Reading Notes October 10th

Reading Notes October 10th - Carter Whittington Jordan...

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Carter Whittington Jordan Radke Soci 415 10 October 2011 Reading Notes 10/10 Lindblom’s main point with this reading is to show the limits in terms of allocative efficiency of the market system, even if all things such as price fixing, motivational failures, and monopolies are eliminated. The reason for this is because the market works through voluntary transactions. He gives several examples in which the efficiency of the market system is overstated then moves into prior determinism to show how its two components greatly reduce market efficiency. These are market transactions and prior determinations taken together. In the rest of the reading Lindblom comes to two more conclusions; first that if prior determinations are operating, it always leads to inefficiency and second, the market system does not efficiently allocate resources, but instead takes what is already there and improves it the greatest extent possible within the confines of the system. Lindblom writes, “
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This note was uploaded on 12/08/2011 for the course SOCI 415 taught by Professor Margarita during the Spring '09 term at UNC.

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Reading Notes October 10th - Carter Whittington Jordan...

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