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Market Failure: An Argument For and Against Government

March 09, 2021 • 12:30 PM • Virtual
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In the words of David Friedman, "A market failure is a situation where individual rationality does not lead to group rationality. If each individual makes the right decision, the group makes the wrong decision. In the pure case, every individual ends up worse off than if each of them had made a different decision." Professor Friedman argues market failures are not limited to just the free market, and provides a case for and against government intervention using this market failure analysis. Please join us for a discussion with Professor Friedman, Professor Emeritus at Santa Clara Law, and Duke Law's own Professor Barak Richman. Professor Friedman and Professor Richman will discuss the intersection of law and economics, market failures, and how this applies to arguments for and against government. Professor Richman will also discuss aspects of his book Stateless Commerce: The Diamond Network and the Persistence of Relational Exchange. Sponsored by the Duke Law Federalist Society. For more information, please contact John Addy at john.addy@duke.edu. Log in with this Webinar ID: 933 8587 3034, or this link: https://zoom.us/j/93385873034.