David Friedman on ‘Market Failure’ (Video)

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):