The failure of market failure

posted by
December 8, 2011
Foundation for Economic Education
by Steven Horwitz  
Posted in Commentary

"One of the most commonly deployed arguments against free markets is that they are plagued by 'market failure.' Critics point to particular cases where some problematic outcome has occurred and then argue that markets either did not or cannot possibly address those situations. The market-failure criticism has two problems, both related to the fact that the critics rarely understand the meaning of term has in economics." (12/08/11)  

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