Satisfying of Needs and Immanent Market Incompetencies

Issue: 2/2014

Robin Maialeh

University of Economics in Prague, Department of Institutional Economics, Czech Republic. Email: robin.maialeh@gmail.com

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.

Pages: 
129-143
DOI: 10.2478/revecp-2014-0007
JEL: P10, O15
Keywords: utility, profit, needs, market, countervalue, allocation
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