Religion Notes - Economists belief in markets has a...

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Economists belief in markets has a religious quality Markets will solve unemployment if given time, they will eventually “clear” to employ underutlized workers Problem: market failures are numerous, such as in the post 1989 soviet union Hypotheis: there is an element of faith in how markets aredefinted How is a market defined? According to adam smith: the economy should dispense of “strict codes of conduct” in favor of unbridled self-interest. Which meant rejecting Calvins Christian socialism, as well as his philosophy of Christian virtue (love thy neighbor as thyself? Smith built a philosophical foundation of markets in Stoicism, a pre-christian religion. Smith believes that markets turn bad things and make them inot good things How do Smith’s thought manifest in a market economy? Natural self interest and rapacity leads men to produce more, this dirves down the price and makes everyone better off The even, the poor can enjoy the fruits of the rich persons selfishness.
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