The Markets’ Greatest Failure

The market usually works pretty well. Resources are distributed, transactions are made and the wheels of the economy keep turning. There are occasional glitches and problems though an unrestricted free market still retains many proponents. However, there is one area where the market has failed so catastrophically that even the market fundamentalists cannot defend it. This is the markets disastrous treatment of the environment and global warming. Continue reading “The Markets’ Greatest Failure”

Challenging Economics – Coase Theorem

One of the fundamental problems with neo-classical economics is its lack of reality. In university students are taught theories that bare little similarity with the real world. I have learned a lot about economics and society during my time in university, unfortunately very little of that happened in the classroom. So I will run a series of posts where I challenge mainstream economics and debunk the unrealistic theories. Myself and my classmates are well able to explain abstract theories but can say little about the state of the economy or what to do about the recession.  First up is the Coase Theorem, a particularly ridiculous theory that only an economist could take seriously. Continue reading “Challenging Economics – Coase Theorem”