I do not believe that this distinction between the market for goods and the market for ideas is valid….producers who are found to be so unscrupulous in their behavior in other markets can be trusted to act in the public interest whether they publish or work for the New York Times, the Chicago Tribune or CBS.

Ronald Coase, on his presentation of The Market for Goods, and the Market for Ideas in NYC in 1974: via Time Magazine

Today, though, markets are far more competitive than ever, just as conservatives maintain, but they’re also hugely more wasteful. The apparent paradox is resolved once we recognize that market failure stems from the very logic of competition itself. As Darwin knew, when individual and group interests diverge, competition not only fails to promote the common good, it also actively undermines it.

Robert Frank, economist, Cornell, remarking on market failure and the sometimes perverse effects of competition: via NYT

Advertisements