Andrew Wilson writes:
KRUGMAN UPENDED BY HIS OWN LOGIC
In a recent
New York Times column, Paul Krugman made the assertion that “self-proclaimed libertarians deal with the problem of market failure both by pretending that it doesn’t happen and by imagining government as much worse than it really is.”
But suppose we flip that around — substituting “muddle-headed progressives” for “self-proclaimed libertarians” and “government failure” for “market failure.”
Compliments to Per Bylund, a research professor at the Hankamer School of Business at Baylor University, for making the necessary adjustments in a blog post at Mises. org. This is what you get:
There's no such thing as "market failure". Every example of supposed "market failure" touted by government apologists turns out the be a clear-cut case of government failure on a closer examination.
ReplyDeleteMarket failure means that you people did what you wanted to do with your own property instead of doing what Krugman wanted you to do with your property. So the market fails all the time, see?
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