The purpose of this paper is to explore in detail specific issues associated with M4P and potential areas of development endeavour where M4P may have application. In doing so it seeks to demonstrate both the conceptual context for M4P, much of it emerging from developments in economic thinking, and the value-added which M4P can bring in practice.
The paper offers a reminder of the importance of markets in economics and, in doing so, sets the context for the rest of the paper. Second, it highlights the centrality of exchange in economics and, third, the limitations of conventional economics. Finally, it identifies a number of different schools of economic thought that have influenced the emergence of M4P thinking and practice.
Professionals, in particular academics, seeking to better understand the conceptual underpinnings of of the M4P approach and its applicability in specific sectors/ issues.