The virtues and failings of market economies are at present widely debated and the outcome of the debate is of practical importance. This book contains essays that address these issues of economic policy ranging from privatisation of industry and financial markets to education and the proposal for an internal market in the health service. Apart from two theoretical pieces, particular markets, and proposals for creating such markets, are studied. The contributors are distinguished specialists in their field of economics and their analysis offers important lessons for social and political philosophy and will generate considerable interest.

Acknowledgements - Notes on the Contributors - Introduction; F.Hahn - What Markets can and cannot do; F.Hahn - Privatisation; K.George & E.Lynk - Financial Markets; C.A.E.Goodhart - The Foreign Exchange Market and the Effect of Currency Bands; M.Miller & P.Weller - Externalities from Education; M.Weale - Health and Markets; G.Loomes - Inflation and the UK Labour Market; S.Nickell - Index