4 ms·
for certain people, the point of a market is not to meet people's needs, it is to "function efficiently," so they'll never think a failure to meet society's nee
by dontbeevil1992 6y ago
for certain people, the point of a market is not to meet people's needs, it is to "function efficiently," so they'll never think a failure to meet society's need is a market failure, that's just "the way things are, money doesn't grow on trees commie!"
- nickff 6y ago'Market failure' is a term of art, and it's generally best to avoid redefining terms of art unless there's a very compelling reason to do so. Failing to meet people's needs is definitely a problem, but not a uniquely market-driven one. If there is a specific phenomenon which causes markets to fail in the delivery of socially desirable goods, it would be good to come up with a specific description and corresponding term of art.
- whimsicalism 6y agoReread the thread. > 'Market failure' is a term of art, and it's generally best to avoid redefining terms of art unless there's a very compelling reason to do so. The person conflating "market failure" with what they were talking about is the GP. The original comment was about the market failing to accomplish a goal, which is a perfectly idiomatic usage.
- nickff 6y agoI sort-of agree with you, but I was directly responding to the phrase: >"... they'll never think a failure to meet society's need is a market failure..."
- whimsicalism 6y agoFair, I didn't actually read that comment that closely.
- dontbeevil1992 6y agoI was the one who first used the phrase market failure (wrongly, I gather). But the GP only used the idea that a market failed at something: "a failure of the marketplace", which is what my point still stands on. If they only meant to talk about "market failures" as such, then they are guilty of pedantry