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This article is also available as an Audio Mises Daily   After the empirical failure of socialism in the Soviet Union, and the corresponding unpopularity of state control of the economy, left-leaning economists and politicos have increasingly turned to other justifications for state intervention into the economy, climate change being one

The literature on market imperfection and market failure is voluminous, ever-growing, and filled with Nobel laureates. Identify a new source or instance of market “failure,” and you’re likely to win a Nobel Prize, or so it seems. Phishing for Phools: The Economics of Manipulation and Deception , by Nobel Laureates George A. Akerlof and Robert J.