Worth Repeating: Markets Fail, That's Why We Need Markets.

Thank you to Mark Perry for posting about and linking to an article by Arnold Kling and Nick Schulz published in the Christian Science Monitor.

Perry states:

This seemingly paradoxical view is based on several overlapping strands of research in economics as it pertains to development, history, technology, business expansion, and new-firm formation. According to this view, entrepreneurs at work in the economy – in finance, high tech, manufacturing, services, and beyond – are constantly experimenting, creating new business models, techniques, and technologies that upend the established order of things.

Read Mark's post, "Markets Fail. That's Why We Need Markets" here.