Thursday, June 26, 2008

Governments can Sometimes Improve Market Outcomes

I really, really, really wish that Mankiw had added two words.  "In Theory"

In reality, market failures are defined as "outcomes I don't like" and externalities are defined so broadly as to have no meaning at all.

So yes, government can, in theory, improve market outcomes, I just don't trust the lot of economically illiterate, moral degenerate scumbags currently in office do actually do so.

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