Do you believe in market failure?
I do.
"I'm not a fan of Murray Rothbard." -- David D. Friedman
Neoclassical: Do you believe in market failure?
What is "market failure"?
If I wrote it more than a few weeks ago, I probably hate it by now.
I believe in human error.
No.
Freedom of markets is positively correlated with the degree of evolution in any society...
What has the market, as a single entity, failed at in anything?
What has the market, as made up of various individuals, failed at in providing at which they were not superseded by other individuals who were superior in providing a good or service?
if by 'market failure' you mean outcomes that fall short of some utopian ideal; then I do too.
new question: do you believe that there is a superior institution than the market?
I don't
Where there is no property there is no justice; a proposition as certain as any demonstration in Euclid
Fools! not to see that what they madly desire would be a calamity to them as no hands but their own could bring
See! This sort of intellectual charlatanry is what made me so distrustful of Austrian economics, in general. Your ideology trumps your economics qua science.
The prisoner's dilemma. Heard of it?
Watch David Friedman school you on market failure: http://www.youtube.com/watch?v=sb5hr-f3Tfg.
nirgrahamUK, I, likewise, believe that government failure imposes greater costs than market failure.
given your revulsion to the idea that the market is 'the best solution' and your reverence for David Friedman, how do you explain the fact that David Friedman is not a minarchist?
I. Ryan:What is "market failure"?
Seriously?
One might ask how the superior state of affairs that yet remains within the realms of possibility can be called a 'failure' from the standpoint of a pragmatic analysis. its a semantic issue.
nirgrahamUK:given your revulsion to the idea that the market is 'the best solution' and your reverence for David Friedman, how do you explain the fact that David Friedman is not a minarchist?
Huh? My "revulsion to the idea that the market is the 'best solution'"? When did I ever say that? I'm an anarcho-capitalist.
Reverence? No. Just respect.
Why would he be a minarchist? The wastefulness and inefficiency of government planning is no remedy to market failure.
Oh you mean like when respect for property rights has worse consequences than under some other system? Sure.
Neoclassical, you might find this interesting as it comes from a non Austrian view part I part II
"Man thinks not only for the sake of thinking, but also in order to act."-Ludwig von Mises
>>Huh? My "revulsion to the idea that the market is the 'best solution'"? When did I ever say that? I'm an anarcho-capitalist.
Im making the point that it is a semantic issue. do you support 'failure' or not ?