Peter, Fabienne. (2004) Choice, consent, and the legitimacy of market transactions. Economics and Philosophy, Vol.20 (No.1). pp. 1-18. ISSN 0266-2671

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Abstract

According to an often repeated definition, economics is the science of individual choices and their consequences. The emphasis on choice is often used – implicitly or explicitly – to mark a contrast between markets and the state: While the price mechanism in well-functioning markets preserves freedom of choice and still efficiently coordinates individual actions, the state has to rely to some degree on coercion to coordinate individual actions. Since coercion should not be used arbitrarily, coordination by the state needs to be legitimized by the consent of its citizens. The emphasis in economic theory on freedom of choice in the market sphere suggests that legitimization in the market sphere is “automatic” and that markets can thus avoid the typical legitimization problem of the state. In this paper, I shall question the alleged dichotomy between legitimization in the market and in the state. I shall argue that it is the result of a conflation of choice and consent in economics and show how an independent concept of consent makes the need for legitimization of market transactions visible.

Item Type:	Journal Article
Divisions:	Faculty of Social Sciences > Philosophy
Journal or Publication Title:	Economics and Philosophy
Publisher:	Cambridge University Press
ISSN:	0266-2671
Date:	2004
Volume:	Vol.20
Number:	No.1
Page Range:	pp. 1-18
Identification Number:	10.1017/S0266267104001233
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/45753

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