown offered at University of California, Berkeley.
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Criticism 
The economist Joseph Stiglitz argues that markets suffer from informational inefficiency and the presumed efficiency of markets 
stems from the faulty assumptions of neoclassical welfare economics, particularly the assumption of perfect and costless 
information and related incentive problems. Neoclassical economics assumes static equilibrium and efficient markets require that 
there be no non-convexities, even though nonconvexities are pervasive in modern economies. Stiglitz's critique applies to both 
existing models of capitalism and to hypothetical models of market socialism. However, Stiglitz does not advocate replacing 
markets, but instead states that there is a significant role for government intervention to boost the efficiency of markets and to 
address the pervasive market failures that exist in contemporary economies.
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 A fair market economy is in fact a martingale or a 
Brownian motion model and for a participant competitor in such a model there is no more than 50% of success chances at any 
given moment. Due to the fractal nature of any fair market and being market participants subject to the law of competition which 
impose reinvesting an increasing part of profits, the mean statistical chance of bankruptcy within the half life of any participant is 
also 50%
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 and 100% whether an infinite sample of time is considered.
Robin Hahnel and Michael Albert claim that "markets inherently produce class division".
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Albert states that even if everyone 
started out with a balanced job complex (doing a mix of roles of varying creativity, responsibility and empowerment) in a market 
economy, class divisions would arise, arguing:
Without taking the argument that far, it is evident that in a market system with uneven distribution of empowering work, such as 
Economic Democracy, some workers will be more able than others to capture the benefits of economic gain. For example, if one 
worker designs cars and another builds them, the designer will use his cognitive skills more frequently than the builder. In the 
long term, the designer will become more adept at conceptual work than the builder, giving the former greater bargaining powe r 
in a firm over the distribution of income. A conceptual worker who is not satisfied with his income can threaten to work for a 
company that will pay him more. The effect is a class division between conceptual and manual laborers, and ultimately manager s 
and workers, and a de facto labor market for conceptual workers. 
 

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