David Friedman Discusses Market Failure and Solutions
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Good post. I like the way how you explain it..it gives clearer view to the audience.
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@KagarBeardtooth Not true. Friedman is an anarcho capitalist and he has an hour long lecture on market failure that doesn't even begin to scratch the surface.
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@KagarBeardtooth: If you watch the start of the full talk (watch?v=sb5hr-f3Tfg), you will see that he defines market failure as a scenario where individual rational behavior leads to group irrational behavior. He then makes the argument that government is plagued by the problem of market failure much more than free markets.
So, instead, I would say that government is the biggest market failure of them all.
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@EsotericThrone, yes: watch?v=sb5hr-f3Tfg
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It's the universal and real phenomena, particular to the Third Worlds like my country, Indonesia where most of my government never success to respond the market. Nowdays, the capitalist's markets dominate most of the world.
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It's the universal and real phenomena, particular to the Third Worlds like my country, Indonesia where most of my government never success to respond the market. Nowdays, the capatalist's markets dominate most of the world.
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@KagarBeardtooth thats not true at all, however when we have market failure we have to determine whether or not government action will actually improve the situation, which it usually doesnt ;p
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Someone needs to oust Lee Doren and restore Bureaucrash to its former vigor. Seriously, if this is the latest video on your channel, you've royally F'ed up, Lee. Remember when Bureaucrash was actually a semi-vibrant libertarian organization?? WHAT HAPPENED?
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Friedman's point is that Free Markets are not perfect but they achieve better results than any other economic system.
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5 stars.
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There is no such thing as market failure, there is only government failure.
KagarBeardtooth 1 year ago 12
Is the full talk sitting anywhere online? For those who aren't familiar with Friedman, he is, I think, the best market anarchist out there. (ever) Amazon him!
EsotericThrone 1 year ago 6