
Four Functions of Markets - jashkenas
https://www.interfluidity.com/v2/7333.html
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maest
Markets are fine - great even! I see two issues with the way they are used:

1\. they only work under certain (sometimes unrealistic) conditions and these
necessary conditions are often ignored by proponents of market-solutions.

2\. They sometimes optimise for the wrong thing.

Externalities (e.g. environmental impact), monopolies, negotiation under
assymetric information (e.g. salary negotiations) and other failure modes fall
under #1. These are situations where absolutely free markets do not function
correctly.

