In her 'Markets, repugnance, and externalities' (2022), Kimberly Krawiec notes that the so-called corruption theorists fail to provide evidence that the adoption of repugnant behaviours or commodification destroy social values. She adds that, the values repugnant behaviours are supposed to...

During the 1950s and 1960s, many economists were convinced that externalities were a cause of "market failures" -- because individuals are not capable of internalizing the costs their actions impose to others -- and therefore that the intervention of the state was necessary to allow an efficient...

This article describes the intellectual trajectory James Buchanan followed from the early 1950s, when he started to work on ``spillover effects,'' to the mid-1960s, when he had completed a consistent explanation of the efficiency of market mechanisms and private arrangements in the presence of...

During the 1950s and 1960s, many economists were convinced that externalities were a cause of “market failures” -- because individuals are not capable of internalizing the costs their actions impose to others -- and therefore that the intervention of the state was necessary to allow an...