Markets are social constructs, just like gender and race
I have a new piece over at Econlog, arguing that markets are social constructs, as are gender and race. Both right and left acknowledge social construction, but limit its scope and dimensions for ideological reasons. I welcome thoughts and comments. Here’s an excerpt:
These perspectives are an interesting study in contrasts. Where one admits the presence of constructs, the other denies it. Where one insists that the laws of economics and the need for markets is unavoidable, the other sees it as a totally arbitrary product of power relations or a failure of will. Where one sees value as subjective, the other sees value as inherent. Where one sees gender as fluid, the other sees a binary. Where one sees constraints, the other sees malleability.
Ultimately, neither view has a complete picture of the social world. This is because neither side is willing to acknowledge the depth and breadth of social construction. The “right” is correct to say that economic value is subjective. The “left” is correct to say that gender and race are a product of culture. The right is correct to say that the economy is shaped by real constraints. The left is correct to say that the economy is a constructed entity.