mburns's Journal: "23 Things"

http://hajoonchang.net/

I watched the talk by Professor Ha-Joon Chang on Book TV just now. I thought that I knew about market failure theory, but he threatens to break the entire theory of a free market in his book, "23 Things They Don't Tell You About Capitalism". He points out that the classical economist, Richardo, wrote in the 19th century that the accumulation of wealth by the landed gentry was insufficient for economic growth. A government policy on investment was an apparent necessity even then.

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Michael J. Burns