"The Friedmanite perspective greatly underestimates the institutional prerequisites of markets. Let the government simply enforce property rights and contracts, and – presto! – markets can work their magic."
"In fact, the kind of markets that modern economies need
are not
self-creating, self-regulating, self-stabilizing, or self-legitimizing."
His examples:
"Governments must invest in transport and communication networks "
not self creating
"counteract asymmetric information, externalities, and unequal bargaining power"
not self regulating
"moderate financial panics and recessions "
Not self stablizing
" respond to popular demands for safety nets and social insurance."
Self legitimize
Of these nots
Not self creating
is the least appreciated
And not self legitimizing profound in a way rarely grasped
The middle two are about as far as most econcons go
