Informing Public Policy: Analyzing Contemporary US and International Policy Issues through the Lens of Market Process Economics

Market process theory illustrates how the market is the most effective institution for overcoming the knowledge problem. Specifically, the institutional characteristics of private property, monetary prices, and the disciplining mechanisms of profit and loss, guide actors to utilize knowledge dispersed among society, to allocate resources effectively, and to adjust their behavior when errors occur to provide valuable goods and services to society.

The chapters in this manuscript explore, thr...