Wednesday, October 17, 2007

Nobel economics winner says market forces flawed

"Unfortunately, this [ the “free market”] remains something of a state religion in the US, so while hundreds of newspapers have reported on Maskin’s winning of a Nobel, few seem to have bothered to pick up the Reuters story of what the Nobel Prize winner actually says. (In fact, as I write this, the wire story is already a day old, and while I might have missed something, I can’t find it in a single American newspaper.)
The efficiency of the great free market, absolutely proven once again." - Bob Harris

"Societies should not rely on market forces to protect the environment or provide quality health care for all citizens, a winner of the 2007 Nobel Prize for economics said on Monday. ... In its statement with the award, the Royal Swedish Academy of Sciences said the market's efficiency may be undermined because consumers are not perfectly informed, competition is not completely free, and "privately desirable production and consumption may generate social costs and benefits." - Nobel economics winner says market forces flawed

Links: A note to a Youtuber about "Socialism" 

Huffington Post article and two Chomsky articles

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