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Quite the opposite, "failure" is the way the macro economy transfers resources to where they belong.
Entrepreneur B hardly ever transfers resources from one project to another.
This international division of labor is structured to benefit the core states (Wallerstein 1974 1989) and transfers resources from the periphery to the core.
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A fully fledged monetary union has the means to transfer resources from one region to another.
But welfare states are meant to transfer resources from the vigorous to the fragile.
As a Library of Congress study demonstrated almost a decade ago, smokers actually transfer resources to non-smokers.
"To make it a fairer bill, so that it is not transferring resources from social housing for rent to ownership.
Above all, there will be the need over the next five years to transfer resources back to the more productive, private sector.
Most importantly, the international financial system has failed to meet two obvious requirements: of preventing instability and crises, and of transferring resources from richer to poorer economies.
Although it was a hideously inefficient mechanism, giving taxpayers' money to British Coal did transfer resources from the wealthy to keep working-class people in jobs.
Since the eurozone is not a sovereign state there is no formal mechanism for transferring resources from rich parts of the monetary union to the poor parts.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com