3 The institutional justice of the market process
Entrepreneurship, increasing returns, and income distribution
I. Introduction
Critics of economics have long claimed that economists are deaf to the cries of the poor. This, however, is not an accurate portrayal of the situation. In keeping with the spirit of economics as a science that focuses on the means that best serve to achieve certain ends, economists have long debated the best ways to reduce poverty. They have, therefore, always been sensitive to the plight of the poor and have always paid due attention to the closely related problems of poverty and inequality.
The classical political economists working in the methodological tradition ...
