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Markets Never Fail Fred E. Foldvary Dept. of Economics Santa Clara University ffoldvary@scu.edu The State Versus the Ma PowerPoint Presentation
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Markets Never Fail Fred E. Foldvary Dept. of Economics Santa Clara University ffoldvary@scu.edu The State Versus the Market, I APEE Conference, Las Vegas, April 4, 2006 “Private Solutions to Market Failures: Is Government Always the Answer?” http://www.foldvary.net/works/ mnflv1.html.

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slide1

Markets Never Fail

Fred E. Foldvary

Dept. of Economics

Santa Clara University

ffoldvary@scu.edu

The State Versus the Market, I

APEE Conference, Las Vegas, April 4, 2006

“Private Solutions to Market Failures:

Is Government Always the Answer?”

http://www.foldvary.net/works/

mnflv1.html

market failure
Market Failure:

a systemic inability

of voluntary economic dynamics

to provide the ends

desired by the public.

the universal ethic
The Universal Ethic:

1. Acts which have welcomed benefits are good.

2. Acts which coercively harm others by initiating an invasion, are evil.

3. All other acts are neutral.

slide5

Generated rent

provides the means

by which to finance

collective goods

by private enterprise.

slide6

The ethic that tells us

the meaning of the market

is the same ethic that tells us the morally proper

policies.