Tag: hayek

The Justice Of Market Outcomes – An Exploration of Desert

In any given exchange market (whether free or otherwise), goods and services are traded as a matter of course, in the pursuit of both individual and social goals. Those trades will result in substantive outcomes both for the individuals involved in trades, and more broadly for society as a whole. It has been suggested that some of those outcomes may be undeserved. If we assume this to be the case, the question then arises, are undeserved market outcomes are unjust? Any reasonable answer to this question requires a coherent idea of justice within which we could determine what is deserved and undeserved, and judge the justice of those deserts. In the interest of space, this essay will briefly describe two essential notions of justice, and rule one of them out as the less coherent of the two. Once an acceptable sense of justice is established, I will then proceed to render a decision on the question of desert and justice in the market.

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