Markets in some things

"To the economist, the market economy, as seen from the restricted viewpoint of his own discipline, appears to be no more than one particular type of economic order, a kind of 'economic technique' opposed to the socialist one... We move in a world of prices, markets, competition, wage rates, rates of interest, exchange rates, and other economic magnitudes. All of this is perfectly legitimate and fruitful as long as we keep in mind that we have narrowed our angle of vision and do not forget that the market economy is t he economic order proper to a definite social structure and to a definite spiritual and moral setting. If we were to neglect the market economy's characteristic of being merely a part of a spiritual and social total order, we would become guilty of an aberration which may be described as social rationalism." -- Wilhelm Röpke, A Humane Economy, p. 93


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