Market myths exploded

"When scientific studies like Robert Lane’s The Loss of Happiness in Market Societies (Yale, 2000) show that population satisfaction declines across the first world as income and commodity consumption rise above a certain level, the message does not compute to economists or policy makers."

On Z Net, John McMurtry deftly demolishes some cherished myths of the market. This essay is reminiscent of Daly and Cobb's classic book, For the Common Good. In that book, the authors show (amongst other things) that an open system, i.e. one that has infinite growth potential, like a market economy, CANNOT exist for long within a closed system, i.e. our ecology.