Economists of a certain stripe are fond of insisting that the failure of markets to live up in reality to the perfection of markets as depicted in textbooks is reason enough to empower government to “correct” these “market failures.”
It’s been pointed out frequently (here at the Cafe and in many other places – and by many other scholars – far more important than this venue and its proprietors) that governments are also imperfect. Therefore, tolerating imperfect markets might well be the better option than trying to correct these imperfections by using imperfect government ‘solutions.’
– Professor Don Boudreaux, Economics
I’d rather have the imperfect market over the imperfect government anytime – the former doesn’t force me how to live my life contrary to what I otherwise do.
