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Markets Never Fail Fred E. Foldvary Dept. of Economics Santa Clara University ffoldvary@scu.edu The State Versus the Ma

Markets Never Fail Fred E. Foldvary Dept. of Economics Santa Clara University ffoldvary@scu.edu The State Versus the Market, I APEE Conference, Las Vegas, April 4, 2006 “Private Solutions to Market Failures: Is Government Always the Answer?” http://www.foldvary.net/works/ mnflv1.html.

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Markets Never Fail Fred E. Foldvary Dept. of Economics Santa Clara University ffoldvary@scu.edu The State Versus the Ma

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  1. Markets Never Fail Fred E. Foldvary Dept. of Economics Santa Clara University ffoldvary@scu.edu The State Versus the Market, I APEE Conference, Las Vegas, April 4, 2006 “Private Solutions to Market Failures: Is Government Always the Answer?” http://www.foldvary.net/works/ mnflv1.html

  2. Market Failure: a systemic inability of voluntary economic dynamics to provide the ends desired by the public.

  3. The Universal Ethic: 1. Acts which have welcomed benefits are good. 2. Acts which coercively harm others by initiating an invasion, are evil. 3. All other acts are neutral.

  4. The inability to do what is impossible cannot be designated a market failure.

  5. Generated rent provides the means by which to finance collective goods by private enterprise.

  6. The ethic that tells us the meaning of the market is the same ethic that tells us the morally proper policies.

  7. Free markets never fail.

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