“Market failure”: you keep using that term. I do not think it means what you think it means.

Lynne Kiesling Steve Horwitz’s column in The Freeman today is a great explication of why the phrase “market failure” is so problematic, and so often misused and abused in public policy analysis when employed to criticize market outcomes. Steve does a good job of explaining the origins of the phrase in the standard textbook case … More “Market failure”: you keep using that term. I do not think it means what you think it means.