Saving "the Market” out of Cambridge: “Market Failures”
An opening question: Is the market as in economics a conceptual framework or a sample marketplace as is in the reality? The most probable answer or the most realistic one at least will be a metaphorical framework of reasoning. A flowing question: Have we ever seen a widely-recognized time-tested metaphor fail? A plausible answer would be “No, almost by definition.” Well, “so many macroeconomists” so often blame the market for “failures,” the case number of which has ever been growing. More often than not, they are “barking up the wrong tree,” so to speak. First of all, they miss the point that the market is of their own invention. If anything goes wrong therewith, they must point fingers at themselves. Put it differently, the market is the conceptual venue of trade with perfec...