Purpose of the Market

Economics is the study of the management of wealth. This can be good or bad. The measure against which we are to judge this is human nature. The activity of the market is not an end in itself, nor is its end endless progress or growth. The activity of the market has the same as any complex of human activity, human flourishing. The market is then judged against human nature and not human nature by the market.

The market has no other end than meeting human needs. The purpose of the market is produce sufficient means for human flourishing. That the market has its own nature, tendencies and laws does not diminish or contradict this reality, for the justification of the market is human flourishing. In so far as the market fails to achieve or provide for human flourishing, it fails.

The nature of the market needs to be well understood in the same sense that the nature of the state needs to be well understood. Just as when we do not understand the nature of the polis, politics and the state, we are likely to fall into tyrrany, if we do not understand the nature of the market as such and not merely as established under particularly philosophically modernist presuppositions, we may fall into a deformed market and economy.

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