Why do academics oppose the market economy? Sophistication and perception of market failures

Abstract

Rejection of the market economy is widespread in academia. This fact has often been observed, but rarely explained. Using a large survey on French academics which replicates questions used in international surveys, this article confirms that French academics are hostile to market economy principles in comparison with the French population. Two explanations are tested: the first posits that academics—as knowledge providers—are likely to experience a “public good” market failure. Their rejection of the market economy is thus linked to their specific positioning vis-à-vis the market economy itself. The second hypothesis assumes that academics are not involved in market activities. Consequently, this lack of familiarity leads academics to be more suspicious towards an institution they barely experience. Both hypotheses are consistent with our data.