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This is what I meant. You need something to force people to internalize externalities, and to provide goods that wouldn't otherwise get made. Market failures
by thefool 16y ago
This is what I meant. You need something to force people to internalize externalities, and to provide goods that wouldn't otherwise get made.
Market failures are a real thing, and you need some sort of institution to address them. The internet does nothing to change this, except that it makes it possible to create more discriminating policies that are more efficient (in theory).
- laut 16y agoMarket failures are an idea. An idea that the market is failing because someone isn't being provided with something that they want at the price they want. You are saying that if a good isn't being provided, it's a failure. But who told you the market would give you everything you want for free? Who stops you from raising money for your pet project?