On Thursday, December 20, 2001 at 11:36:50 (-0800) Michael Perelman writes: >I don't think it's an accident that market failures are sprouting up >everywhere. Michael Keaney was telling us about the British railway >system. We have the CA electricity crisis, Argentina, Enron, etc.
I think we should distinguish between "collapse" and "failure". Markets fail all the time, but when the cost is not borne only by the consumers and general population, but actually rocks the house of ownership, it's a collapse. Market failures lead not only to such collapses, but to the everyday patterns of economic injustice we all are a part of. >Markets just don't work, except under special conditions, which are >fairly rare. I tried to make this argument in my Natural Instability of >Markets book, which went mostly unread. I read it --- and all of it at that:-). Bill
