Arthur, How nice of you to spend your time on this post.
I'll be answering it properly in a day or two - or three. Maybe I can show you how the Georgist free market differs from the Austrians and other similar school. Harry ********************************** Henry George School of Social Science of Los Angeles Box 655 Tujunga CA 91042 818 352-4141 ********************************** -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Cordell, Arthur: ECOM Sent: Monday, February 13, 2006 7:49 AM To: Harry Pollard; Brad McCormick, Ed.D.; [email protected] Subject: RE: [Futurework] A way out Harry, Here are some generally accepted ways in which markets can fail. arthur Definitions of market failure on the Web: The result when the price of goods and services do not reflect the true costs of producing and consuming those goods and services. In the context of environmental externalities, a market failure occurs when the price of goods and services does not reflect full societal costs, which are conventional financial costs plus environmental externalities. ... www.fiscallygreen.ca/efr5.html Description: This occurs when market prices are not equal to the social opportunity cost of resources. External effects or externalities are evidence of market failure. Source: Global Biodiversity Assessment GBA europa.eu.int/comm/research/biosociety/library/glossarylist_en.cf m Any market imperfection, but especially the complete absence of a market due to incomplete or asymmetric information. www-personal.umich.edu/~alandear/glossary/m.html The failure of an unregulated market to achieve an efficient allocation of resources. www.econ100.com/eu5e/open/glossary.html The inability of a system of market production to provide certain goods either at all or at the optimal level because of imperfections in the market mechanism; or the inability of a system of markets to fully account for all costs of supplying outputs. Market failure results in the overproduction of goods and services having negative external effects and the underproduction of goods and services having positive external effects. ... www.adb.org/Documents/Guidelines/Eco_Analysis/glossary.asp Failure of the market system to attain hypothetically ideal allocative efficiency. This means that potential gain exists that (for some reason) has not been captured. www.rri.wvu.edu/WebBook/Schreiner/glossary.htm These are the problems that result from the economy being left solely to the free market. There would be an absence of Government involvement in the economy. www.tutor2u.net/economics/gcse/revision_notes/key_terms.htm The concept that markets do not reflect the societal costs of all economic activity and, in particular, the economic costs imposed on third parties. www.oceansatlas.com/unatlas/uses/uneptextsph/infoph/gsglossary.ht ml A condition that arises when unrestrained operation of markets yields socially undesirable results. www.crfonline.org/orc/glossary/m.html The inability of an unregulated market to achieve allocative effiency in all circumstances. The main types of market failure are: monopoly, externalities, public goods and information asymmetries. www.booksites.net/download/mcaleese/student_files/glossary.html a situation in which economic efficiency has not been achieved through market mechanism. Market failure may manifest itself either in the inability of the system to produce goods which are wanted or by a maldistribution of resources which could be improved in such a way that some consumers would be better off and worse off. ... poli.haifa.ac.il/~levi/res/dicpe.html situations where market forces do not allocate resources towards their highest valued use www.ainc-inac.gc.ca/pr/ra/fnt_nfr/glos_e.html Situations in which a market economy produces too much or too little of certain products and thus does not make the most efficient use of society's limited resources. wps.aw.com/aw_rohlf_econreason_5/0,5759,11635-,00.html In economics, a market failure is a situation in which markets do not efficiently organize production or allocate goods and services to consumers (for example, a failure to allocate goods in a way some see as socially or morally preferable). To economists, the term would normally be applied to situations where the inefficiency is particularly dramatic, or when it is suggested that non-market institutions would provide a more desirable result. ... en.wikipedia.org/wiki/Market_failure -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] Behalf Of Harry Pollard Sent: Sunday, February 12, 2006 8:30 PM To: 'Brad McCormick, Ed.D.'; [email protected] Subject: RE: [Futurework] A way out Brad, Glad you are back. How do markets fail? Harry ********************************** Henry George School of Social Science of Los Angeles Box 655 Tujunga CA 91042 818 352-4141 ********************************** -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Brad McCormick, Ed.D. Sent: Sunday, February 12, 2006 8:12 AM To: [email protected] Subject: Re: [Futurework] A way out I just came across an interesting article on the BBC website: http://news.bbc.co.uk/2/hi/technology/4700430.stm "Is it time to let internet companies provide premium access to paying websites and services? No, says technology commentator Bill Thompson. .... Even those who remember that the net emerged from a publicly-funded attempt to build a high-speed data network choose to claim that the days of subsidy are now over and that only deregulation can offer real benefits, both to companies and to the wider society. For them, any attempt to restrict the telephone companies' freedom to offer preferential service is tantamount to state socialism and one step away from a communist revolution. Of course they are wrong, and badly so. I'm a market socialist, and I believe that regulated markets are the best way to create social value. I have also been using the net since 1985 and I have seen it evolve and grow thanks to the balance between regulation and market forces. That balance has to be maintained. Social justice is best served by ensuring that public utilities, of which the network is surely one, are regulated in the public interest. Markets fail, and they do so in ways that any humane society must address. Ensuring that network access is available to all and that the network itself carries all lawful traffic is the only way forward. We must just hope that the US government recognises that this is the case, and sets a good example to the rest of the world." I think that sounds right: "market socialism". It is analogous, on the adult level, to what D.W. Winnicott argued for at the child-developmental level ("The Maturational Process and the Facilitating Environment"), in his essay "The Capacity to be Alone", where he described the environment which facilitates the maturation of the individual: Free space to do what one wants, but knowing that, if things go badly, mother is nearby to help, as opposed to either: (1) The stultifying mother who intrudes [AKA bureaucratic socialism], or (2) Abandonment [AKA unregulated free enterprise]. Let those whose aspirations are to make money be free to make it within the limits of their not being able to hurt those who either have disabilities which prevent them from competing, or whose value system motivates them to do things other than compete (e.g., do basic research, etc.). \brad mccormick -- Let your light so shine before men, that they may see your good works.... (Matt 5:16) Prove all things; hold fast that which is good. (1 Thes 5:21) <![%THINK;[SGML+APL]]> Brad McCormick, Ed.D. / [EMAIL PROTECTED] ----------------------------------------------------------------- Visit my website ==> http://www.users.cloud9.net/~bradmcc/ _______________________________________________ Futurework mailing list [email protected] http://fes.uwaterloo.ca/mailman/listinfo/futurework _______________________________________________ Futurework mailing list [email protected] http://fes.uwaterloo.ca/mailman/listinfo/futurework _______________________________________________ Futurework mailing list [email protected] http://fes.uwaterloo.ca/mailman/listinfo/futurework _______________________________________________ Futurework mailing list [email protected] http://fes.uwaterloo.ca/mailman/listinfo/futurework
