17 October 2007

Nobel Economics Winner Says that Markets Can't Do Everything

As strange as it may sound, he is actually in the minority with this moderate common sense idea.
Nobel economics winner says market forces flawed
By Jon Hurdle

PRINCETON, New Jersey (Reuters) - Societies should not rely on market forces to protect the environment or provide quality health care for all citizens, a winner of the 2007 Nobel Prize for economics said on Monday.

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He goes on to explain that things like the environment and healthcare are nt private goods, but public ones, and that pure market theory screws them up.

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