Archive for October 11th, 2011

Another great statement by Milton Friedman, here on the often-used phrase of “market failure”:

I accept that there are goods which the private economy is not likely to supply. I accept that there are goods in which it is difficult through a private economic system to charge everybody who gets the benefit from it. In those cases, however, it is also true that it is not easy for the government to supply it.

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