By Arnold Kling
In the latest econtalk, Russ Roberts interviews his co-blogger Don Boudreaux. This is a good opportunity for people to catch the distinctive flavor of GMU economics.
I like to put it his way: at Chicago, they say “Markets work well. Let’s use markets.” At MIT, they say “Markets fail. Let’s use government.” At GMU, they say “Markets fail. Let’s use markets.”
The idea that the best way to improve imperfect markets is through dynamic competition makes sense once you get it. But it is very hard for people, including many famous economists, to get it.
UPDATE: more on GMU economics at insidehighered.