Exact(2)
The failure of the market system to communicate the necessary information arises because, in modern economies, money is the only means of payment.
We must understand that market failures exist and can be corrected, but that limited market failures are not the same thing as the failure of the market system or of capitalism.
Similar(58)
It is the failure of the free market system to cope, and, last but not least, its authoritarian response - they can't cope, so they start shooting.
"Some blame the crisis on insufficient regulation of the American mortgage market," the president said in New York, but insisted that "the crisis was not a failure of the free market system". "History has shown that the greater threat to economic prosperity is not too little government involvement in the market, it is too much government involvement in the market," he said.
Forbes: Regarding this financial crisis, a lot of critics have framed the issue as a failure of the free market system.
And in that sense, the market system has been a failure.
"The crisis was not a failure of the free-market system, and the answer is not to try to reinvent that system," Mr. Bush said, in a 24-minute speech at Federal Hall in downtown Manhattan.
The fundamental ideas that supported the market system - that markets were efficient and ruled by rational expectations - have been shaken by failures of market experts and the markets themselves to foresee the crisis, not to say errors on Wall Street.
However, when we talk of the moral failures of free market systems, it is usually applied to individuals.
"That was a government failure; that was not a failure of the market," Fama said.
Critics of the free market system tend to argue that certain market failures require government intervention.
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