Qechua Indian people in an Andean market, in the central square of focal place in Cuzco, ancient Inca capital of Peru, [July, JVS, 1990]


Markets | market failures | reify

"The apparent paradox of individual freedom leading to social order (markets) also occurs in language.

No one designed a language.

"The market also has its grammar, the rules that govern its particular mode of communication."

Market "this ability of the market to make use of scattered, fragmentary knowledgeis its most remarkable feature,,..."

markets -- "A market system can handle all the information about these qualitative differences....For allocating resources among commodity uses, the market is the most efficient institution we have come up with thanks to its ability to use information. It is also more responsive to changing circumstances, and it ius much more participatory in that thousands of users and producers are deciding..."

Herman Daly, For the Common Good, p. 44, 46.



Market failures -- s



reify -- [ORIGIN mid 19th cent.: from Latin res, re- ‘thing’ + -fy .] to make (something abstract) more concrete or real. y


excluding or editing out real life has consequences.

Herman E. Daly says:

"By excluding biophysical and social systems from their analyses, many conventional economists overlook problems of the increasing scale of human impacts and the inequitable distribution of resources.

Ecological Economics is an introductory-level textbook for an emerging paradigm that addresses this flaw in much economic thought. The book defines a revolutionary "transdiscipline" that incorporates insights from the biological, physical, and social sciences, and it offers a pedagogically complete examination of this exciting new field.


Herman E. Daly is currently Professor at the University of Maryland, School of Public Affairs.

From 1988 to 1994 he was Senior Economist in the Environment Department of the World Bank. Prior to 1988 he was Alumni Professor of Economics at Louisiana State University, where he taught economics for twenty years. He holds a B.A. from Rice University and a Ph.D. from Vanderbilt University. His books include: Steady-State Economics (1977; 1991); Valuing the Earth (1993); For the Common Good (1989;1994); and Beyond Growth (1996). In 1996 he received the Heineken Prize for Environmental Science awarded by the Royal Netherlands Academy of Arts and Sciences, and the Right Livelihood Award.

October 6, 2007