The End of the Market
The rise of the service economy and the death
of the market-clearing price
Contents of The End of the Market
Chapter 1 The irresistible rise of the market-clearing price The End of the Market begins with the history of the search for the origins and meaning of prices. The cast includes Aristotle, Jesus Christ, the Prophet Mohammed, Thomas Aquinas, Adam Smith, John Maynard Keynes and Milton Friedman.
Chapter 2 The renaissance of value End of the market shows how economic theory of all schools fails when applied to services, now accounting for 80 per cent and more of the GDP of most advanced economies. In intangibles, value is created solely through human interaction at the level of the individual rather than through insitutions like corporations and markets. The theory of value is reconceptualised with only two factors of production: the relationship, where value is created, and the process, which supports value-creation.
Chapter 3 Economic growth in service economies The End of the Market examines the broader implications of the new economic ideas emerging as a result of the rise of service economies and value-creating communities in which a growing proportion of people in advanced economies work.
Chapter 4 The business organisation in service economies The End of the Market investigates the implications for businesses supplying services.
Chapter 5 The role of the state in service economies The End of the Market addresses the issues facing the state in advanced economies where services account for the majority of output. Seeking to regulate unstable service economies and struggling to avoid massive waste in its own activities, the modern state needs to focus on process activities and provide the basic infrastructure that individuals need to create value in economies where services are domnant.
Chapter 6 Concluding Thoughts The End of the Market concludes with a meditation on the implications of the rise of service economies and suggests that the liberal era in which society was supported by enforceable rights is coming to an end and a new era where intuitively-defined communities bound together by obligations at the level of the individual will be the engine for economic and social progress.