3 ms·
There are a lot of literature about this. But to answer to your question, whole concept of "Market failure" is considered a myth. Just two articles among many:
by afsina 9y ago
There are a lot of literature about this. But to answer to your question, whole concept of "Market failure" is considered a myth. Just two articles among many:
https://mises.org/library/market-failure-myth https://mises.org/library/market-failure-myth
https://mises.org/library/response-market-failure-drones https://mises.org/library/response-market-failure-drones
Thomas J. DiLorenzo's light book "Organized Crime" has some chapters about it as well. It is available there.
https://mises.org/library/organized-crime-unvarnished-truth-about-government https://mises.org/library/organized-crime-unvarnished-truth-...
- anentropic 9y agoIn other words a faith-based ideology, where markets cannot fail by definition
- afsina 9y agoNo, what they say is, failures will occur but markets can heal themselves better than government intervention.
- beefield 9y agoBut that is pretty much an unfalsifiable claim, which puts it quite strongly into the "faith-based ideology" category.
- baddox 9y agoI'd suggest this article as a better libertarian treatment of market failure: "Market Failure: An Argument for and Against Government" http://www.daviddfriedman.com/Machinery_3d_Edition/Market%20Failure.htm http://www.daviddfriedman.com/Machinery_3d_Edition/Market%20... David Friedman doesn't deny that market failures exist, but he points out that the exact same economic phenomenon happens with government, and there's no inherent reason why government is more or less susceptible to it than markets.