Asymmetrical Market Imperfections
Asymmetrical mARKET IMPERFECTIONS
Welcome to The Economic Justice Law Review is the online repository for scholarship dealing with race, economics and the law. Here, we gather and categorize scholarship relating to structural racism which can be described in neoclassic economic terms as 'Asymmetrical Market Imperfections'.
A perfectly free market, one that distributes goods and services meritocratically, assumes that everyone seeks to maximize profit, everyone can enter or leave any market they choose, everyone knows everything they need to know, and there are no negative consequences attached to or emanating from our transactions.
Not only does a perfectly free market not exist, not only do the imperfections in the marketplace represent unfairness generally, not only is the government authorized to address structural imperfections, the claim to post-racialism or equal opportunity fails and the government should be authorized to act when imperfections in the marketplace are asymmetrical as to race.
The economic impact and redistributive effect of almost all racially subordinating phenomena can be described in terms of Asymmetrical Market Imperfections. This concept can be transported to any type of group subordination, be it gender, religion, sexual orientation, etc. AMI can be transported to any type of market, be it commercial, political or social