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Societies for the History of Economics

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Subject:
From:
[log in to unmask] (Fred Carstensen)
Date:
Mon Jul 17 09:09:19 2006
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How about the fallacy (or whatever, respecting some recent comments)   
of "market failure."   Markets are social constructs (society agrees   
on and enforces what constitutes property, contract, tort, etc.);   
therefore markets must serve socially desirable outcomes.  If   
"markets" fail to do so, what or who has failed?  The "market" or the   
society that frame it?  
  
Fred Carstensen  
  

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