Source: Ludwig von Mises Institute
by Shahid Islam
“Introductory economics textbooks devote considerable attention to market failure: monopoly power, externalities, public goods and asymmetric information. However, government failure deserves the same scrutiny. Markets are made up of imperfect human beings and so are governments. Legislators, regulators, and civil servants possess limited knowledge, imperfect foresight and incentives of their own. Evidence of market failure is not evidence that government intervention will improve the outcome. The relevant comparison is between feasible alternatives.” (10/02/26)
https://mises.org/power-market/government-failure-still-failure