The most extreme free market version is articulated by Richard Epstein (1992). Epstein rejects legal intervention on normative and policy grounds, except in narrow circumstances where the state itself fosters discriminatory conditions or where markets clearly do not operate in ways that allow workers a variety of choices in employment settings. Epstein argues that employers should be allowed to discriminate. They will only do so when it is efficient (for otherwise, they face market extinction). Thus, he believes that antidiscrimination laws, even those governing hiring and promotion, are generally unnecessary as unfettered markets provide the best remedy for discriminatory behavior. And any attempt at legal regulation of pay levels would be especially repugnant to Epstein because it would violate principles of free contract.
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- Social Sciences(all)