Guessanym

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Economics

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Guessanym
Economics

Economics

Depth
2
Use as Polynym Mark as Seen ✓
Keyword:   two
Context:   Mill pointed to a distinct difference between the market's two roles: allocation of resources and distribution of income.
Nodes:
    • allocation of resources
    • distribution of income
Full context:   Coming at the end of the classical tradition, John Stuart Mill (1848) parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system. Mill pointed to a distinct difference between the market's two roles: allocation of resources and distribution of income. The market might be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene.

Social Science

Source
Genevieve Carlton, Ph.D.
Area
Scientific Research
Mode
type
Depth
6
User
dane
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