Economics is fun, part 16: Market failure

Market failure: the justification for so many wrongheaded interventions in the market, but usually not failures at all, or caused by an absence of property rights if they are. Madsen talks about fairness and why it doesn't make sense to expect markets — amoral but efficient — to produce "fair" results. Government failure, he says, is something we should fear much more than market failure.

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New at AdamSmith.org: A critique of the "Tycoon Tax"

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Economics is fun, part 15: Growth