fatvegan

I used to believe in lots of different market failures. I think it was mostly because I don't like free-market bigots, and was excited about anything that made them look silly. I still believe in most of the reason for market failure, but no in two of them, at least not as intrinsic problems. Some of the stuff I read Ronald Coase has finally sunk in I guess. I don't really believe in the "non-excludable" or "free rider" problem anymore. And I don't believe that natural monopolies are insurmountable problems. Both tend to result from a lack of information, but I think the information required to make both of them non-issues isn't that hard to get. A fancy auctioning system is all you need to solve the free rider problem. And a lot of market research on consumer reservation prices will solve the natural monopoly problem. I'm not sure that either issue is interesting enough to discuss at length, but I thought it was worth noting my shift.