Quotation of the day: Does the market ‘work’?

Gross misperception, especially in the minds of noneconomists, often prompts the claim that ‘the market’ (or ‘capitalism’) either works or does not work without constraints, a claim that is demonstrably unsupportable, either in analytical logic or in empirical reality.”

1 Comment

  1. Plus one thousand.

    It’s the same tired argument I have almost every day in the health policy realm. Free market economics…blah..blah…blah, will solve all of healthcare’s problems….

    Unfortunately, these are almost uniformly people with no economic training or background. They don’t understand that their is a distributional inequity inherent to the marketplace.

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