Academics misunderstand and often despise markets for two major reasons:
+ They think in a manner with implicit pretense of omniscience,
discounting local knowledge as prejudice to be eliminated.
+ They tend to be funded by governments.
Local knowledge can be perhaps compared to mass, while voluntary
contract and the price system is analogous to gravitaional attraction
in converting local conditions into global order. Price communicates
local knowledge and free local ethical values in the highly compressed,
efficient form of a shared value scale.
When one of these global desires is so compelling and rational,
but obviously unmet, we look for a public goods problem: a
situation where supply of a good is not undertaken because free riders
cannot be excluded.
Onwards,
Zylof