Thee, me, thee, me, thee, me, ad infinitum by mattsteinglass
August 27, 2008, 1:16 am
Filed under: Economics

Megan McArdle notes Bryan Caplan coming up with a poser for economists who are civil libertarians but believe in regulation of markets:

1. Are markets for ideas/culture less subject to market failure than other markets?

I was under the impression that the answer is “no”, and that this is why we have intellectual property law. Any attempt to get further into the subject to flesh out a better formed analogy between the kinds of interventions one sees in “markets for ideas/culture” and those one sees in markets for goods or financial instruments seems to me to point out pretty quickly just how different those things are from each other and how complex the comparison is.


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