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MW Lecture: Prof Thomas Christiano (University of Arizona) - A Democratic Conception of Markets

Dates:
  • Wed 17 Oct 2018 17.00 - 18.30
  Add to Calendar 2018-10-17 17:00 2018-10-17 18:30 Europe/Paris MW Lecture: Prof Thomas Christiano (University of Arizona) - A Democratic Conception of Markets

In this paper Prof Christiano defends a conception of fairness in labor markets. He 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, he contends. Prof Christiano lays 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. He then develops the idea further in imperfectly competitive markets. Prof Christiano 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.

Prof Richard Bellamy (MWP Director) will introduce the Lecture.
Jared Holley (MWP HEC Fellow) will chair the Lecture.

Refectory, Badia Fiesolana DD/MM/YYYY
  Refectory, Badia Fiesolana

In this paper Prof Christiano defends a conception of fairness in labor markets. He 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, he contends. Prof Christiano lays 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. He then develops the idea further in imperfectly competitive markets. Prof Christiano 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.

Prof Richard Bellamy (MWP Director) will introduce the Lecture.
Jared Holley (MWP HEC Fellow) will chair the Lecture.


Location:
Refectory, Badia Fiesolana

Affiliation:
Max Weber Programme

Type:
Lecture

Contact:
Francesca Grassini (EUI - Max Weber Programme) - Send a mail

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Page last updated on 18 August 2017