Monday, October 01, 2007

Chicago, MIT, George Mason University

[A]t 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."

More here.

1 comment:


An interesting stuff!

I agree with the third view. For me, markets seem to fail sometimes. However, most cases are due to transaction costs and government does not have any advantage in replacing markets.

Markets fail, but government is even worse. So, let's use markets.