Winston: Economics focuses on market failures while ignoring government failures
Dr. Cliff Winston · Ep 87: Dr. Cliff Winston — Deregulate Lawyers, Deregulate Airlines & Let Markets Correct Themselves · Joe Lonsdale · May 2, 2024 · at 4:03
Dr. Cliff Winston, Senior Fellow at the Brookings Institution, explains to Joe Lonsdale why academic economics has historically overlooked government failure.
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“So the theoretical instincts is that were that the action is really in market failures and very little attention Was given the government failures. And so as things go on, people think, yeah, market failure is a problem. They never stepped back and said, well, is government going to fix this? Is it going to make it worse?”
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“Is we really don't even know systematically why government fails. Oh, we can speculate about many things, but trying to find some hard evidence is this is why government fails. We have a theory. We test it. It applies to many things. We don't have that.”