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The Silk Street Market case suggests that change is slow and painful.
"This is an aging market," Case said, owing to diminished birth rates 12 to 16 years ago.
In such a "fraud on the market" case, Mr. Waxman said, "a market price will reflect a statement if and only if the statement is material".
"The purists have spent a generation making the free market case for abolishing the licence fee," he added, in a thinly veiled reference to the Murdochs.
The subtitle of the book, "Self-funding Infrastructure and the Free Market Case for a Land Tax", makes the point.Another consequence of ignoring the peculiar properties of land in the economy is the housing bubble which Mark Carney, the governor of the Bank of England, has just attempted to rein in.
10.18am: There's a lot of interest in the Twittersphere this morning in an article that Michael Gove wrote in the Times in 2003 – when he was a journalist, not an MP – rather brutally putting the free market case for university tuition fees.
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Analysis of two real market cases indicates that different algorithms set different prices.
But it is a sporting (and anti-market) case, not one for lawyers.
The free-market case spread to Britain, too, where the prime minister, Margaret Thatcher, was an ardent supporter.
Here's a for instance: The American Enterprise Institute's Jim Pethokoukis has been writing a lot lately about banking reform, and the free-market case for trying to shrink or break up the nation's biggest banks.
For weeks, he was making a mass-market case, stumping around the country, addressing a joint session of Congress, even appearing on five talk shows on one Sunday morning.
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CEO of Professional Science Editing for Scientists @ prosciediting.com