The Great Fiction of the “Failures” of the Market
Keywords:Market, Market Process, Market Failures, Public Goods, Externalities, Monopolies
The article examines the issue of the “market failures” in the light of the Austrian School. The cases that neoclassical literature often point to as market imperfections and need to be “corrected” by the State are contested one by one to support this theory. The conclusion is that the state is responsible for situations that are commonly attributed to the market process.
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