Comment Re:"Market-failure" is an anti-Capitalist lie (Score 1) 289
Only if you follow the "Austrian School" line of thinking, and then it becomes largely a matter of definitions and values. Even the article you link to admits that: "What is objected to here is not that the free market has flaws, but that the term “market failure” is a persuasive definition (see How to Think Straight, para 5.47), seeming to say more than it really does by improperly applying the emotive word failure.". They recognize the phenomenon but object to the chosen label.
Not that I agree with that article. Another quote: "Market failure, if the term is to mean anything useful, must mean that there are fundamental defects in the nature of human ability to achieve certain goods through voluntary, as opposed to coercive, institutions. With this definition, the case for market failure is synonymous with the case for government intervention.". Economists like Friedman argue against this line of thinking, and even many statists recognize that where market failure exists, state intervention isn't always the solution and may make matters worse.
Not that I agree with that article. Another quote: "Market failure, if the term is to mean anything useful, must mean that there are fundamental defects in the nature of human ability to achieve certain goods through voluntary, as opposed to coercive, institutions. With this definition, the case for market failure is synonymous with the case for government intervention.". Economists like Friedman argue against this line of thinking, and even many statists recognize that where market failure exists, state intervention isn't always the solution and may make matters worse.