Whether you call a better life “an externality”—as economists do—or a purpose beyond economic analysis, you end up in the same place. Markets are good for many things, but they are not magic. Just look around. Income inequality, the opioid crisis, the lack of affordable housing, retirees who can’t afford to retire, the climate crisis: markets created problems that our market-based system has failed to solve. The only proven remedy is governance.
