Accounting Quote by John Rawls
“There is a divergence between private and social accounting that the market fails to register. One essential task of law and government is to institute the necessary conditions.”
About This Quote
Source Book: A Theory of Justice, 1971
Markets miss the gap between individual and societal costs; law must create conditions to address it.
In simple terms: Markets ignore social costs; law must intervene.
Implement policies to align private and social interests.
Themes
Mood
Type
When to use this quote
- tax reform
- environmental legislation
- corporate governance
Key Concepts
Questions to Reflect On
- What mechanisms can bridge private and social accounting?
- How can law incentivize responsible behavior?
Political resistance may hinder reforms.