The second of David Friedman’s recent lectures in London was called ‘Market Failure: An Argument Both For and Against Government‘ and was held at the Institute of Economic Affairs on Tuesday the 15th January.
David started by clarifying what he believed was a market failure, as in his view many commonly held examples are incorrect.
Again, as with the previous lecture, Friedman described how resorting to using the state in certain market failure circumstances would be the best course of action if the state was a ‘perfectly wise and benevolent regulator’. As he points out there is however a shortage of perfectly wise and benevolent regulators. He then elaborated on this point with his hypothesis, and supporting evidence for it, that the state itself is a form of market failure. The one thing that protects from market failures, he said, is property rights.
David stated that politicians have insecure…
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Utopia, you are standing in it! 
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