This text critiques some of our most cherished stories of market failure. Economists have used these colorful myths to justify a wide range of public policy interventions in the economy. It is concluded that economic analysis of market efficiency should rely on systematic analysis, not anecdotes.
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This text critiques some of our most cherished stories of market failure. Economists have used these colorful myths to justify a wide range of public policy interventions in the economy. It is concluded that economic analysis of market efficiency should rely on systematic analysis, not anecdotes.
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