By G. Peter Penz

This publication, released in 1986, addresses questions fascinated with a critical normative precept in modern exams of monetary guidelines and structures. What does 'consumer sovereignty' suggest? Is shopper sovereignty a suitable precept for the optimization and assessment of the layout and function of financial guidelines, associations and platforms? If now not, what's a extra applicable precept? the writer argues that the belief of shopper sovereignty needs to be broadened in order that it's not constrained to the marketplace mechanism yet contains environmental, paintings and social personal tastes. notwithstanding, even this model runs into severe problems because the precept of client sovereignty nonetheless depends upon too subjectivist a belief of the pursuits of people to be appropriate for the evaluate of financial associations. another foundation for such evaluate is 'human pursuits' that aren't contingent on specific fiscal structures, After contemplating numerous probabilities, a basic-needs technique is proposed and its use in monetary review illustrated.

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If he had, the oddness of referring to them as consumer preferences would have been immedi­ ately apparent. In the context in which he did discuss the preferences of producers (pp. 262-3) he made a second point, which Fraser ( 1 939:547) more clearly paraphrased as follows: In so far as individual labourers (or property-owners) decide not to produce, preferring leisure and/or the enjoyment of their own resources to receiving money income, they are to be regarded as contracting out of the productive process.

Not only may market choice be too limited to be adequate for preference articulation, but it can actually be misleading. Take a Pris­ oners' Dilemma type of problem such as the situation where the ab­ sence of gun control combined with extensive lawlessness and vio­ lence forces individuals to be self-reliant in providing for their security. In such a situation an individual may arm himself for his self-protection, and his choice then suggests that he prefers owning a gun to not owning a gun. If all people make the same decision, then their choices seem to indicate that they prefer not to have the ownership of guns outlawed.

Other static inefficiencies result from the existence of monopolistic and quasi-monopolistic market structures and from increasing returns to scale in production. Inefficiencies involving investment for production over time include macroeconomic imbalances that leave labor and productive resources unemployed; inadequate coordination in investment planning, since market signals do not convey information to the producer about the investment plans of potential suppliers, customers, and competitors; and, as a third instance, the "moral hazard" involved in the insurance market, that is, the ability of the insured to take advantage of insur­ ance by neglecting to minimize the risk that is partly under his con­ trol.

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