Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Race, Markets, and Social Outcomes

Race, Markets, and Social Outcomes

Mason, Patrick L.
Williams, Rhonda M.

Paperback

Series: Recent Economic Thought, Book 54

EconomicsInvesting & FinanceAnthropology

ISBN10: 1461378222
ISBN13: 9781461378228
Publisher: Springer Nature
Published: Oct 8 2012
Pages: 194
Weight: 0.66
Height: 0.44 Width: 6.14 Depth: 9.21
Language: English
THE JANUS-FACE OF RACE: REFLEC- TIONS ON ECONOMIC THEORY Patrick L. Mason and Rhonda Williams Many economists are willing to accept that race is a significant factor in US eco- nomic and social affairs. Yet the professional literature displays a peculiar schizo- phrenia when faced with the task of actually formulating what race means and how race works in our political economy. On the one hand, race matters when the dis- cussion is focused on anti-social behavior, social choices, and undesired market outcomes. Inexplicably, African Americans are more likely to prefer welfare, lower labor force participation, and unemployment. On the other hand, race does not matter when the subject of discussion is economically productive or socially accept- able activities and legal market choices (for example, wages and employment). This Janus-faced construction of race is maintained by economists' stubborn ad- herence to the market power hypothesis. The market power hypothesis asserts that racial discrimination and market competition are inversely correlated. Discrimina- tory behavior will persist only in those sectors of society where the competitive forces of the market are least operative. When applied to the labor market, the mar- ket power hypothesis suggests that pre- and post-labor market decisions represent disjoint sets. On average, members of a disadvantaged social group may accumulate a lower amount of or a lower quality of productive attributes because of discrimina- tion in marital, residential, or school choice, or because of substantial animosity in day-to-day interpersonal relations with members of a privileged group.

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