Distinguishing Between the 'Market' and the Humans Behind It

This is an excellent article on economics by Paul Craig Roberts, former Assistant Treasury Secretary in the Reagan Administration.  He has since become a very pronounced 'contrarian'. An excerpt:

I admire Joselph E. Stiglitz, because he has a social conscience and a sense of justice, the absence of which turns economists into monsters. Despite his virtues and Nobel Prize, Stiglitz sometimes falls down as an economist. Readers of my new book, How The Economy Was Lost, will be aware that I take him to task for the Solow-Stiglitz production function, which seriously misleads economics about the scarcity of nature’s capital.

Another of Stiglitz’s shortcomings, one that he shares with most economists, is his habit of reifying the market economy. The market is a social organization. The results of market activity reflect the behavior of the human participants in the market. When economists reify the market, they attribute the behavior, ethics, and morality--or lack thereof--of humans to the market itself. Thus, Stiglitz describes human failures as “market failures,” and he asks in his new book, Freefall, “why didn’t the market exercise discipline on bad corporate governance and bad incentive structures?”

Social institutions are inanimate. They do not possess life and cannot impose good outcomes on human action.