Quote of the Day

In whose judgment is a free trade a failure?

Harry Binswanger

The notion of “market failure” is a contradiction in terms. The “market” is an abstraction. The concrete reality is individuals freely trading goods and services. What would it mean for such free trade to “fail”? By what standard? In whose judgment? “Failure”–for whom? These are the unasked questions. They can’t be asked, because the answers would be the refutation of the doctrine of “market failure.

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