Market Failure and Government Failure, Again
By Arnold Kling
In the Christian Science Monitor, Nick Schulz and I write,
When innovation-driven excesses and imbalances are recognized in the marketplace, the system can correct itself quickly. This is less the case when government policy failure occurs.
The theme is that when markets go wrong, government is not necessarily the solution. Too bad we did not include a link to Clifford Winston on that topic.