Best Market Failure Quotes | Short & Famous Sayings

Source: What the U.S. Healthcare System Doesn't Want You to Know, Why, and How You Can Do Something About It

“Many politicians and pundits claim that the credit crunch and high mortgage foreclosure rate is an example of market failure and want government to step in to bail out creditors and borrowers at the expense of taxpayers who prudently managed their affairs. These financial problems are not market failures but government failure. ... The credit crunch and foreclosure problems are failures of government policy.”

“Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.”

States Shows Levels Economy Clear Example Particular Demand Concepts Dues Settling Labour Unemployment Equilibrium Market Economy Keynes Market Failure

Author:Paul Ormerod

“What we need to understand is, one, that there are market failures; and two, that there are things like asset bubbles and irrational exuberance. There are periods of booms, bubbles, and manias. These things, if left to themselves, can lead to crashes, to busts, to panics.”

Ifs Needs Two Left Periods Assets Bubbles Panic Crash Irrational Mania Exuberance Market Failure

Author:Nouriel Roubini

“I do tend to think that things that have incredibly long time horizons often do involve market failures.”

Thinking Long Long Time Horizon Market Failure

Author:Peter Thiel

“We can't leave everything to the free market. In fact, climate change is, I would argue, the greatest single free-market failure. This is what happens when you don't regulate corporations and you allow them to treat the atmosphere as an open sewer.”

Facts Happens Treats Climate Climate Change Arguing Atmosphere Corporations Free Market Sewers Market Failure

Author:Naomi Klein

“Business schools are failing to teach the students about the risks of market failures. We need to include some material on market failures in the core of curriculum.”

Needs School Teach Failing Risk Students Materials Core Curriculum Business School Market Failure

Author:Pankaj Ghemawat

“Nothing rectifies out-of-control market failures like a healthy dose of government intervention and mountains of bureaucracy.”

Government Healthy Mountain Bureaucracy Intervention Dose Rectify Government Intervention Market Failure

Author:George Carlin

“I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.”

“Antitrust is the way that the government promotes markets when there are market failures. It has nothing to do with the idea of free information.”

Way Ideas Government Information Antitrust Market Failure

Author:Bill Gates

“As the great naturalist Charles Darwin saw clearly, individual and collective interests often coincide, as in the invisible hand narrative. But he also saw that in many other cases, interests at the two levels are squarely in conflict, and that in those cases, individual interests generally trump. That simple observation suggests that market failure is often the result not of insufficient competition (the traditional charge from social critics on the Left), but of the very logic of competition itself.”

“If we want growth today to be more innovation-driven, more inclusive and more sustainable, then we need a more active state, not a less active one. Yet we still hear the dogma that we should just fix market failure by focusing on science and infrastructure, and to "level the playing field."”

Ifs Want Needs Should Stills States Today Growth Levels Fields Innovation Active Driven Dogma Infrastructure Playing Fields Market Failure

Author:Mariana Mazzucato

“The reality is gas prices should be much more expensive then they are because we're not incorporating the true damage to the environment and the hidden costs of mining oil and transporting it to the U.S. Whenever you have an unpriced externality, you have a bit of a market failure, to the degree that eternality remains unpriced.”

Should Reality Bits Environment Cost Degrees Remains Oil Damage Expensive Gas Mining Gas Prices Incorporating Externalities Uranium Mining Market Failure

Author:Elon Musk

“Climate change is a result of the greatest market failure the world has seen...We risk damages on a scale larger than the two world wars of the last century.”

World Two War Lasts Energy Results Environment Risk Century Climate Climate Change Scales War Of The Worlds Damage Two Worlds Market Failure

Author:Nicholas Stern

“Climate change represents the greatest and widest-ranging market failure ever seen”

Climate Climate Change Market Failure

Author:Nicholas Stern

“Deployment of broadband may be hampered by market failures in rural and remote areas. In such cases, well targeted state aid may therefore be appropriate.”

Wells May States Cases Areas Aids Appropriate Deployment Broadband Market Failure

Author:Neelie Kroes

“It was an interesting question as to whether the BBC had a future in the digital world, and what form of market failure could justify the licence fee system.”

World Form Interesting Digital Justify Fees Digital World Market Failure

Author:Gavyn Davies

“But our energy woes are in many ways the result of classic market failures that can only be addressed through collective action, and government is the vehicle for collective action in a democracy.”

Way Government Action Energy Results Democracy Classic Collectives Vehicle Woe Collective Action Market Failure

Author:Sherwood Boehlert

“The protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. But increasingly, and especially in the US, it seems that the political system is more akin to "one dollar one vote" than to "one person one vote". Rather than correcting the market failures, the political system was reinforcing them.”

Years Persons Two Real Seems Political Choices Democracy Four Vote Dollars Meaningful Four Years Political Systems Right To Vote Correcting Market Failure

Author:Joseph Stiglitz

“Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors.”