A common rejoinder to the program of laissez-faire is that marketfailures require government intervention. Just what does marketfailure mean, and how can such claims for or against it be evaluated? A well-accepted
and no tangible educational benefit. Such are the results of attempting to achieve market ends through socialist means (an effort as mistaken as the attempt to achieve socialist ends through market means). LibertyGuys compares this school failure to same idea alive in the Social Security debate: “assigning a private
the findings of the latest presidential commission to investigate the intelligence failures concerning Saddam’s fictitious arsenal, it is clear the nation’s security to the commission, U.S. intelligence agencies’ reliance on Curveball and their failure to scrutinize his claims was the “primary reason” that the CIA and other spy sector does not operate by the sanctity of property rights, marginally adjusts to market signals and is only nominally accountable at the ballot box. As the only
I know him to be a great person, and a hard-core Austrian, a supporter of the free market and libertarianism. Right now, he’s exposing the fraud of State-management, very few have mentioned how this entire episode is a giant example of State failure at every level and every point. It was well known for years that if a
The Free Market 26, no. 11 (November 2005) [ William Peterson is the winner of the 2005 Gary capitalists and entrepreneurs focus so hard on prices, competition, technology, marketing, productivity, etc.—as ordered by you and other sovereign consumers. Hear calculation.” In 1920 he brilliantly saw its absence as the key in the certain failure of socialism, a thesis he expanded in his 1922 book Socialism . Witness then
it now offers, the same will continue to hold true. The Fallacy of the Efficient Market In the last few years, too much attention has been paid to a concept that I the words of Raychem management, Stalin was “a scientific success but a commercial failure.” Improved products of an able competitor, while technically not as
The Free Market 26, no. 10 (October 2005) K atrina gave the Gulf region of the United States a lesson in government failure, and how. In the weeks following the hurricane, it became clear that most of
and announced that it would raise interest rates so as to calm the financial markets and stem the rupiah’s slide. (Some analysts were predicting for the rupiah to
of “competition” are seriously flawed because they require that all of the market participants that are reflected in the exchanges that are pictured both are presence of what we call large economies of scale actually constitutes a marketfailure . In the vernacular, it means that economists supposedly believe that the
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.