Jump to ContentJump to Main Navigation
Show Summary Details

Review of Economic Perspectives

Národohospodárský obzor; The Journal of Masaryk University

4 Issues per year


SCImago Journal Rank (SJR) 2015: 0.143
Source Normalized Impact per Paper (SNIP) 2015: 0.273
Impact per Publication (IPP) 2015: 0.121

Open Access
Online
ISSN
1804-1663
See all formats and pricing
Volume 14, Issue 2 (Jun 2014)

Issues

Satisfying of Needs and Immanent Market Incompetencies

Robin Maialeh
  • Corresponding author
  • University of Economics in Prague, Department of Institutional Economics, Czech Republic
  • I would like to thank both anonymous reviewers for their insightful comments on the paper, as these comments led me to improving the work
  • Email:
Published Online: 2014-07-10 | DOI: https://doi.org/10.2478/revecp-2014-0007

Abstract

The terms of reference for this study were to outline an inability of market principles to satisfy needs with a focus on natural determination of individuals. The author tries to define causes of market failures in satisfying of basic human needs and outlines a way how to overcome the problems stated. In the first part, evidence of elemental dissatisfaction is collected as the ground for improvements, namely an inequality as the highest hurdle on the way to satisfying of needs. The subsequent chapters analyze the role of market, especially in the context of four antagonistic relationships - macro and micro level; inequality and commonness. Chapters deal with the fact that profit maximization principally impedes satisfaction of fundamental human needs. Furthermore, mainstream development policies on macro-level are discussed. On the examples of foreign investments and market integration, the archetypal solutions for boosting economies, it is shown that in a strict economic sense, no investments principally cannot be measure to satisfy of basic human needs in a global scale. The paper indicates that general priorities of human beings are beyond the frame of contemporary economic configuration

Keywords: needs; countervalue; utility; market; profit; allocation

References

  • BREAD FOR THE WORLD: Hunger and Poverty Facts [online]. [cit. 2012-11-7]. Available from: <http://www.bread.org/hunger/global/facts.html>

  • CREDIT SUISSE RESEARCH INSTITUTE. (2010). Program on Inequality and the Common Good [online]. [cit. 2012-11-14]. Available from: <http://inequality.org/inequality-data-statistics/>

  • DENINGER, K., SQUIRE, L. (1996). A new dataset measuring income inequality. World Bank Economic Revue, vol. 10, pp. 565-591.

  • DIKHANOV, Y., WARD, M. (2001). Evolution of the Global Distribution of Income in 1970-99. Fourth Meeting of the Expert Group on Poverty Statistics, Rio de Janeiro, Brazil.

  • DOLEŽALOVÁ, A. (2013). Príbeh chudoby. Mezi spravedlností, milosrdenstvím a statistikou. In. HLAVACKA M. CIBULKA P. AT ALII. Chudinství a chudoba jako sociálne historický fenomén, s.59-81 Praha : Historický ústav AV. ISBN 978-80-7286-225-2.

  • GODINOT, X. (2010). Extreme Poverty and World Governance: For a world governance where decision-making is centred on real participation of people in extreme poverty and goals are centred on the eradication of extreme poverty. Forum for a new World Governance, 61 p. [cit. 2012-11-06]. Available from <http://www.worldgovernance. org/IMG/pdf_Extreme_Poverty_and_World_Governance_-2.pdf>

  • HA-JOON CHANG. (2002). Kicking Away the Ladder: How the Economic and Intellectual Histories of Capitalism Have Been Re-Written to Justify Neo-Liberal Capitalism. Post-Autistic Economics Review, Vol. 15, No. 3.

  • KELLER, J. (2005). Až na dno blahobytu. 3. vyd. Praha: EarthSave CZ. 132 p. ISBN 80-903085-7-0.

  • KORZENIEWICZ, R. P., MORAN, T. P. (1997). World-Economic Trends in the Distribution of Income, 1965-1992. American Journal of Sociology, Vol. 102, No. 4. pp. 1000-1039.

  • LAPPÉ, M. F., COLLINS, J., ROSSET, P. (1998). World Hunger: 12 Myths. 2nd edition, Paperback. London: Earthscan. 270 p. ISBN 1-85383-493-9.

  • MASLOW, H. A. (2000). A Theory of Human Motivation. Psychological Review, 1943, vol. 50, p. 370-396. Internet Resource by GREEN, D. Christopher. York University. Toronto, Ontario. ISSN 1492-3713.

  • MILANOVIC, B. (2002). True World Income Distribution, 1988 and 1993: First Calculation Based on Household Surveys Alone. Economic Journal, Vol. 112, Issue 476, pp. 51-92.

  • MILANOVIC, B. (2005). Worlds Apart: Measuring International and Global Inequality. United States of America: Princeton University Press. 227 p. ISBN 0-691-12110-9.

  • OLINTO, P., BEEGLE, K., SOBRADO, C., UEMATSU, H. (2013). The State of the Poor: Where Are The Poor, Where Is Extreme Poverty Harder to End, and What Is the Current Profile of the World’s Poor? [online]. Economic Premise. Number 125. [cit. 4-18-2014]. Available from: <http://siteresources.worldbank.org/EXTPREMNET/Resources/EP125.pdf >

  • PICK, M. (2007). Dnešek a zítrek sociálního státu. In HAUSER, Michael ed. Sociální stát a kapitalismus. 1. ed. Prague: Svoboda Servis. 306 p. ISBN 978-80-86320-48-9.

  • SHAH, A. (2013). Poverty Facts and Stats [online]. Last updated 7. 1. 2013 [cit. 2013-01-10]. Available from: <http://www.globalissues.org/article/26/poverty-facts-and-stats>

  • SHAH, A. (2011). Global Issues: Consumption and Consumerism [online]. Last updated 6. 3. 2011[cit. 2012-11-9]. Available from: <http://www.globalissues.org/issue/235/consumption-and-consumerism>

  • SALA-I-MARTÍN, X. (2006). The World Distribution of Income: Falling Poverty and…Convergence, Period. The Quarterly Journal of Economics. Vol. 121, Issue 2. pp. 351-397.

  • STIGLITZ, E. J. (2007). Making Globalization Work: The Next Steps to Global Justice. Great Britain: Penguin Books. 384 p. ISBN 978-0-141-02496-7.

  • UNDP. (1998). Human Development Report 1998. New York: Oxford University Press, 1998. 228 p. ISBN 0-19-512459-6.

  • UNICEF. (2010). Levels and Trends in Child Mortality [online]. [cit. 2013-01-07]. Available from: <http://www.unicef.org/media/files/UNICEF_Child_mortality_for_web_0831.pdf>

  • USDA. (2014). The International Macroeconomic Data Set [online]. Last updated 19. 12. 2013. [cit. 2014-01-15]. Available from: <http://www.ers.usda.gov/dataproducts/ international-macroeconomic-data-set.aspx#.UtZr4_sQSkM >

  • WORLD BANK. (2014). Poverty Overview [online]. [cit. 2014-01-10]. Available from: < http://www.worldbank.org/en/topic/poverty/overview>

  • WORLD BANK. (2013). Poverty and Equity Data [online]. [cit. 2013-01-07]. Available from: <http://povertydata.worldbank.org/poverty/home/>

  • WORLD BANK. (2012). GDP per capita (current US$)[online]. [cit. 2013-01-07]. Available from: http://data.worldbank.org/indicator/NY.GDP.PCAP.CD

About the article

Published Online: 2014-07-10

Published in Print: 2014-06-01


Citation Information: Review of Economic Perspectives, ISSN (Online) 1804-1663, DOI: https://doi.org/10.2478/revecp-2014-0007. Export Citation

© by Robin Maialeh. This article is distributed under the terms of the Creative Commons Attribution Non-Commercial License, which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY-NC-ND 3.0)

Comments (0)

Please log in or register to comment.
Log in