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Emporiophobia (Fear of Markets): Cooperation or Competition?

Emporiophobia (Fear of Markets): Cooperation or Competition?

Presidential Address, Southern Economic Association, Tampa, FL

Economists have committed a fundamental semantic error by focusing on the term competition and ignoring the cooperative nature of markets. By correctly emphasizing cooperation, economists could help combat the “emporiophobia,” or the fear of markets that is prevalent in the general public and current political discourse.

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