Market Failure and Government Failure
By Arnold Kling
That is the topic of a self-recommending podcast in which Russ Roberts interviews Clifford Winston. Actually, although I have not had time to listen (I am on travel), reading over the notes on the podcast highlights this looks like one of the top podcasts in Roberts’ series.
One point I would make is that when markets produce bad outcomes, we typically rely on them less. When governments produce bad outcomes, we typically rely on them more. So, the more that airplane security based on harassing all passengers is a failure, the more harassment we can expect.