Saturday, October 17, 2009

Racism as market failure

I like this conception of racism as a market failure--in other words, a place where the market is not functioning freely because human error (so to speak) is jamming it up. As such, it deserves state intervention even from the most classic liberal point of view. The state is responsible for removing the impact of racism, so that the market can do what it's supposed to do for people.

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