I would like to see the term "market failure" replaced with "collective action failure". As you note, it really refers not only to "failures" in markets but in other forms of collective action. The term is problematic in part because it implies to many people that a market failure should be remedied by coercive government action. Such an unthinking assumption ignores two big things: 1. Government failure is far more common. Beware replacing one sub-optimal process with a worse one. 2. Collective action failures, at least in markets, can often be alleviated by more clearly defining and specifying property rights.
Such a funny painter You obviously are, for expressing the non-textual, perhaps emotionally bounded wisdoms?
But during these times, while waiting for the creative solutions of the show trial etc. (Done), I do have approximately as much 'free time' to surf online as had I when the COVID-19 started.
Unfortunately I can interact with limited possibilities, just like the students in the article, and, read only the most interesting articles, or, read only the headlines, plus, reply mainly for the top influencers. But just like TokTeacher created the words in the podcast, after the smartphones connected mankind: so will I try to cumulate layer after layer - approximately according to the four strands - for the better knowledge etc. that may sound like a cliche.
If only had the laptop with me to storage data likewise...
I would like to see the term "market failure" replaced with "collective action failure". As you note, it really refers not only to "failures" in markets but in other forms of collective action. The term is problematic in part because it implies to many people that a market failure should be remedied by coercive government action. Such an unthinking assumption ignores two big things: 1. Government failure is far more common. Beware replacing one sub-optimal process with a worse one. 2. Collective action failures, at least in markets, can often be alleviated by more clearly defining and specifying property rights.
Such a funny painter You obviously are, for expressing the non-textual, perhaps emotionally bounded wisdoms?
But during these times, while waiting for the creative solutions of the show trial etc. (Done), I do have approximately as much 'free time' to surf online as had I when the COVID-19 started.
Unfortunately I can interact with limited possibilities, just like the students in the article, and, read only the most interesting articles, or, read only the headlines, plus, reply mainly for the top influencers. But just like TokTeacher created the words in the podcast, after the smartphones connected mankind: so will I try to cumulate layer after layer - approximately according to the four strands - for the better knowledge etc. that may sound like a cliche.
If only had the laptop with me to storage data likewise...
Sincerely,