"If the distribution of income is distorted by monopoly power, political power, and other market failures "
if monoply power a spontaneous market outcome is a market failure
and political power thru ..i guess wealth ..ie plutocracy ie state failure is itself really market failure
then what pray tell does market failure not include
and market success then means what ?
generating maximum possible social welfare ??
anything less is market failure
you only hold gods to such standards
so much for a science dominated by idol worshipers
"the market" as idol strikes me as boring btw
