This book will show that the arguments claiming market failure fail to provide a critique of the market. The only thing these arguments prove is that some people accept false ideas and use these ideas to mistakenly claim that markets fail. I will defend the market against attacks concerning monopoly and the antitrust laws, predatory pricing, "externalities;" the regulation of safety and quality, environmentalism, economic inequality, "public goods," and asymmetric information. Not only will I defend the market from an economic standpoint, I will provide a moral and epistemological defense of the market as well. The first step in doing this is to provide a description of the nature of three types of political/economic systems: capitalism, socialism, and the mixed economy (or welfare state). (Page 3.)
Saturday, July 30, 2005
MARKETS DON'T FAIL!
Thanks to Ben & Camilla for getting Brian P. Simpson's book, Markets Don't Fail!, at the Objectivist conference in San Diego. I have now read the first chapter, Capitalism, Socialism, and the Mixed Economy. Here is an excerpt from the Introduction.