By John Meadowcroft (auth.)
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Profits and prices may be ‘contaminated’ or distorted by externalities and government regulation so that they do not accurately represent the costs and benefits of the actions of a firm or individual (Henderson 2004, pp. 108–10). The solution to these problems is to develop and extend property rights so that contractual relationships may capture all the costs and benefits involved (Meadowcroft 2004) and the minimization of government regulation to ensure that profits reflect the genuine costs and benefits of commercial enterprises.
In the case of Hayek’s example of a rise in the price of tin, for instance, it may be very costly for a manufacturing firm that uses tin as a principal factor of 40 The Ethics of the Market production to replace tin in its production process, so before taking such a decision the firm will require more information than simply knowledge of a change in price. It may also need to know the reason for the price rise and how long the new price is likely to remain. Hence, as Grossman (1976, p. 585) commented, ‘It is not enough for traders to observe only prices’, successful adjustment within a market economy will require additional information.
44 The Ethics of the Market There is no one objective or true value for any good or service against which to compare the prices generated in the marketplace. On the contrary, the value of every good and service can only be determined by consumer demand (and produces willingness to meet that demand) which will be driven by each individual’s subjectively defined needs and preferences. While the price mechanism is not perfect, it is the most effective means of communicating information about people’s needs yet discovered, so if we wish to help other people of whom we have no direct personal knowledge then the most efficacious way to do so is by responding to the price signals generated by the market.