A democratic conception of fair exchange in markets
MWP, Video Lecture, 2018/06
CHRISTIANO, Thomas, A democratic conception of fair exchange in markets, MWP, Video Lecture, 2018/06 - https://hdl.handle.net/1814/69095
Retrieved from Cadmus, EUI Research Repository
In this lecture I defend a conception of fairness in labor markets. I will argue that we should take a procedural approach to the evaluation of fairness in markets. The procedural approach defended here goes beyond the traditional procedural view that requires only the absence of force and fraud. But it avoids the pitfalls of the other classical conception of fairness in the market: the idea of a just wage or just price. Fairness in markets is analogous to fairness in the democratic process, I contend. I lay out a conception of fairness that is based on the analogy with democracy. The basic procedural idea is that of equal power, understood in markets as a robust form of equality of opportunity and equal cognitive conditions. The procedural idea of equal power can be given an interpretation in perfectly competitive markets. I then develop the idea further in imperfectly competitive markets. I will show how this approach has implications for conceiving of how firms ought to be organized and for defining a fair process of wage setting in the essentially highly imperfect conditions of the labor market.
Lecture delivered at the European University Institute in Florence on 17 October 2018; A video interview with the presenter was recorded on 17 October 2018
Cadmus permanent link: https://hdl.handle.net/1814/69095
External link: https://youtu.be/E1c72K2gmCQ
Series/Number: MWP; Video Lecture; 2018/06
Publisher: European University Institute
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