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Politics : Politics for Pros- moderated
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To: DMaA who wrote (141958)10/6/2005 6:23:44 PM
From: TimF   of 793954
 
If people were as ingenious at finding ways to create wealth as they are at coming up with reasons markets can't work, there'd be no want in the world.

A number of the problems that people mention about markets are real. Market forces operate through imperfect people. In the real world things aren't as neat and simple as a diagram in an Econ 101 textbook. But just as there are "market failures", more frequently there are "government failures". Governments after all also operate through imperfect people, and they have less built in checks against foolish policies.

Even in cases where there is a specific problem with the market, some externality, transaction costs that are too high, a lack of transparency, whatever, you can hardly be sure that government regulation will do a better job, and that is being very generous to regulators. So the existence of some real market failure or imperfection is not an automatic good reason for government intervention and regulation.

Tim
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