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Answer to Krugman on Market Failure: Government Failure Is Worse

Most introductory economics textbooks have a section on “market failure.” It is here that students learn that markets may fail to achieve their potential—leaving people worse off than they theoretically could be. The existence of market failure is often taken as an excuse for government intervention to do whatever markets fail to do.

This is also one of New York Times columnist Paul Krugman’s favorite topics. For example Krugman writes:

John C. Goodman is a Senior Fellow at the Independent Institute, President of the Goodman Institute for Public Policy Research, and author of the widely acclaimed Independent books, A Better Choice: Healthcare Solutions for America, and the award-winning, Priceless: Curing the Healthcare Crisis. The Wall Street Journal and the National Journal, among other media, have called him the “Father of Health Savings Accounts.”

New from John C. Goodman!
A BETTER CHOICE: Healthcare Solutions for America
Obamacare remains highly controversial and faces ongoing legal and political challenges. Polls show that by a large margin Americans remain opposed to the healthcare law and seek to “repeal and replace” it. However, the question is: Replace it with what?

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