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In other words, Troy, as Art and I say in the piece: "Note that externality problems are market "failures" only in comparison to the perfectly competitive model's equilibrium. In other words, the "failure" here is not that markets "do not work" in practice, but that they fail to live up to a blackboard ideal. As it turns out, by that criterion, markets "fail" all the time! No actual market is ever in perfectly competitive equilibrium, not even the commodity markets we sometimes point to in introductory courses."
Commented Apr 4, 2013 on The Failure of Market Failure at Coordination Problem
The Failure of Market Failure
Steven Horwitz Art Carden and I have the monthly feature at Econlib: "Is Market Failure a Sufficient Condition for Government Intervention?" We think it's a useful and accessible primer on why pointing out various forms of so-called "market failure" (e.g. negative externalities, public goods, et...
Yeah, I can't for the life of me imagine why you've been banned at multiple places....
Commented Apr 3, 2013 on The Failure of Market Failure at Coordination Problem
The Failure of Market Failure
Steven Horwitz Art Carden and I have the monthly feature at Econlib: "Is Market Failure a Sufficient Condition for Government Intervention?" We think it's a useful and accessible primer on why pointing out various forms of so-called "market failure" (e.g. negative externalities, public goods, et...
Pfloyd: http://blog.independent.org/2011/09/23/the-stagnant-u-s-economy-a-graphical-complement-to-higgs-contributions/
Commented Feb 11, 2013 on My Boudreaux Impersonation at Coordination Problem
My Boudreaux Impersonation
Steven Horwitz In the spirit of Don Boudreaux, here's a letter to the editor I just sent off to the Watertown Daily Times in response to a letter arguing that the problem facing recovery is insufficient consumer demand, thus more stimulus is needed. February 5, 2013 Letters from the People Wat...
Not quite Daniel. At least the Austrian claim is not that recalculation "incited" the downturn, but that the length and depth of the downturn will be related to the degree of recalculation must take place. And as Tyler rightly points out, one can believe that it is both necessary to ensure that "aggregate demand" (I'd rather say MV) is stabilized and best if markets drive the process of recalculation that is required to come out of the slump. I think, as Tyler also said, that was Hayek's view in, say, *Prices and Production* if not later. I'd also say it's the position that Austrians like me, Selgin, White, Garrison, hold to today. Some other Austrians, not so much. The Austrian objection, from my perspective, is not to stabilizing aggregate demand per se, but to the ways in which many policies, especially fiscal ones, designed to increase aggregate demand themselves block the needed recalculation process.
Commented Apr 3, 2011 on Department of "Huh?!" at Brad DeLong
Department of "Huh?!"
Tyler Cowen calls me a semi-pseudo Hayekian: >Assorted links: 5. Brad DeLong, slouching toward recalculation... But that's not it at all! The point of [Anatomy of Slow Recovery](http://www.project-syndicate.org/commentary/delong112/English) is to build on [Dan Kuehn's use](http://factsandotherstu...
Which is why I was very careful to say "Keynesian" and attempt to avoid the issue of whether Keynes himself was a "Keynesian."
Commented Dec 10, 2010 on Consumerism and Keynesianism at Coordination Problem
Consumerism and Keynesianism
Steven Horwitz I'm linking to my FreemanOnline column today as it deals with the issue of why consumption is not the key to economic growth and the point that it only became a fixation of economists since the Keynesian revolution. Thus: The great irony is that leftists frequently argue that cap...
Jesus Huerta de Soto's recent book on Austrian economics, which is also designed as an intro/primer, suffers from exactly the same problem: it's as if Austrian economics ended sometime in the early 80s, if not earlier (with Kirzner in the 70s). JHdS's book also has a more Rothbardian take on monetary theory that I think is wrong, but it's certainly part of the Austrian school.
Commented Aug 19, 2010 on Austrian Economics - A Primer at The Filter^
Austrian Economics - A Primer
I've just received my copy of Eamonn Butler's latest primer, on Austrian Economics (download as a PDF here). As far as short, accessible introductions to Austrian Economics go I highly recommend it (see here for others). It is a useful addition to the secondary literature, but writing this as a ...
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