In discussing the idea of market failure, in class and in public talks, I usually start by pointing out that technical terms often sound self-explanatory and aren't; the theory of relativity, for instance, is not the theory that everything is relative.
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Market Failure and the Definition of Terms
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In discussing the idea of market failure, in class and in public talks, I usually start by pointing out that technical terms often sound self-explanatory and aren't; the theory of relativity, for instance, is not the theory that everything is relative.