I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs. Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs.
About this quote
- What does it mean?
- Markets serve private needs but fail to address social needs.
- In plain terms
- Markets help individuals profit but ignore social needs.
- What can you take from it?
- Markets are useful but cannot solve social problems alone.
Where it applies
Putting it to work
Questions to consider
- Can markets solve social issues?
- What do markets ignore?
Another view
Markets sometimes indirectly address social needs through innovation.
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