Famous Fables of Economics: Myths of Market Failures

by Daniel F. Spulber (Editor), Ronald H. Coase (Contributor)

"Famous Fables of Economics" critiques some of our most cherished stories of market failure. Economists have used these colorful myths to justify a wide range of public policy interventions in the economy: provision of public goods and services, economic regulation of industry, and antitrust actions against major corporations. Despite their blatant factual inaccuracies, the appeal of the fables to economic, law, and management academics continues undiminished - the fables are persistently repeated in countless classrooms, textbooks, and academic seminars.

Genres: Economics, Nonfiction

323 pages, Paperback

First published January 1, 2002

Reviews

[Terry · Rating 1 out of 5]

The point of the book is to disapprove many examples of market failures. But it doesn’t establish the argument of how market is efficient in solving those problems. Many stories are just argument for the sake of argument. Plus, it is very hard to read and many stories are almost pointless. I think it’s a poorly written book that not worth reading.

[Stephen · Rating 4 out of 5]

A superb collection of essays demolishing many popular myths of market failure. Essential reading for public policy debate.