2010 New Hampshire Liberty Forum hosted by the Free State Project: Consequentialist anarchist Professor Prof. David Friedman, author of most notably The Machinery of Freedom, discusses market failure—the real meanings of the commonly misunderstood terms ‘market failure’, ‘public goods’ and ‘externality’; why representative democracy ‘doesn’t work’ and ‘rational ignorance’ toward electoral politics is advantageous; the necessity of property rights for long-term planning and why it’s irrational for politicians to plan for the long-term; ‘market failure’ analysis in our daily lives.

Part One (10:15):

Part Two (9:36):

Part Three (10:21):

Part Four (10:00):

Part Five (10:42):

Part Six – Q&A (9:10):

Part Seven – Q&A (7:05):

Comments
  1. […] by Elinor Ostrom’s work on self-governing commons. David himself made a similar point in his video/lecture on market failure/public goods. I haven’t read it yet, but Ellickson’s “Order […]

  2. […] interests are a fundamental aspect of the natural law of markets. Economists calls this “market failure” and—from my extremely general experiences with economists—explore […]

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