Tags » David Friedman
Market failure is a common angle used to assert that fully free markets would not work, so therefore we need government intervention. The appropriate libertarian response in these cases is… 839 more words
Some bristle over the small size of the basic analytical tool kit of economists and the leanness of the behavioural assumptions therein (Stigler 1987).
Simpler explanations and more parsimonious abstractions are better ‘engines for the discovery of concrete truth’ about how people will respond to changes in their economic and social environments. 282 more words