“Markets can be efficient or inefficient; so can governments. thus market failure is a counterpoint to government failure.”

Source: Economics Of The Welfare State (Fourth Edition), Chapter 4, State Intervention, p. 93

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Nicholas Barr23

British economist 1943

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“Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources efficiently. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting market failures. As you continue your study of economics, you will see that the tools of welfare economics developed here are readily adapted to that endeavor. Despite the possibility of market failure, the invisible hand of the marketplace is extraordinarily important.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 7. Consumers, Producers, and the Efficiency of Markets; p. 150

“Corruption is government intrusion into market efficiencies in the form of regulations.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Frequently misattributed to Milton Friedman based on a monologue from the 2005 movie Syriana
Misattributed

“Neoliberalism is essentially a form of governing that sees democracy as an obstacle, at best, or as an illegitimate intervention into the rule of the market, at worst. For neoliberalism, rule by markets is understood as a form of governance that should be applied everywhere, not just to marketised goods, but to education, prisons, the organisation of state, and so on. So neoliberalism treats popular sovereignty, or decisions based on human agreement and deliberation, as inappropriate interference with the efficient market and the price mechanism.”

Wendy Brown (1955) American political theorist

Neoliberalism Has Eviscerated the Fabric of Social Life http://www.greeneuropeanjournal.eu/neoliberalism-has-eviscerated-the-fabric-of-social-life/, interview with Wendy Brown by Adam Ostolski, Green European Journal, March 2017

“The worst of failure in this kind is that it spoils the market for more competent performers.”

James Agate (1877–1947) British diarist and critic

Ego 7 (1945), p. 153, July 21, 1944.
On von Stauffenberg's bomb plot.

“The free market’s the best mechanism ever devised to put resources to their most efficient and productive use. … The government isn’t particularly good at that. But the market isn’t so good at making sure that the wealth that’s produced is being distributed fairly or wisely.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

To Barack Obama, as quoted in The Audacity of Hope: Thoughts on Reclaiming the American Dream (2006), Ch. 5
Context: The free market’s the best mechanism ever devised to put resources to their most efficient and productive use. … The government isn’t particularly good at that. But the market isn’t so good at making sure that the wealth that’s produced is being distributed fairly or wisely. Some of that wealth has to be plowed back into education, so that the next generation has a fair chance, and to maintain our infrastructure, and provide some sort of safety net for those who lose out in a market economy. And it just makes sense that those of us who’ve benefited most from the market should pay a bigger share. … When you get rid of the estate tax, you’re basically handing over command of the country’s resources to people who didn’t earn it. It’s like choosing the 2020 Olympic team by picking the children of all the winners at the 2000 Games.

“The cumulative development of a medium of exchange on the free market — is the only way money can become established. … government is powerless to create money for the economy; it can only be developed by the processes of the free market.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

“Government doesn’t "intrude" on the "free market." It creates the market.”

Robert B. Reich (1946) American political economist

Saving Capitalism: For the Many, Not the Few (2015)

“We need to recognise that the entire information sector—from music to newspapers to telecoms to internet to semiconductors and anything in-between—has become subject to a gigantic market failure in slow motion. A market failure exists when market prices cannot reach a self-sustaining equilibrium. The market failure of the entire information sector is one of the fundamental trends of our time, with far-reaching long-term effects, and it is happening right in front of our eyes.”

Eli Noam (1946) professor of Finance and Economics at the Columbia Business School

Eli Noam in: " Eli Noam: Market failure in the media sector http://www.citi.columbia.edu/elinoam/FT/2-16-04/MarketFailure.htm" at news.ft.com, February 16 2004 <br class="br">The context of this quote was a digression on the media, telecommunication, information technology, and internet industries.

“Since in reality the stock market is inhabited by mere mortals, there is no way that the stock market can be efficient in the way that economists define the term.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 216

“The entire thrust of neoclassical thought is to argue that the free market economy is an efficient system that will optimize utility for all mankind, if only government will get out of the way. It therefore departs from classical economists such as Adam Smith, who recognized the importance of governments for regulating markets and preventing monopolies.”

David Orrell (1962) Canadian mathematician

Source: The Other Side Of The Coin (2008), Chapter 9, Square Versus Oblong, p. 284

“Markets can be efficient or inefficient; so can governments. thus market failure is a counterpoint to government failure.”

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Nicholas Barr23

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