The epistemic and the incentive arguments for the markets, especially when taken together, are overwhelming. They show us why and how prosperity in a modern economy can be achieved only through the medium of market institutions. These arguments are nevertheless deficient. As they stand, they are morally virtually empty, even if they have some ethical implications and presuppositions. They tell us that only the market can deliver the goods to us, but they leave moral criticism of the market economy unanswered. (Gray, 1993: 75)
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