David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Southern California Interdisciplinary Law Journal (forthcoming)
Justice Oliver Wendell Holmes, Jr. is often credited with creating the metaphor of “the marketplace of ideas,” though he did not use the exact phrase and his argument for free speech was not based on distinctively economic reasoning. Truly economic investigations of the marketplace of ideas have progressed in step with developments and trends in the law and economics literature. These investigations have tended to be one-sided, with writers focusing primarily either on the production of ideas (for example, Posner) or their consumption (for example, behavioral law and economics), without considering in depth how producers and consumers interact. This may be because, for the most part, there is no literal market in ideas, in the sense that ideas are not generally goods exchanged for value at a price. As a result, the market mechanism cannot use price signals to coordinate the actions of self-interested actors and create efficiency through trade. To the extent that something like a market in ideas can be said to exist, this market is characterized by numerous, largely unavoidable sources of market failure. At the same time, there is no conceptual barrier to pursuing an economic approach to the study of the production, dissemination, and consumption of ideas. The article concludes by applying the marketplace of ideas metaphor to a puzzle in the recent history of economic thought: the tendency of sophisticated mathematical models to displace less sophisticated but more predictively useful models in contemporary economics. This phenomenon can be explained—even without positing an ad hoc preference among economists for mathematical elegance—through the anti-competitive benefits of the mathematical mode of economic idea-production.
|Keywords||marketplace of ideas law and economics economics of belief free expression free speech free markets|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Robert Sparrow & Robert Goodin (2001). The Competition of Ideas: Market or Garden? Critical Review of International Social and Political Philosophy 4 (2):45-58.
Uskali Mäki (1999). Science as a Free Market: A Reflexivity Test in an Economics of Economics. Perspectives on Science 7 (4):486-509.
Allan Walstad (2001). On Science as a Free Market. Perspectives on Science 9 (3):324-340.
Robert Weissberg (1996). The Real Marketplace of Ideas. Critical Review 10 (1):107-121.
Sarah Sorial (2010). Free Speech, Autonomy, and the Marketplace of Ideas. Journal of Value Inquiry 44 (2):167-183.
John E. Roemer (1988). Free to Lose: An Introduction to Marxist Economic Philosophy. Harvard University Press.
David L. Martinson (1998). A Question of Distributive and Social Justice: Public Relations Practitioners and the Marketplace of Ideas. Journal of Mass Media Ethics 13 (3):141 – 151.
James R. Wible (1998). The Economics of Science: Methodology and Epistemology as If Economics Really Mattered. Routledge.
Kenman L. Wong (1996). Tobacco Advertising and Children: The Limits of First Amendment Protection. [REVIEW] Journal of Business Ethics 15 (10):1051 - 1064.
Edward J. Romar (2009). Noble Markets: The Noble/Slave Ethic in Hayek's Free Market Capitalism. [REVIEW] Journal of Business Ethics 85 (1):57 - 66.
Siobhan Austen & Therese Jefferson (2006). Comparing Responses to Critical Realism. Journal of Economic Methodology 13 (2):257-282.
Stephen Jan (1999). A New Perspective on Economic Analysis in Health Care?: A Critical Review of 'The Economics of Health Reconsidered' by Tom Rice. [REVIEW] Health Care Analysis 7 (1):99-106.
Uskali Mäki (ed.) (2001). The Economic World View: Studies in the Ontology of Economics. Cambridge University Press.
Added to index2011-02-02
Total downloads62 ( #23,683 of 1,098,973 )
Recent downloads (6 months)21 ( #6,596 of 1,098,973 )
How can I increase my downloads?